February 21, 2022 04:23 ET | Source: Research and Markets Research and Markets
Dublin, Feb. 21, 2022 (GLOBE NEWSWIRE) -- The "Microalgae-Based Products Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (Spirulina, Chlorella, Astaxanthin, Beta Carotene, and Others) and Application (Food & Beverages, Animal Feed, Pharmaceuticals and Nutraceuticals, Personal Care, and Others)" report has been added to ResearchAndMarkets.com's offering. The microalgae-based products market was valued at US$ 1,654.23 million in 2021 and is projected to reach US$ 2,811.10 million by 2028; it is expected to grow at a CAGR of 7.9% from 2021 to 2028.
The scope of the report includes the factors fueling market growth, revenue estimation and forecast, and market share analysis along with the identification of significant market players and their key developments. Microalgae are defined as prokaryotic or eukaryotic microorganisms that can be traced with the help of a microscope. These microscopic organisms are unicellular species that are founded separately or in chains or groups and can be sourced out from freshwater and marine systems.
These microorganisms possess a simple cell structure and require light, carbon dioxide, water, and essential nutrients such as phosphorus and nitrogen, for their growth. Further, microalgae are a source of vital phytochemicals such as carotenoids, fiber, minerals, antioxidants, fatty acids, vitamins, halogenated compounds, polysaccharides, proteins, lectin, and others. Microalgae are considered to be a valuable biomass source portraying diverse potential applications in numerous industries. Based on application, the microalgae-based products market is segmented into food and beverages, animal feed, pharmaceuticals and nutraceuticals, personal care, and others. The pharmaceuticals and nutraceuticals segment accounted for the largest market share in 2020. Microalgae are considered as one of the renewable sources for pharmaceutical compounds and categorized under generally recognized as safe (GRAS) status compounds, ideal to be used in the pharmaceutical industry. Microalgae are significantly used in the formulation of anti-cancer drugs - a compound named cryptophyci.
Additionally, they are also used to manufacture alkaloidal neurotoxins such as saxitoxin and polyketide, owing to their anti-inflammatory and anti-cancer features. Similarly, microalgae such as chlorella, dunaliella, haematococcus, spirulina, and aphanizomenon, are extensively used in formulating nutraceutical supplements. In 2020, Europe contributed to the largest share in the global microalgae-based products market. The dominance of the microalgae-based products market in this region is primarily attributable to the presence of a strong industrial base with prominent manufacturers of pharmaceuticals and nutraceuticals as well as packaged food and beverages.
High demand for microalgae-based products from varied applications such as food & beverages, animal feed, pharmaceuticals and nutraceuticals, personal care, chemicals, and biofuels is boosting the market growth in Europe. Rising investment in cultivation technologies, along with a growing focus on sustainable solutions, provides lucrative opportunities for the growth of the microalgae-based products market in the region.
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