Veganism to drive the Microalgae-based Products Market
The present scenario is such that naturally sourced and chemical-free ingredients are being asked for, more so due to growing number of health-conscious consumers all across. Plus, more number of people are turning vegan. Demand for seaweed-derived products is on the rise. The major stakeholders are expected to expand their line of production along these lines. Microalgae-based products prove to be environmentally sustainable and a frugal source with regards to animal feed production. Seaweed has been reported to be all the more nutritious than conventional sources as far as carotenoids, omega 3 fatty acids, and proteins are concerned. Persistence Market Research is there to provide these details with calls to action in its latest market study entitled “Microalgae-based Products Market”.
Microalgae-based Products Market Dispersion
The global microalgae-based products market, by type of product, span Astaxanthin, B-Carotene, Spirulina, Chlorella, PUFA, Lutein, and likewise. By application, it’s food & beverages, dietary supplements & pharmaceuticals, personal care, animal feed & aquaculture, and likewise.
The global microalgae-based products market is led by Europe, which is, in turn, led by Germany. It accounts for over 14% of the overall market share. This could be attributed to increasing spending in healthcare, growing aging population, changing lifestyles, and innovations in food. Also, there is a growing awareness with respect to superfoods such as nutrient-rich, natural foods containing minerals and vitamins. North America is going steady in the microalgae-based products market. Coming to the Asia-Pacific, India holds the largest market share. Indonesia stands second. The Asia-Pacific alone is expected to account for more than 30% of the market share in the near future. Persistence Market Research has given a detailed analysis of these facts with insights in its latest market study entitled “Microalgae-based Products market”.
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What do the Competitors say?
Persistence Market Research has profiled the key players in microalgae-based products market as BGG, DSM N.V., DIC Corporation, Phycom, Chr. Hansen Holding A/S, Naturex SA, Allmicroalgae Natural Products SA, Fuqing King Dnarmsa Spirulina Co. Ltd., Cyanotech Corporation, EID parry (India) Ltd., Divi’s Laboratories Ltd., NOW Foods, Fuji Chemicals Industries Co. Ltd., Algatechnologies Ltd., KDI Ingredients Antigua Processors SA, and likewise.
On the developments’ front, Persistence Market Research has mentioned about Nestle partnering with Corbion in November 2019 for developing a next-generation spectrum of microalgae-based products and delivering sustainable “plant-based products”. As such, Nestle has streamlined production and commercialization of the microalgae-based products. Also, Microphyt, in July 2019, raised close to US$ 32.1 Mn for developing microalgae-based natural solutions for well-being and nutrition.
Coming to the year 2020, DSM mentioned about collaborating with TRAQ (known to develop point-of-need test), so as to track health data and activity via saliva sampling. The further purpose is that of measuring a health biomarker from saliva and testing if any other nutrient exists (apart from expected minerals and vitamins). In the same year, Allmicroalgae Natural Products SA entered into joint venture with France-based Greentech Group that is known for specializing in algal biology (Greensea), plant extracts (Greentech), and micro-organisms (Biovitis).
The global microalgae-based products market is slated to grow on a stupendous note between 2021 and 2031 – Persistence Market Research