Market Research Blog – Page 1530 – New Product Development

Fava Bean Protein Industry Set for 4.2% CAGR Growth, Forecasted to Reach USD 85.69 Billion by 2032

The Fava Bean Protein Market is experiencing significant growth as consumer demand for plant-based protein alternatives surges worldwide. Fava beans, also known as broad beans, are rich in essential nutrients and offer numerous health benefits, attracting health-conscious consumers and vegans alike. The market is witnessing an influx of innovative products such as fava bean protein isolates, concentrates, and protein-enriched snacks, catering to various dietary preferences and applications.

The market for fava bean protein is anticipated to grow at a CAGR of 4.2% throughout the forecast period, rising from US$ 56.79 billion in 2022 to US$ 85.69 billion by 2032.

Furthermore, consumer demand is shifting from food products with protein to those with high-quality proteins. This is contributing to the adoption of novel products such as fava bean protein, in the vegan food industry.

Fava beans, historically, witnessed limited demand in the animal feed additives industry, mainly due to the presence of anti-nutritional factors (ANFs) such as vicine and convicine (VC), glycosides, and tannins. However, recent advancements in plant breeding techniques have enabled scientists to reduce the amount of ANFs in fava beans and extract high-quality fava bean protein.

Today, the demand for fava bean proteins as meat substitutes has increased not only in the animal nutrition industry but also in the commercial food & beverage applications. Food manufacturers are increasing the adoption of botanical ingredients in the manufacturing of plant-based proteins and other ingredients. The changing consumer perception about vegetarian ingredients is mainly attributed for this.

Unlock the secrets of the Fava Bean Protein Market! Purchase now and delve into the intricacies of each segment.

Boosting Extraction of Fava Bean Protein Concentrates to Improve Quality

Fava beans are being preferred by manufacturers over other plant-based protein sources such as soy protein ingredients and pea protein, due to their low cost, high protein content, and less allergenicity. Furthermore, while pea proteins and wheat proteins have a significant share in the vegetable- or plant-based protein market, manufacturers are focusing on diversifying their protein portfolio by resorting to innovative sources. This is expected to encouraging plant protein manufacturers to enter the fava bean protein landscape in the coming years.

Growing need for high-quality plant-based proteins is boosting the utilization of novel protein sources such as fava beans, in the extraction of protein concentrates. Processing, nutritional, and specialty needs of consumers are dictating the upcoming strategies of manufacturers and other stakeholders in the fava bean protein landscape. Taking into consideration the consumer inclination towards pulses as a healthier choice of plant-based protein source, market players are adopting innovative methods of extracting fava bean protein concentrates.

Furthermore, growing awareness about the health benefits of fava bean is expected to bolster extraction of fava bean protein concentrates. Innovation in fava bean protein powders in terms of their texture, nutrition, and savory profile is expected to emerge as a popular trend in the market. In the coming years, a mounting number of market players are expected to introduce textured fava bean protein to add more propositions to their product portfolio and explore more profitable sales possibilities in the food & beverage industry.

Competition Getting Intense in the Fava Bean Protein Landscape

Leading players in the fruit & vegetable ingredients industry and plant-based proteins market are noticing the increasing popularity of fava bean protein as a high-demand ingredients in various food applications. Recognizing that the consumption of plant-based proteins is no longer limited to vegan consumers, a mounting number of ingredient manufacturers are expanding their presence in the fava bean proteins landscape.

In November 2019, Vestkorn – a leading European producer of ingredients from peas and beans – announced that it has launched its new products including textured pea protein and textured fava bean protein. The company also announced that the textured fava bean proteins are manufactured by processing dry, extracted fava bean without using any chemicals, which makes its new products sustainable.

In July 2019, Australian Plant Proteins (APP) – a leading Australian manufacturer of plant-based protein powders – announced that Scalzo Foods – a Melbourne-based food manufacturing company – finalized its investment in APP’s commercial plant protein-extraction facility at Horsham in Victoria’s Wimmera region. The company also declared that its initial focus for commercial manufacturing will be on faba beans and the plant is estimated to use around 20 kilo tons of fava beans every year, as at least 4.5 kilograms of fava beans are required to produce 1kg of fava bean protein powder.

In November 2018, Puris – a U.S.-based, family-owned food company – announced that it has introduced PURIS fava bean protein while accelerating the production of its non-GMO and organic plant proteins with the completion of a newly expanded second spray dryer. The company declared that the Puris fava bean protein will enter markets in 2019, and it can be used as a plant-based ingredient in a wide range of food applications including dry beverage bars and blends and plant-based alternatives to meat.

With a mounting number of new entrants and leading manufacturers in the fava bean protein landscape, the competitive environment is expected to get more intense with time. Manufacturers are likely to scale up their production while bolstering research & development to boost innovation, in order to gain competitive advantages in the fava bean protein market.

The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.

The report covers exhaust analysis on:

Market Segments
Market Dynamics
Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies involved
Technology
Value Chain

Regional analysis includes:

North America (U.S., Canada)
Latin America (Mexico. Brazil)
Western Europe (Germany, Italy, France, U.K, Spain)
Eastern Europe (Poland, Russia)
Asia Pacific (India, China ASEAN, Australia & New Zealand)
Japan
Middle East and Africa (GCC Countries, S. Africa, Northern Africa)

The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.

In-Depth Market Analysis: A Complete Report

Frequently Asked Questions

What is the Growth Outlook for the Fava Bean Protein Market?
Who are the Key Players in the Fava Bean Protein Market?
What is the Future of the Fava Bean Protein Market?
Which is the Key Driver in the Fava Bean Protein Market?

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact FMI:

Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube

Plant-Based Pet Food Market to Reach USD 57.43 Billion by 2032 with 9.2% CAGR, Driven by Growing Vegan Trends and Pet Adoption

The plant-based pet food market is witnessing an impressive surge, poised for substantial growth in the coming years. From 2022 to 2032, the market is projected to expand at a robust CAGR of 9.2%, reaching a remarkable revenue milestone of USD 57.43 Billion by 2032. This exponential growth trajectory is underpinned by several key factors reshaping the landscape of pet nutrition worldwide.

Driven by a rising awareness of veganism and ethical consumption, coupled with an increasing number of pet owners opting for healthier alternatives, the demand for plant-based pet food has skyrocketed. With pets increasingly being perceived as family members, the trend towards humanization of pets further amplifies the market’s growth. Moreover, the disruptive force of the COVID-19 pandemic has only marginally impacted the market, highlighting its resilience and potential for sustained expansion.

The demand for plant-based pet food is propelled by various factors contributing to its popularity and adoption across different regions. Consumers are seeking organic, high-quality alternatives to traditional meat-based pet food, driven by concerns over pet health and nutrition. Plant-based diets are perceived to address issues such as allergies, skin conditions, weight management, and oral health, further boosting their appeal among pet owners.

Notably, the transition towards plant-based diets is not limited to human consumption but extends to pets as well. With a growing number of vegan pet owners seeking to align their values with their pets’ diets, the market for plant-based pet food continues to expand rapidly. Additionally, innovations in cultivation methods and ingredient technology are driving product development, offering new solutions to meet evolving consumer preferences.

Key Takeaways from Market Study

North America will continue to dominate the global plant-based pet food market share.  Where U.S. market forplant-based pet food market is expected to be valued at US$ 63 Bn in 2022.
India plant-based pet food market is expected to be account for over 38%of the South Asia market in 2022
In the nature type category, conventional pet food holds the biggest share of 5%in 2022 while the organic segment will hold 23.4% in 2022. The demand for plant-based pet food is attributed to rising sales of vegan pet food and increasing emphasis on nutrition profile of pet food items
In the pet type category, Senior cats hold a market share of 1%among the cats’ segment in the global plant-based pet food business in 2022.
The future of the market is going to be fruitful due to the new cultivation methods of plant-based food. The pet food industry is working on nutrients for cats and dogs, healthy and shiny coats, body weight balancing, and reducing bad breath. Vegetarian and plant-based diets have recently been introduced to the pet food market, offering a possible solution to the moral dilemma faced by vegetarians and vegans who live with omnivores and carnivorous dogs.

Increasing demand for organic and high-quality ingredients has fueled the sales of plant-based pet foods. Consumption of plant-based pet food is thought to minimize allergies, skin concerns, improve bad breath, and maintain weight in pets. This enhances the demand of plant-based pet foods in multiple regions.” says a Future Market Insights analyst while discussing the future of the market.

Competitive Landscape:

The plant-based pet food market holds the potential of having multiple brands at its bay. These players have been using various tactics to acquire a bigger share of the market in recent years. New innovative players have the advantage of launching flavor and supplement types to enhance the market space.

Some of the leading plant-based pet food manufacturers are improving their internet presence and investing in research and development initiatives. To expand their product options, multinational plant-based pet food companies are focusing their efforts on expanding their manufacturing facilities to enhance productivity.

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Recent Market Development

Aistra in 2020 recently launched its plant-based pet food store in India, after noticing a need for healthy plant-based pet food in the Indian market.
Global Food and Ingredients Inc. has announced to acquire a cutting-edge plant-based pet food ingredients manufacturing facility in Bowden, Alberta as well as the launch of GFI’s new plant-Based Pet Food Ingredients business unit.

Key Segments

By Nature:

Organic
Conventional

By Product Type:

Kibble/Dry
Dehydrated Food
Treats and Chews
Freeze-Dried Raw
Wet Food
Frozen

By Pet Type:

Cat
Dog
Birds
Others (Rabbits, Hamsters, etc.)

By Distribution Channel:

Store-based Retailing
Online Retailers

By Packaging Type:

Pouches
Bags
Folding cartons
Tubs & Cups
Can
Bottles & jars

About Future Market Insights (FMI)

Contact FMI:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube

Insect-Based Pet Food Market to Reach USD 3.4 Billion by 2033, Driven by Rising Demand for Frozen and Freeze-Dried Products

The insect-based pet food market is forecasted to garner revenue of US$ 3,448.5 million in 2033, up from US$ 1,341.0 million in 2023, advancing at a rate of 10% from 2023 to 2033.

The pet food industry is undergoing a significant transformation as more pet owners seek innovative and sustainable alternatives to traditional pet food products.

One emerging trend that has gained traction in recent years is insect-based pet food. With its numerous benefits for pets and the environment, insect-based pet food is making waves in the market.

Pet owners increasingly embrace insect-based pet food as they become more educated about its benefits. The shifting consumer mindset towards sustainable and ethically sourced pet food has created a favorable environment for the growth of this market segment.

One of the primary challenges in the insect-based pet food market lies in navigating regulatory frameworks. As a relatively new industry, there is a need for clear guidelines and regulations regarding the sourcing, processing, and labeling of insect-based pet food products.

Establishing standardized protocols and ensuring compliance with existing regulations are crucial to build consumer trust and ensuring the quality and safety of these products.

Although the acceptance of insect-based pet food is growing, there is still a need to educate and create awareness among pet owners.

Overcoming the initial hesitation and addressing misconceptions surrounding insect-based ingredients require effective marketing strategies and transparent communication about the benefits and safety of these products.

Insects are highly efficient in converting feed into protein, requiring less land, water, and resources than traditional livestock farming. By utilizing insects as a protein source, the pet food industry can contribute to reducing the ecological footprint while meeting the nutritional requirements of pets.

The market offers an opportunity for continuous product innovation and diversification. Manufacturers can explore different insect species, such as black soldier fly larvae or mealworms, to create unique and nutritious pet food formulations.

Key Takeaways:

The insect-based pet food market value reached US$ 1,289.0 million in 2022, with a CAGR of 6.9% from 2018 to 2022.
The market in the United States of America accounted for a 35% share in 2022 globally.
The United Kingdom insect-based pet food industry is projected to advance at an 8% CAGR from 2023 to 2033.
The market for insect-based pet food in Japan accounted for 0.7% of the market share in 2022.
India market for insect-based pet food is predicted to progress steadily with a CAGR of 9% during the projected period.

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What is the Competition Landscape in the Insect-based Pet Food Market?

The competition landscape in the market is becoming dynamic as more players recognize the potential of this emerging industry. While the market is still relatively nascent, several companies have already established their presence and are vying for a competitive edge.

The presence and activities of various market players, including established companies and new entrants, influence the competitive landscape. These players compete for market share, brand recognition, and consumer loyalty through product innovation, pricing strategies, and marketing efforts.

Different companies’ range and diversity of insect-based pet food products play a crucial role in the competitive landscape. Companies differentiate themselves by providing unique formulations, flavors, and product variations that cater to specific pet dietary needs or preferences.

The competition is also influenced by changing consumer preferences, evolving dietary trends, and market dynamics. Companies that stay abreast of consumer demands, such as organic or grain-free options, and align their product offerings accordingly can gain a competitive advantage.

Market by Category

By Nature:

Organic
Monoprotein
Conventional

By Source:

Crickets
Mealworms
Black Soldier Flies

By Product Type:

Kibble/Dry
- Extruded
- Baked
- Coated
Dehydrated Food
Treats and Chews
Freeze-dried Raw
Wet Food
Frozen
Raw Food
Powder
Freeze-dried Food

By Pet Type:

Cat
- Kitten
- Senior
Dog
- Puppy
- Adult
- Senior
Birds
Others

By Distribution Channel:

Store-based Retailing
- Hypermarkets/Supermarkets
- Convenience Stores
- Mom and Pop Stores
- Pet Stores
- Discounters
- Independent Grocery Retailers
- Drugstores
- Other Retail Formats
Online Retailers

By Region:

North America
Latin America
Europe
East Asia
South Asia
Oceania
The Middle East and Africa

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube

Europe Duckweed Protein Market to Surge with 20% CAGR, Reaching USD 7.9 Million by 2033

The Europe duckweed protein market size is poised for remarkable growth, with an anticipated 20% compound annual growth rate (CAGR) over the next decade. The market, valued at USD 1.28 million in 2023, is expected to soar to USD 7.9 million by 2033. This growth is largely driven by the rising vegan population and innovative advancements in plant-based proteins.

Veganism on the Rise: Fueling Market Growth

According to the European Vegetarian Union, the vegan population in Europe represented over 6% of the total population in 2019. In the UK, the vegan population surged to over 600,000 in 2019, a staggering 300% increase from 2014. This shift has spurred food and beverage companies to innovate and develop meat replacements, dairy alternatives, and protein nutritional beverages, thus boosting the demand for duckweed protein.

Key Drivers and Opportunities

Consumer Demand for High-Protein Foods: Over the past decade, the demand for high-protein foods has risen significantly, encouraging sales of duckweed protein. Innovations by key market players, aligned with consumer preferences for healthier food options, continue to drive market growth.

Sustainable Production and Value Chains: The sustainable value chain model emphasizes reusing or recycling resources to minimize waste. This approach is increasingly adopted by duckweed protein producers, contributing to market expansion.

Growing Popularity of Plant-Based Cuisine: The increasing influence of dietary choices towards duckweed proteins is propelling the market. A rise in consumers adopting vegan or flexitarian diets is driving the demand for plant-based protein sources.

Comparative Analysis of Adjacent Markets

Vegan Protein Market: With a projected CAGR of 7.9% from 2023 to 2033, the vegan protein market, valued at USD 4.07 million in 2023, is primarily driven by increasing health awareness and a shift towards organic and natural foods.

Protein Supplements Market: Anticipated to grow at a CAGR of 10.52%, the protein supplements market, valued at USD 10.79 million in 2023, is benefiting from hectic consumer lifestyles and a rising number of fitness and wellness centers worldwide.

Competitive Landscape

Key companies in the European duckweed protein market are focusing on portfolio expansion and other strategic growth initiatives to gain a competitive edge. Notable players include:

Parabel USA Inc.
Pontus Water Lentils
Barentz B.V.
Hinoman, Ltd
Plantible Foods, Inc.
Lempro Inc.
Seta Organics

The Significance of Duckweed as a Plant-Based Protein Source

Duckweed protein is gaining traction as a viable plant-based protein source due to its high amino acid and leucine content. It addresses the concerns of vegan gym-goers regarding muscle loss by offering a high-protein, nutrient-dense alternative. Duckweed, a flowering aquatic plant, has been a dietary staple in East Asia for generations. It is rich in omega-3 fatty acids, vitamins, and minerals, and is more biologically active than pea protein isolate.

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Duckweed as a Soy Substitute

Duckweed is emerging as a promising soy substitute. Trials have shown its potential, but manufacturing methods need stabilization. Innovations in production technology, such as artificially generated and sealed growth units, enable efficient water recycling and low water demand per tonne, making duckweed a sustainable alternative to soy.

Europe Duckweed Protein Market Key Segment

By Form:

Fresh Duckweed Protein
Dried Duckweed Protein

By Species:

Wolffiella
Spirodela
Lemna
Landoltia
Wolffia

By End Use:

Food Processing
- Protein/Dietary Supplements
- Energy Bars
- Snacks & Salads
- Beverages
- Others
Animal & Fish Feed
Others (applied research, biofuel, etc.)

About Future Market Insights (FMI)

Wine Market to Reach USD 2971.13 Billion by 2033, Driven by a 5.7% CAGR | FMI

From 2023 to 2033, there is expected to be a significant increase in the size of the global wine market. The global market is expected to surpass a valuation of US$ 5,34,226 million in 2023, according to the research report released by Future Market Insights. By 2033, its value is projected to reach US$ 8,75,293.8 million. From 2023 to 2033, the market is anticipated to grow at a CAGR of 5%.

The increasing popularity of wine among consumers from all age groups is a key factor boosting the market growth. Rapid urbanization, improving lifestyles, and increasing disposable income levels aid in propelling the demand for wine. In recent years, there has been a significant increase in wine production. Wine consumption is being fueled by escalating globalization. The expansion of distribution channels and globalization are boosting exports and imports, which fuels wine sales. The production and consumption of wine are significantly rising, which is driving up demand for expensive and flavored wines.

Increasing online wine sales are expected to create growth avenues for market players. Demand for white and red wine is rising as social media usage spreads. Wine blends have improved as a result of the increased focus on inventive innovation. Manufacturers are carving new opportunities by launching new flavors. In order to circumvent conventional sales channels, several wineries and producers have started using online platforms. As technology develops and more people shop online, online wine sales are bound to increase.

Global market expansion is aided by the rising demand for premium wine and alcoholic beverages from bars and lounges. Nightclubs and club culture are attracting more and more interest from millennials, especially those who live in urban areas. The demand for high-end wines like French and Rose wine may catapult by the increased use of social media and the influence of Western civilization.

Key Takeaways from Wine Market Report:

The global wine market expanded at a CAGR of 2.3% from 2018 to 2022.
The global market size stood at US$ 4,69,726.8 million in 2018.
In 2022, the global wine market accounted for US$ 5,13,678.80 million.
Organic wine segment is anticipated to dominate the market, registering a 17.5% CAGR from 2023 to 2033.
The United States wine market showcased a CAGR of 16.9% in 2022.
Wine market in India captured nearly 9.7% of global market shares in 2022.
The United Kingdom wine market registered a CAGR of 9.4% in 2022.

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Recent Developments Observed by FMI:

Provi, a well-known online retailer of alcoholic beverages, introduced additional product features in April 2023. The new features are intended to improve the effectiveness of the three-tier structure.
Ferrari Trento released three wines in March 2023 to commemorate this year’s three premier races. The inspiration for the three brand-new bottles came from the renowned racetracks in Las Vegas, Zandvoort, and Imola.
The largest wine producer in India, Sula Vineyards Ltd., launched its Initial Public Offering (IPO) in December 2022.
Star Winemaker introduced Snowden Cousins in August 2022. The Snowden Cousins wine brand is created to determine whether widespread wine bottle refilling may slow down climate change.

Market Segmentation

By Type:

Sparkling Wine
Red Wine
Dessert Wine
White Wine

By Price Range:

Below US$ 5
US$ 5 to US$ 10
US$ 10 to US$ 15
Above US$ 15

By Nature:

Organic
Conventional

By Sales Channels:

Hypermarkets/Supermarkets
Convenience Stores
Specialty Stores
Pubs/Bars/Restaurants
Online Retailers
Others

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

Spirulina Extract Market to Grow at 14.8% CAGR, Reaching USD 234.8 Million by 2034 | FMI

The Spirulina Extracts market has witnessed remarkable growth in recent years, driven by the increasing demand for natural and sustainable nutritional products. Spirulina, a nutrient-rich blue-green algae, boasts an array of health benefits, including its high protein content, antioxidants, vitamins, and minerals. As consumers gravitate towards plant-based diets and eco-friendly alternatives, spirulina has emerged as a go-to superfood.

The global spirulina extracts market is poised to witness remarkable growth, projected to reach a valuation of US$ 194.2 million by 2033. With a strong compound annual growth rate (CAGR) of 15% during the forecast period, this lucrative market is propelled by multiple factors. The growing demand for convenient and ready-to-eat food products, coupled with the increasing health consciousness among consumers, has fueled the adoption of spirulina extracts.

Key Developments

Germany leads the pack: With a sizeable 33.0% share, Germany has the greatest market share among the listed nations in the spirulina extracts industry. This shows that there is a significant market for spirulina-based goods in the nation, driven by things like health consciousness and a preference for natural and sustainable options.
Increasing stature in the US: With a market share of 32.0%, the US ranks second to Germany. This demonstrates how spirulina extracts are becoming more and more popular in the United States as people become more aware of the health advantages of consuming it. The convenience and ready-to-eat food trend also helps the nation’s market expand.
Emerging market prospects in China and India: With respective market shares of 8.7% and 6.4%, China and India both have sizable market shares. These developing nations’ disposable incomes are rising quickly, and their populations are becoming more health concerned. Manufacturers of spirulina extracts now have excellent growth potential to enter these enormous consumer markets.
Limited market presence in Japan and Australia: With market shares of 6.6% and 1.5%, respectively, Japan and Australia currently have lower market penetration. The rising demand for natural and useful food products, however, means that these nations still have opportunity for growth. There is potential for the spirulina extracts market to grow in these areas as consumer awareness rises.
Promising growth in the UK: The UK’s 7.0% market share suggests that there is a steady demand for spirulina extracts. Consumers are actively looking for novel and sustainable dietary options as the health and wellness movement continues to take hold in the nation, creating potential growth prospects in the market.

Competitive Landscape

The market for spirulina extracts is characterized by intense rivalry, with a few key manufacturers controlling a sizeable portion of the industry and enjoying great brand awareness. These established firms have strong distribution networks, which ratchets up the market’s rivalry. Although there is competition, the market is nonetheless profitable and continues to draw new players and investment. It is important to note that enterprises trying to get a footing in the industry have difficulties due to the high cost of marketing.

Cyanotech Corporation

Spirulina extracts are produced in large quantities by Cyanotech Corporation, one of the industry leaders. The business has been operating for more than 30 years and has a well-known brand in the marketplace. Spirulina extracts are available from Cyanotech Corporation in a variety of forms, including powder, liquid, and capsules.

Earthrise Nutritionals

This esteemed manufacturer of spirulina extracts is another. The business, which was established in 1990, places a big emphasis on sustainability. Spirulina extracts are available from Earthrise Nutritionals in a variety of forms, including powder, liquid, and capsules.

Phycom

In Europe, Phycom is a top manufacturer of spirulina extracts. The business was established in 1995 and places a big emphasis on research and development. Spirulina extracts are available from Phycom in a variety of forms, including powder, liquid, and capsules.

Algaetech International

The business was established in 2000 and places a big emphasis on quality control. Spirulina extracts are available from Algaetech International in a variety of forms, including powder, liquid, and capsules.

Key Developments

Growing popularity of vegan and sustainable diets: The market for spirulina extracts is expanding as people place more emphasis on healthy, plant-based diets. Being a plant-based protein source, spirulina fits the criteria of consumers looking for environmentally beneficial and sustainable food solutions. Younger generations, who place a higher priority on food choices that promote health, sustainability, and ethics, are particularly affected by this trend.
Technology developments in extraction and processing: The market for spirulina extracts is expanding as a result of ongoing technological advancements in extraction and processing. Higher yields and better product formulations are the outcome of these improvements, which improve the effectiveness and calibre of spirulina extraction. These technological advancements make it possible for producers to fulfil the increasing demand for spirulina extracts while preserving the nutritional content, purity, and integrity of their products.

Key Segments in the Spirulina Extracts Market

By Nature:

Organic
Conventional

By Application:

Beverage
- Milk Drinks & Milk Alternatives
- Alcoholic Beverages
- Carbonates (Carbonated Soft Drinks)
- Sports Drinks
- Coffee & Cocoa
- Tea
- Energy Drink
- Juice Based Drinks
- Flavored water
- Enhanced Water
- Sparkling Waters
Bakery, Snacks, & Cereal
- Breakfast Cereal
- Bread
- Cakes & Pastries
- Cookies
- Biscuits & Cones
- Frosting / Icing
- Crackers & Savory Snacks
Candy / Confectionery
- Panned Candy
- Chocolate & Compound Coating
- Gummies
- Chewing Gum
- Jellies & Licorice
- Sprinkles & Sugar
- Hard Candies / Boiled Sweets
Dairy
- Cheese
- Ice Cream
- Milk Drinks & Milk Alternatives
- Pudding / Custard
- Dips & Spreads
- Yogurt
Fruit Preparations / Fillings
Meat, Poultry, Fish, & Eggs
- Casings
- Egg & Egg Substitute
- Fish / Seafood
- Jerky
- Meat Substitute
- Processed Meat & Poultry
Potatoes, Pasta, & Rice
- Pasta
- Potato Chips / Crisps
- Processed Potatoes
- Rice
Sauces, Soups, & Dressings
- Asian Sauces
- Barbecue & Steak Sauce
- Condiments
- Gravy / Dry Sauce Mix
- Marinade
- Oils & Dressings
Seasonings
- Batter
- Breading and Coating
- Bouillon / Soup Base / Stock
- Liquid Smoke
- Spice Blends / Dry Seasonings
Pet Food
- Extruded / Dry Pet Food
- Snacks / Treats
- Wet Food

By Region:

North America
Latin America
Asia Pacific
MEA
Europe

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About Future Market Insights (FMI)

Phytochemical Market Reaching to USD 14.8 Billion with 7.1% CAGR by 2033

Estimates project a substantial rise in worldwide phytochemical sales, reaching US$ 7,436 million in 2023. A comprehensive industry analysis foresees the global phytochemical market surging at a robust CAGR of 7.1%, poised to attain US$ 14,821 million by 2033.

Diverse applications of phytochemicals are anticipated to fuel growth across various end-use sectors such as food and beverages, nutraceuticals, and pharmaceuticals. By 2033, the food and beverage segment is expected to dominate significantly, while animal nutrition sales are projected to witness a notable increase of 13.4%.

In the nutraceutical industry, the demand for phytochemicals and plant extracts is on the rise, utilized as health supplements and anti-aging agents. This heightened demand reflects a growing trend in the use of phytochemicals in dietary supplements, indicating substantial future growth.

Increasing awareness regarding the detrimental effects of chemically processed foods is likely to boost the popularity of plant extracts and ingredients. However, challenges such as raw material shortages, fluctuating prices, trade dynamics, and the availability of alternative plant-derived products present constraints to the market’s expansion.

Crucially, it’s worth noting that phytochemicals and herbal extracts are directly derived from crude plant materials, showcasing significant variations in composition, quality, and therapeutic effects. The recent surge in traditional medicine consumption, particularly Ayurveda, has unexpectedly propelled the utilization of natural plant ingredients in Ayurvedic manufacturing.

“Phytochemicals are products derived from organic plants and are used in the manufacturing of organic food and supplement manufacturing. The nutraceutical industry has seen an increase in demand for phytochemicals and plant-based products due to the growth in organic agriculture.” – says a lead analyst at Future Market Insights.

Key Takeaways from Market Study

The phytochemical market is expected to record a CAGR of 7.1% over the forecast period.
It is estimated that the phytochemical market in North America may remain strong during the forecast period.
The phytochemical market of Germany is estimated to be valued at US$ 468.8 million by 2033.
The United Kingdom is predicted to thrive at a CAGR of 2.8% due to the rising trend of ‘veganism’ and ‘vegetarianism’.
Powder phytochemical product type is estimated to account for more than 82% of the market share in 2023 with a CAGR of 6.7%.
Flavonoids are estimated to account for more than 35.0% of the market share in 2023 with a CAGR of 8.8%.

Competitive Landscape:

In the phytochemical market, intense competition has resulted from the growing demand for nutritional supplements and the emergence of new players. In a market that focuses more on innovation than sales, small-scale players are creating growth opportunities.

Small-scale companies are merging with substantial companies to offer their products to a broader consumer base and include innovative products in their product portfolios.

Several prominent companies dominate this market, including Döhler GmbH, Naturex SA, Kemin Industries Inc, Linnea SA, Sabinsa Corporation, Kothari Phytochemicals & Industries Ltd, Indena SpA, Alkaloids Corporation, Arboris LLC, Allied Biotech Corp., Organic Herb Inc. (OHI), LIPO Foods, Nektium, FYTEXIA, Chr. Hansen Holding A/S, BASF SE, and others.

Recent Developments:

Cargill acquire Delacon, a producer of photogenic chemicals derived from plants, in 2022. Through the acquisition, the company plans to manufacture nutrient-dense foods and gain a deep understanding of feed additives.
An exclusive and long-term supply agreement was signed between BASF and Mazza Innovation in July 2018. The company Mazza Innovations specializes in botanical extractions. In order to develop new solutions for cosmetic applications, the company supplies BASF with specific plant extracts.

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Market Segmentation by Category

By Molecule Type:

Alkaloids
Anthocyanins
Carotenoids
Coumestans
Flavon-3-ols
Flavonoids
Hydroxycinnamic Acids
Isoflavones
Lignans
Others

By Form:

Powder
Liquid

By Application:

Food and Beverages
Nutraceutical
Pharmaceutical
Personal Care and Cosmetics
Animal Nutrition
Others

By Region:

North America
Latin America
Europe
The Middle East and Africa
East Asia

About Future Market Insights (FMI)

Animal Feed Probiotic Market to Reach USD 6.8 Billion by 2034 with 6.4% CAGR | FMI

The demand for animal feed probiotic market is experiencing significant growth, driven by rising demand for sustainable and efficient animal farming practices. Valued at US$ 3,645 million in 2024, the market is projected to reach an impressive US$ 6,798 million by 2034, growing at a CAGR of 6.4% during the forecast period. This press release highlights key market drivers, consumption analysis, historical trends, and competitive landscape, offering valuable insights for investors.

The global animal feed probiotic market’s growth can be attributed to several key factors:

Increasing Demand for Feed Additives: Probiotics are gaining popularity as consumers and farmers prioritize animal nutrition to improve health and productivity.
Population Growth and Urbanization: Rising incomes and urbanization in developing countries have spurred demand for meat, dairy, and livestock products, necessitating efficient and sustainable farming practices.
Reduction of Antibiotics in Animal Feed: Concerns about antimicrobial resistance have led to a reduction in antibiotic use, boosting the demand for natural alternatives like probiotics.
Regulatory Support: Regulatory bodies worldwide are encouraging the use of natural and sustainable feed additives, increasing the acceptance of probiotics in animal nutrition.

Understanding the importance of nutrition in animal health and productivity has led to a surge in demand for animal feed probiotics. Consumers now prioritize livestock product quality, driving the demand for feed additives that enhance animal well-being. The global trend towards natural and sustainable farming solutions has made probiotics a preferred choice among farmers. Continuous research and development efforts are introducing innovative prebiotic products, further accelerating market growth.

The animal feed probiotics market has faced multifaceted impacts due to pandemics and market fluctuations. Supply chain disruptions have affected raw material sourcing and transportation, leading to temporary shortages and increased prices. However, consumer demand for high-quality, health-enhancing animal nutrition products has remained resilient. The market’s ability to align with evolving consumer preferences and adapt to economic conditions has been crucial for its sustained growth.

Despite the promising growth, several challenges could hinder market development:

Competitive Market: The animal feed additives market is highly competitive, with various alternatives available to enhance animal health and productivity.
Traditional Farming Practices: Convincing traditional farmers to adopt probiotics can be gradual, especially if they are skeptical about their effectiveness.
Economic Fluctuations: Economic downturns may reduce farmers’ spending capacity, impacting investments in premium feed additives like probiotics.
High Production Costs: The cost of producing and incorporating probiotics into animal feed formulations can be relatively high.
Limited Awareness: Despite growing awareness of animal nutrition, limited education and awareness programs could hinder widespread adoption.

Comparative View of Adjacent Industries: The animal feed probiotics market faces competition from related industries such as animal feed additives and alternative protein markets. The animal feed additives market, with a CAGR of 2.0% from 2023 to 2033, is driven by the demand for protein food and antibiotic-free meat. The animal feed alternative protein market, with a CAGR of 7.5% from 2023 to 2033, benefits from growth in edible insect farming and environmental concerns.

Competitive Landscape: The global animal feed probiotic market is highly fragmented, with key players including Koninklijke DSM N.V., Alltech, Inc., Chr. Hansen Holding A/S, E. I. du Pont de Nemours and Company, and Evonik Industries AG. Recent developments include the Asia Pacific probiotics market’s growth and joint ventures in China focusing on gut health enhancement for farmed animals.

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Category-wise Insights:

Source: Bacterial-based probiotics dominate the market, holding a 55.1% share due to their eco-friendly solutions for promoting animal gut health.
Animal: The livestock segment leads the market with a 34% share, recognizing probiotics’ role in sustainable and efficient livestock production practices.

Country-wise Insights:

China: Leading the animal feed probiotic market with a 6.5% CAGR, driven by the swine industry’s demands and government initiatives.
Japan: Projected to grow at an 8.0% CAGR, emphasizing advanced agricultural practices and animal welfare.
United States: Anticipated to grow at a 5.1% CAGR, focusing on maximizing livestock productivity and food safety.
India: Expected to grow at a 6.7% CAGR, driven by its significant milk production and growing poultry and livestock market.
Brazil: Predicted to grow at a 4.5% CAGR, with a robust livestock industry and advanced nutritional strategies.

About Future Market Insights (FMI)

Plant-Based Milk Market to Surge to USD 47.9 Billion by 2034, Driven by Growing Health Consciousness and Vegan Trends

The global plant based milk market size has the potential to attain US$ 20.1 billion in 2024. The global sales of plant based milk accounted for US$ 16.1 billion in 2019 and is slated to acquire a valuation of US$ 47.9 billion by 2034. This escalation exhibits a surge at a CAGR of 9.1% from 2024 to 2034.

Transition in Consumer Choices with Boom in Plant Based Milk Adoption

Consumers are consuming plant-based milk more than in the early years, owing to the escalating prevalence of these products. The rise of organic beverages is amplifying as consumers look for the right blend of taste and nourishment.

Customers with lactose intolerance disorder transition towards vegan milk because of their dairy-free characteristics, escalating the plant based milk market growth. The ready-to-drink drinks contain low to negligible cholesterol and since they are low in fat, supporting consumers with weight loss and management. Vegan beverages are high in protein, minerals, and vitamins, catapulting them as a prevalent choice.

Regional Outlook

Asia Pacific prevails in the plant based milk market. Ascending disposable incomes and broadening populations in developing economies like India, China, and Japan augment the plant based milk demand in the Asia Pacific.

The demand for non-dairy milk for example almond milk, soy milk, rice milk, and other dairy substitutes in Asia Pacific surges because of the escalation in people with lactose intolerance and soaring health issues linked with toxic chemicals put in milk products. North America is a significant region for lactose-free products owing to the mass consumption of vegan items.

“The plant based milk industry amplifies with escalating consumer needs for dairy substitutes. Health awareness, environmental challenges, and food habits boost growth of the plant based milk market. Spurring advancements and product portfolios are fundamental procedures for plant based milk vendors to seize the industry share.”, remarks an FMI analyst.

Key Takeaways

The soy milk segment in the product type category to grab a share of 34% in 2024.
In the form category, the powder segment to acquire a share of 19% in 2024.
Germany vegan milk market indicates a CAGR of 11.5% through 2034.
The United Kingdom plant based milk industry reflects expansion between 2024 and 2034 at a CAGR of 10.4%.
Through 2034, China plant based drinks market show escalation at a CAGR of 5.9%.
Between 2024 and 2034, the United States plant based milk industry imply growth at a CAGR of 8.5%.
From 2024 to 2034, India plant based milk market equates at a CAGR of 9.8%.

Competitive Landscape

Prominent plant based milk providers grab capital and amplify their research and development funding for better devices to accelerate their growth opportunities. The plant based milk vendors emphasize broadening their sales and yield profits by rolling out new products globally to fulfill the elevating demand.

Noteworthy Breakthroughs

Reitan and Oatly Inc. declared the evolution of their relationship in January 2023. Reitan possesses and manages around 300 Pressbyrn and 90 7-Eleven convenience shops across Sweden. This partnership aided Reitan to expand its business and grab the attention of novel consumers.
In November 2022, The Planting Hope Company, which is a start-up launched in 2020 that makes and debuts revolutionary organic beverages, declared the introduction of Hope and Sesame’s Sesame Milk for consumers in Canada. The product was available in many foodstuffs stores and on the Amazon website in Canada.

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Key Segments

By Product Type:

The report consists of key product type like, soy milk, almond milk, coconut milk, cashew milk, hemp seed milk, rice milk, oat milk, peanut milk, pea milk, hazelnut milk, macadamia milk, and other product types (spelt milk, banana).

By Form:

Key forms present in the industry include liquid and powder.

By Category:

The market is classified into organic and conventional.

By Flavor:

The report consists of key product type like original/unflavored and flavored (chocolate, vanilla, strawberry, coconut, mocha, berry, hazelnut, and other flavors).

By End Use:

Key forms present in the industry include infant formula, dairy products (milk, cheese, yogurt, butter, spreads, ice cream, frozen dessert), bakery and confectionary, milk and milk-based beverages, and retail sales.

By Sales Channel:

The market is classified into direct sales, indirect sales (modern trade, convenience store, departmental store, traditional store, specialty store, online retailers), and other sales channel.

By Region:

Analysis of the market has been carried out in key countries of North America, Latin America, East Asia, South Asia and Pacific, Western Europe, Eastern Europe, and the Middle East and Africa.

About Future Market Insights (FMI)

Personal Care and Cosmetics Microalgae Market Set to Reach USD 107 Million by 2033, Fueled by Nutrient-Rich Applications

The personal care and cosmetics microalgae market demand is poised for substantial growth, with a projected valuation of US$ 107 million by 2033, driven by increasing consumer awareness of the health benefits of microalgae and their applications in skincare and hair care products. With their rich nutrient content and eco-friendly production practices, microalgae are becoming a favored ingredient in the personal care industry.

The market is experiencing rising demand due to:

Growing consumer preference for natural and sustainable ingredients
Nutritional and therapeutic values of microalgae for skincare and hair care
Increasing emphasis on eco-friendly and cruelty-free beauty products
Potential for innovative ingredients and formulations in the cosmetics industry

Growing Factors:

Nutritional and Therapeutic Values: Microalgae are rich in vitamins, antioxidants, and vital fatty acids, making them ideal for skincare and hair care products with moisturizing, anti-aging, and skin-brightening properties.
Concern for the Environment: Consumers are increasingly opting for sustainable and eco-friendly cosmetic products, driving the demand for microalgae-based ingredients that have minimal environmental impact.
Innovative Ingredient Potential: Microalgae offer opportunities for creating novel cosmetic ingredients with enhanced functionality and efficacy, driving market expansion and product innovation.
Technological Advancements: Ongoing research in microalgae biotechnology has led to advances in cultivation, extraction, and processing techniques, improving production efficiency and product quality.

Nurturing Beauty from Within: Microalgae’s Influence on Personal Care and Cosmetics: Microalgae offer numerous benefits for personal care and cosmetics applications, including nutritional and therapeutic values, sustainability, and potential for innovation. As consumer awareness of microalgae’s benefits grows, the market is expected to witness steady expansion and innovation in the coming years.

From Pond to Perfection: Microalgae’s Miraculous Anti-Aging Discovery

Microalgae, a natural wonder, hold the key to young skin. These small creatures are rich in antioxidants, peptides, and fatty acids, and provide a plentiful source of anti-aging bioactive substances. The aging process of the skin can be gently resisted by integrating microalgae into skincare formulas such as creams, serums, and masks.

Microalgae Magic: Unlocking the Hidden Powers for Personal Care and Cosmetics: Investors should recognize the potential opportunities in microalgae-based products for personal care and cosmetics, including dietary supplements, hair care items, and UV protection formulations. Despite challenges such as price scalability and consumer awareness, microalgae offer promising prospects for sustainable and innovative beauty solutions.

Regional Outlook

The Glow Game’s Pioneer in North America

The personal care and cosmetics microalgae market favors North America as a leading competitor. Customers in the area are accepting eco-friendly substitutes thanks to a strong focus on sustainable beauty. North America is leading the way in microalgae-based cosmetic products thanks to the availability of state-of-the-art research facilities and a rising desire for natural ingredients.

Utilizing Ancient Wisdom in Asia Pacific

The custom of employing natural products in beauty routines is one that Asia-Pacific cherishes. Exploring the potential of microalgae is made possible by the area’s extensive knowledge of traditional medicine and herbal medicines.

The demand for microalgae-infused cosmetics is increasing in Asia-Pacific due to rising disposable incomes, an emphasis on maintaining young, and a growing awareness of environmental practices.

Key Takeaways

From 2023 to 2033, the United States may gain a 32% market share in the global personal care and cosmetics microalgae market.
Germany may control 10% of the global personal care and cosmetics microalgae industry from 2023 to 2033.
Between 2023 and 2033, Japan may increase its share of the personal care and cosmetics microalgae industry to 0.8%.
Australia to hold a 0.5% share of the personal care and cosmetics microalgae market from 2023 to 2033.
Spirulina segment of the Species Type category is predicted to have a market share of 21.4% by 2033.
The skin care sector wants to attain a substantial market share of 21.4% in the end use category between 2023 and 2033.
The marine water sector wants to attain a substantial market share of 45% in the source category between 2023 and 2033.
During the forecast period, China’s personal care and cosmetics microalgae business to expand at a CAGR of 6.7%.
From 2023 to 2033, the United Kingdom’s personal care and cosmetics microalgae industry is estimated to register a 10.3% CAGR.
India’s personal care and cosmetics microalgae market to record a CAGR of 4.5% through 2033.

Competitive Landscape

As businesses become aware of the advantages of microalgae-derived components and the need for natural and sustainable products, the personal care and cosmetics microalgae market has grown competitive.

Microalgae extracts are included by both established and new cosmetic companies in their product lines to create cutting-edge formulations. To guarantee a steady supply of high-quality microalgae extracts, specialized biotechnology companies with a focus on microalgae cultivation and extraction have arisen.

Recent Developments:

DSM Successfully Acquires Prodap, Increasing Portfolio of Animal Nutrition

DSM, a large, science-based firm with a global presence, has successfully acquired Prodap. This strategic acquisition expands DSM’s portfolio of animal nutrition products and demonstrates the company’s dedication to developing cutting-edge solutions for the changing demands of the market.

DIC Global and XYZ Corporation Announce a Strategic Partnership

Leading international corporation DIC Global has announced a strategic partnership with XYZ Corporation to promote innovation and enhance market presence. Both organizations might be well-positioned for future success in their respective industries thanks to this partnership’s enormous potential for growth and synergy.

Key Players Operating in the Market

DIC Corporation
Cyanotech Corporation
Koninkliijke DSM NV
Roquette Frères
BASF SE
Fuji Chemical Industries Co., Ltd.
Parry Nutraceuticals
BGG (Beijing Gingko Group)
KDI Ingredients
Sinoway Industrial Co., ltd.
INNOBIO Corporation Limited
Yunnan Alphy Biotech Co., Ltd
Algaecan Biotech Ltd.
Algatechnologies Ltd.
Cardax, Inc.
Igene Biotechnology, Inc.
Fenchem Biotek Ltd.
AstaReal Inc.
Valensa International
Kunming Biogenic Co., Ltd.

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Key Segments

By Species Type:

Spirulina
Chlorella
Dunaliella
Haematococcus
Schizochytrium
Euglena
Nannochloropsis
Nostoc
Phaedactylum
Others

By Source:

Marine Water
Fresh Water

By End Use Application:

Fragrance
Hair Care
- Hair Removal
- Hair Conditioning & Shampoos
- Hair Color
Eye Care
Skin Care
- Anti-aging
- Acne Preparations
- Moisturizers
- Skin Whitening Creams
- UV-protection
- Others
Oral Care
Cosmaceuticals
Others

By Region:

North America
Latin America
Europe
Asia Pacific
The Middle East and Africa (MEA)

About Future Market Insights (FMI)