Consumers prefer sustainable ingredients when it comes to food and beverage consumption. Thus businesses operating in the food industry are investing in research and development to produce exclusive and high quality goods, as well as embracing the newest expertise which will allow them to ascertain high-quality standards.
Customers predominantly favor brands that have the finest quality products. Hence, competition is growing in the microalgae sector. Coupled with this, they are willing to pay more for high-quality products since they desire food products that are produced using organic ingredients.
Key Takeaways from Microalgae Market
- In terms of species, spirulina is leading with value share with 41.7% in 2021.
- Phaedactylum is expected to grow with CAGR 7.9% over forecast period in microalgae food sector.
- Among end users, health and medical segment is leading microalgae market in 2021, followed by food and beverage sector.
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Increasing Functionality of Microalgae to Propel Growth
The microalgae ingredients currently available in the market do not serve a single purpose. Each microalgae species could be used for a number of purposes. This raises the product’s market value. Its clean label nature also adds to its allure. Because of its range of functionality, researches are being conducted to discover new functionalities and to use microalgae products in these applications to achieve better results.
Despite the fact that different microalgae products have different applications, the function of all of them is essentially the same. The only difference between these products is their effect in these applications.
Who is winning?
Customers are increasingly focusing on service and quality. As a result, companies are investing in research and development initiatives to create unique and innovative high-quality product lines, as well as concentrating on integrating cutting-edge technology to maintain a high standard.
Various manufacturers are focusing on providing microalgae products at the best possible price, due to their increasing demand among customers.
Companies such as Pondicherry Spirulina Farms, an India-based Spirulina producer is selling powder spirulina at a price as low as US$ 3.7-4.5 per Kg which is the lowest price for Powder Spirulina in the world. Global average of Powder Spirulina is US$ 6.5-12.5 per Kg
Some of the other leading microalgae producers are Parry Nutraceuticals, DIC Corporation, Roquette Frères, BASF SE, Fuji Chemical Industries Co., Ltd, BGG (Beijing Gingko Group), Lonza Group AG, Chlorella Industry Co., LTD. Koninkliijke DSM NV, Yunnan Green-A-Bio-engineering Co Ltd, and many more.
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