(MENAFN- Research Cosmos) Microalgae Market Size and Growth Rate:
As per the latest reports published by Research Cosmos, Microalgae Market was valued at USD xx million in 2018 and projected to reach USD xx million by 2023 growing at a CAGR of xx% during the forecast period 2018 to 2023.
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Microalgae Market Overview:
Microalgae, also known as microphytes, are microscopic algae, that are typically found in freshwater and marine systems living in both the water column and its sediment. Unlike the higher plants, microalgae do not have any roots, stems, or leaves. They are also known to be rich source of fibre, proteins, enzymes & carbohydrates which makes them a good food source. The biomass produced from microalgae is used in many nutritional supplements, in the form of liquids, tablets & capsules.
Microalgae are also used as a natural colour in food products like pasta, snacks or drinks. The market is having applications in the pharmaceutical Industry, cosmetics Industry, food and feed Industry, chemical Industry and other industries. Growth in global population and rise in demand for food and customization of functional food product portfolio by manufacturers are the main factors likely to boost the growth of the market. Additionally, application of algae for production of livestock for aquaculture species such as fish further boosts the market demand.
Microalgae Market Growth Drivers and Restraints:
Consumption of healthy food products and dietary supplement, due to changes in lifestyle of the people has changed the outlook of this market. Due to rise in demand for natural products and proactive efforts by market players to express algae based consumable products to satisfy quality, texture, and nutritional demand of consumers. Earlier, algae were not considered for production of bio fuel as cost of production was high, however, with recent development in process technology and viability of process algae bio fuel can be used as a substitute to fossil fuel.
Consumption of algae-based prescription drug products, such as sun chlorella, microalgae, spirulina caused gastrointestinal, abdominal, and nausea health problem, which is expected to hamper the market growth during the forecast period. Yet, the development of commercial by-products and algae-based biofuel production technology is expected to drive the market growth in near future.
Microalgae Market – Geographical Overview:
Geographically, the market is divided into North America, Europe, Asia Pacific, and LAMEA. Asia Pacific was the largest market for algae products in 2017, owing to rise in population coupled with increased demand of food in the region. Growing health awareness and rise of disposable income in countries such as China, India, and Japan, increase the consumption of nutraceutical products, which fuel the growth of the world market.
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Key Players of Microalgae Market:
The main market players in the global microalgae market include euglena Co., Ltd., Algae Systems LLC., Cargill, Incorporated, Algenol Biofuels Inc., BIOPROCESS ALGAE, LLC, Corbion, Algatechnologies, Cyanotech Corporation, Cellana Inc., and Earthrise Nutritional.
Microalgae Market Segmentation:
By Type:
• Spirulina
• Chlorella
• Dunaliella Salina
• Red Aphanocapsa
By End User:
• Food
• Feed
• Pharmaceuticals
• Biofuel
By Region:
• North America
• South America
• Europe
• Asia Pacific
• Middle East and Africa
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