The health and medical microalgae market is anticipated to secure a valuation of US$ 729 million in 2023 and is predicted to reach US$ 1,337 million by 2033. The market is estimated to capture a CAGR of 6% during the forecast period.
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The market is influenced by several driving factors, including:
- Growing Awareness of Health: Consumers are increasing the adoption of health and medical microalgae by raising awareness towards health and wellness. It contains high nutrients, minerals, protein, antioxidants, and essential fatty acids that promote a healthy lifestyle.
- Increasing Demand for Plant-based Ingredients:The rising consumer demand for plant-based and vegan products is increasing the adoption of microalgae. These consumers are shifting their preferences from animal-derived products.
- Growing Pharmaceuticals and Nutraceutical Sectors:The pharmaceuticals and nutraceutical sectors are rapidly driving the global market by promoting health-beneficial properties. These sectors produce dietary supplements, pharmaceutical formulations, and functional foods to expand the global market.
- Research and Development:The rising research and development activities are key to developing innovative, advanced techniques and high-quality products. These products attract consumers are increasing the demand for microalgae.
- Sustainable Production:Microalgae are cultivated in freshwater and seawater with sustainability. It contains a rich source of nutrition and minerals that attract consumers and reduce environmental impacts.
- Functional Ingredients:Microalgae are widely used for functional ingredients. For instance, chlorella and spirulina are used in functional foods, beverages, and dietary supplements. These products are popular among consumers that prefer plant-based alternatives.
These are a few of the factors that are experiencing steady growth in the global market. The rising demand for nutrients, sustainability, functional ingredients, and consumer awareness is estimated to continue to fuel the global market by 2033.
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Key Takeaways:
- The health and medical microalgae market is estimated to secure a valuation of US$ 1,337 million with a CAGR of 6% by 2033.
- In the historical period, the market secured a valuation of US$ 647.50 million with a CAGR of 3% in 2022.
- The United States is estimated to register a share of 24.3% in the global market by 2033.
- With a share of 9.9%, Germany is significantly growing the global market during the forecast period.
- Japan is anticipated to capture a share of 2.0% in the global market by 2033.
How Key Players Upsurge the Global Market?
The number of key players in the region highly fragments the market. These players are innovating new and improved products to upsurge the global market. They are focused on consumers’ expectations and develop better products per their requirements. These players adopt several marketing tactics to uplift the global market, mergers, acquisitions, partnerships, product launches, and collaborations.
The key players are distributing their products in retail shops, online platforms, and social media channels to reach more customers. They also promote their products and educate their consumers by visiting trade shows and exhibitions.
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Recent Developments in the Global Market are:
- In 2021, Sophie’s Bionutrients launched its new product provides alternative meat. It is plant-based that made from microalgae.
- In 2019, Atacama Bio Natural Products announced its newly launched product NatAxtinTM. It is made from microalgae that contain antioxidant properties and rich nutrients.
Prominent Players in the Global Market are:
- DIC Corporation
- Koninkliijke DSM NV
- Roquette Frères
- Sun chlorella
- Cellana LLC
- Fuji Chemical Industries Co., Ltd.
- Corbion (TerraVia Holdings)
- Yunnan Green-A-Bio-engineering Co Ltd
- Buggypower
- Cyanotech Corporation
Health and Medical Microalgae Market by Category
By Species Type:
- Spirulina
- Chlorella
- Dunaliella
- Aphanizomenon
- Haematococcus
- Crypthecodinium
- Schizochytrium
- Euglena
- Nannochloropsis
- Nostoc
- Phaedactylum
- Others
By Source:
- Marine Water
- Fresh Water
By End Use Application:
- Nutraceuticals and Dietary Supplements
- Pharmaceuticals
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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