- Increasing consumer preference for nutrient-rich food and the demand for food additives derived from natural sources will drive the demand for microalgae in the food and beverage sector Future Market Insights (FMI) forecasts the sales of Spirulina species to gain momentum through the assessment period. Besides type, the market study offers insights into end-use applications and sources, with emphasis on key strategies adopted by leading players in the market.
DUBAI, U.A.E, July 29, 2021 /PRNewswire/ -- The demand for ingredients derived from natural sources will increase, creating opportunities for increasing microalgae applications in the food sector.
As per a study by Future Market Insights (FMI), the demand for microalgae in the food and beverages sector will total US$ US$132.5 Mn by 2031, expanding at a 2.9% CAGR between 2021 and 2031. Demand will be sustained by steadily growing consumer interest for high-quality and natural ingredients in food and beverage products.
A combination of health benefits is often linked with microalgae due to their anti-inflammatory properties, abundance of antioxidants, and hypolipidemic factors. Besides this, studies confirming benefits of microalgae in preventing the onset of chronic diseases because they are rich in Vitamin A, C, and E will guarantee scope for expansion of the market in the near future.
In addition to vitamins, microalgae have anti-cancer properties and help in the prevention of diseases including Alzheimer's, macular degeneration, and arthritic symptoms. A higher awareness about these health benefits will spur the sales of microalgae in the food and beverage sector.
Driven by a myriad of health benefits and high protein content, Spirulina has established its identity as a 'superfood' in the food and beverage industry. Being a rich source of vitamins such as A, B, C, E, and K, and minerals like iron, calcium, potassium, and zinc, Spirulina is identified as a healthy additive in food and beverages industry.
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FMI projects Spirulina to account for over 41% of the demand for microalgae in food and beverages sector in 2021. Growth will continue amid rising focus on making ingredient list cleaner to woo consumers and authorities for certifications.
As per FMI's regional analysis, demand for microalgae is anticipated to rise considerably in the U.S. market. Approvals from the U.S. Food and Drug Administration (FDA) on various types of microalgae will further promote its application during the forecast period. In addition, presence of major global food industries in the U.S. will support the demand for microalgae in the company years.
"Rising applications of microalgae in functional foods, bakery, and dairy products will continue augmenting the market growth during the forecast period. Driven by these some of the leading food and beverages brands are likely to introduce microalgae in their ingredient list," says the FMI analyst.
Demand for Spirulina will gain momentum through 2031, owing to its high-protein content and abundance of vital nutrients.
Freshwater microalgae are estimated to account for 81% of the total market share, emerging as the most preferred source of microalgae.
Applications of microalgae in functional foods will witness an uptick during the assessment period.
The U.S. is anticipated to emerge as a lucrative market, owing to the presence of well-established global food and beverage companies in the country.
Increasing focus on food quality and safety in the U.K. will create lucrative opportunities for market players.
China is expected to witness high growth patterns in the market, owing to increasing demand for microalgal food products and widespread awareness regarding probiotics in the country.
Demand outlook for microalgae in the food and beverage sector in India will remain positive, owing to government initiatives promoting nutritive food supplements.
Increasing awareness regarding health benefits associated with microalgae in food and beverages will boost sales in the market.
Product innovations in microalgae-based bakery and confectionary goods will significantly drive sales.
Growing demand for natural additives in functional foods will positively shape the sales outlook.
As per FMI's analysis, the microalgae market is highly concentrated, with prominent players accounting for maximum market share. As a part of their growth strategies, leading players operating in the market are emphasizing product innovations to establish a firm foothold in the market. For instance:
In March 2016, U.S.-based beverage company Naked Juice, a subsidiary of PepsiCo, Inc. launched spirulina-based smoothies in the market.
In November 2018, Allma introduced microalgae-based crispy snacks for health-conscious consumers in the market. The product range includes chlorella blends with flavors such as lemons and carrots, which are available in multiple sizes.
Leading players operating in Microalgae in Food and Beverage Sector Market profiled by FMI include:
Koninklijke DSM NV
Fuji Chemical Industries Co., Ltd.
Yunnan Green-A-Bio-engineering Co Ltd
Beijing Gingko Group
Sinoway Industrial Co., ltd.
INNOBIO Corporation Limited
Algaecan Biotech Ltd.
Igene Biotechnology, Inc.
Fenchem Biotek Ltd.
Kunming Biogenic Co., Ltd.
More Insights on FMI's Study Demand for Microalgae in Food and Beverage Sector
The latest study on demand for microalgae in the food and beverage sector by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global market potential, its growth, trends, and opportunities, the market is segmented on the basis of:
Key Questions Covered in Demand for Microalgae in Food and Beverage Sector Report
The report offers detailed insights into microalgae demand outlook in the food and beverage sector for 2021-2031
The market study also highlights projected sales growth for microalgae in the food and beverage sector between 2021 and 2031
Demand for microalgae in food and beverage sector survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Demand for microalgae in food and beverage sector study presents share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
Demand for Microalgae in the Health and Medical Sector: As per FMI analysis, the demand for microalgae in the health and medical sector totalled US$ 647.2 Mn in 2021. Surging at 5.8% CAGR the microalgae demand in the health and medical sector is expected to reach US$ 1,133.7 Mn by 2031. Demand rose exceptionally, by 8% in 2021, a trend which will continue through the assessment period.
Demand for Microalgae in the Personal Care and Cosmetics Sector: The demand for microalgae in the personal care and cosmetics sector will total US$ 50.59 Mn in 2021, according to Future Market Insights (FMI). The overall market value is expected to reach US$ 76.50 Mn by 2031, growing at a CAGR of 4.2% for 2021-31.
Demand for Microalgae in Fertilizers Sector: The demand for microalgae in fertilizers sector is forecast to grow at a steady pace, with its overall valuation surpassing US$ 9479 Thousand in 2021, exhibiting 7.7% year on year growth. As per Future Market Insights (FMI) analysis, demand for microalgae in fertilizers sector is expected to surge at an 8.7% CAGR over the course of the assessment period, from 2021 to 2031.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.