Robust growth of the dietary supplements market over the last decade is a major factor for the high demand for microbial algae products across major regions of the world. Demand for nutraceuticals and functional foods is expected to increase as consumers prefer foods that increase their immunity.
Microbial algae products are a rich source of nutrients such as vitamins, calcium, iron, etc., which makes them suitable for application in food and feed manufacturing. The aquaculture industry is among the fastest-growing industries, which is also proving beneficial for the microbial algae products market. Government funding, use of emerging technologies, and continuous development of infrastructure in the aquaculture sector is expected to increase further, a fact that will aid the growth of the microbial algae products market in the future, which is estimated to expand at a steady CAGR of 6% during the forecast period (2020 to 2030).
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Key Takeaways from Microbial Algae Products Market Study
- By application, the food & beverage industry is dominating the global microbial algae products market with the largest market value share. High preference for natural products by consumers is increasing the sales in the market.
- In terms of product, Spirulina enjoys the highest volume share, as it is consumed by food as well as dietary supplement manufacturers. Demand for Spirulina is expected to witness substantial growth over the forecast period.
- North America, being the largest dietary supplement market among all regions, dominates the global micro algae products market.
- The COVID-19 outbreak has resulted in rising demand for natural foods and dietary supplements, which bodes well for the expansion of the micro algae products market.
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Microbial Algae Products Market – Competitive Landscape
Some of the major players in the global microbial algae products market are DIC Corporation, Cyanotech, DSM N.V., EID Parry (India), NOW Foods, Chr. Hansen Holdings A/S, Fuqing King Dnarmsa Spirulina Co. Ltd, Beijing Gingko Group, Algatech, Fuji Chemical Industries Co., Ltd, Divi’s Laboratories Ltd, Naturex S.A, and others.
Food manufacturers around the world are focused on sourcing natural ingredients to cater to the demand from customers for healthy products. Increasing use of Spirulina and chlorella for natural colors in food applications is offering a better opportunity to the microbial algae products market.
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