Use of microalgae in enhancing taste, texture, flavor, aroma, and nutritional value of food products are key factors encouraging microalgae applications in the food and beverage sector. According to a recent FMI report, the demand for microalgae in food and beverage sector will surpass a valuation of over US$ 99,623.3 Thousand in 2021, rising at a CAGR of around 3% through the end of 2031.
Microalgae products are specialized in terms of applications. This is a key factor that increases the product’s market worth. The fact that microalgae are considered clean label adds to their appeal. Due to myriad potential applications, further research is being conducted to optimize microalgae use for profitability.
Microalgae are also being used increasingly in dairy, bread, confectionery, and snacking items for flavour, texture, colour, and as a stabiliser. Because of the increased demand for microalgae, top manufacturers are seeking to expand their distribution networks to reach a larger audience.
Spirulina is found in a range of health and functional beverages. With demand from younger consumer demographics rising, spirulina juice and smoothies are launched in limited markets, indicating a huge scope of growth in the near future.
In 2016, Spira Inc., a U.S. based Biotechnology startup launched a new beverage drink made only from live Spirulina. Similarly, In March 2016, Naked Juice, a U.S. based beverage manufacturer and a subsidiary of PepsiCo, Inc. starts a juice smoothie made with Spirulina as a primary ingredient.
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Key Takeaways from the Demand for Microalgae in Food & Beverage Sector Study:
- The U.S. is estimated to account for more than 91.0% of the North American market in 2021, supported by consumer awareness regarding functional foods and beverages.
- According to FMI’s analysis, China is estimated to account for more than 48% of the Asia Pacific share in 2021, supported by easy availability of raw materials.
- The U.K. is a high potential market in Europe, accounting for over 13% value share, supported by the popularity of clean label trends.
- Freshwater microalgae will hold 81% of the market in 2021 on the back of easy cultivation and faster yield.
- Spirulina products reflect 41% of the market in 2021 owing to a superior nutrient profile for functional foods and beverages.
“With the increasing demand for microalgae-based goods, manufacturers are focusing on offering products at a lower cost. Various organizations have adopted integrated production models to offer cost-effective products to gain competitive edge through 2031,” said a lead analyst at FMI.
Who is Winning?
Consumers value quality and service above all. As a result, businesses are investing in research and development of distinctive and inventive high-quality product. In addition to this, they are focusing on adopting cutting-edge technology that will enable them to maintain high-quality standards.
Some of the leading companies offering microalgae in the food & beverage sector are DIC Corporation, Koninkliijke DSM NV, Roquette Frères, Fuji Chemical Industries Co., Ltd., Yunnan Green-A-Bio-engineering Co Ltd, Cyanotech Corporation, BASF SE, Parry Nutraceuticals, Beijing Gingko Group, KDI Ingredients, Sinoway Industrial Co., ltd., INNOBIO Corporation Limited, Algaecan Biotech Ltd., Algatechnologies Ltd., Cardax, Inc., Igene Biotechnology, Inc., Fenchem Biotek Ltd., AstaReal Inc., Valensa International, Kunming Biogenic Co., Ltd., and Others.
Get Valuable Insights into Demand for Microalgae in Food & Beverage Sector
Future Market Insights, in its new offering, provides an unbiased analysis of the demand for microalgae in food & beverage sector presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the demand for microalgae in food & beverage sector based on species type (spirulina, chlorella, dunaliella, aphanizomenon, haematococcus, crypthecodinium, schizochytrium, euglena, nannochloropsis, nostoc, phaedactylum, and others), by source (marine water and fresh water), and by end use application (bakery & confectionery, meat, poultry, fish, & eggs, sauces, soups, & dressings, seasonings, snacks & cereal, dairy products, ice creams, food additives (ingredients), medical nutrition/ functional food/ health food, sports nutrition, energy drinks, baby food, and others) across five major regions.
Scope of Report
|Historical Data Available for||2016-2020|
|Market Analysis||USD Million for Value|
|Key Countries Covered||US, Canada, Germany, U.K., France, Italy, Spain, Russia, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Australia, New Zealand, GCC Countries, Turkey, Northern Africa, and South Africa|
|Key Segments Covered||Species Type, Source, End Use Application, and Region|
|Key Companies Profiled||DIC CorporationKoninkliijke DSM NVRoquette FrèresFuji Chemical Industries Co., Ltd.Yunnan Green-A-Bio-engineering Co LtdCyanotech CorporationBASF SEParry NutraceuticalsBeijing Gingko GroupKDI IngredientsSinoway Industrial Co., ltd.INNOBIO Corporation LimitedAlgaecan Biotech Ltd.Algatechnologies Ltd.Cardax, Inc.Igene Biotechnology, Inc.Fenchem Biotek Ltd.AstaReal Inc.Valensa InternationalKunming Biogenic Co., Ltd.Others|
|Report Coverage||Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives|
|Customization and Pricing||Available upon Request|
Key Questions Answered in the Report
- How much is the demand for microalgae in food and beverage sector worth?
The demand for microalgae in food and beverage sector is estimated to be worth over US$ 99,623.3 Thousand by 2021.
- What is the demand outlook forecast for the demand for microalgae in food and beverage sector?
The global demand for microalgae in food and beverage sector is forecasted to surpass US$ 1, 32,531.2 Thousand by the end of 2031.
- What was the last 5-year CAGR for the demand for microalgae in the food and beverage sector?
Between 2016 and 2020, the demand for microalgae in food and beverage sector grew at a 1.6% CAGR.
- What is the share of top 5 players in the demand for microalgae in food and beverage sector?
DIC Corporation, Koninkliijke DSM NV, Roquette Frères, BASF SE, and Parry Nutraceuticals. are leading companies, accounting for 35-40% of the global market.
- Who are the top 5 countries driving demand for microalgae in the food and beverage sector?
The U.S., Germany, the U.K., and China are the top countries reflecting consistently high demand.