Advancements in Microalgae Cultivation and Processing to Boost Market
The demand for microalgae-based products has consistently grown at a noteworthy pace over the course of the last decade, as microalgae has repeatedly exhibited immense promise to fulfil the growing requirement for sustainable food supply. Consumer trends around the world within the food & beverages sector indicate that protein-based diets have gained considerable adoption worldwide due to which, participants operating in the current microalgae-based products market are expected to capitalize onto these opportunities. In addition, microalgae-based products offer notable environmental benefits compared to existing raw materials due to which, the demand for the same is projected to rise during the forecast period.
Although microalgae-based products are gradually gaining considerable popularity as an efficient source of protein, market players are increasingly focusing on improving underdeveloped technologies and microalgae processing. Technological advancements are expected to play a key role in improving microalgae processing and cultivation techniques during the assessment period. In addition, maturity in microalgae processing and cultivation is likely to pave the way for investments in new research infrastructure and provide lucrative opportunities for market players. At the back of these factors, the global microalgae-based products market is projected to attain a market value of US$ 3.2 Bn by the end of 2030.
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Soaring Interest Levels across Food & Beverages Sector to Fuel Market Growth
Research and development activities coupled with advancements in technology have played a pivotal role in generating considerable interest for microalgae-based products across the food & beverages sector. Market participants operating in the food sector are increasingly eyeing opportunities to expand their market share by investing resources toward the development of microalgae-based products. Over the past few years, research activities have been carried out to explore the potential of microalgae-based products for innovative functional food items due to the health benefits associated with the same.
According to current estimations, the total quantity of food that is currently produced should double up by 2050 to suffice the global population. Over the past few years, the demand for protein-based products has witnessed an exponential rise and the trend is set to continue during the forecast period due to which, the prospects of the microalgae-based products market look promising. Insufficient protein intake coupled with presence of insufficient protein in conventional sources are another major factors that are expected to set the wheels rolling for the microalgae-based products market during the assessment period.
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In several regions around the world such as Europe and North America, due to the mounting environmental and health concerns, consumers are gradually turning their back toward animal-based proteins and are increasingly swaying toward plant-based proteins– a trend that is expected to provide a massive boost to the overall growth of the global microalgae-based products market. In addition, the advent of cutting-edge food technologies, rapidly evolving dietary patterns, and growing awareness pertaining to the environmental benefits of plant-based proteins among consumers are some of the other top factors that are expected to provide an impetus for market growth.
While the food & beverages sector is expected to provide an array of opportunities for the stakeholders involved in the microalgae-based products market, interest levels across nutraceutical, pharmaceutical, chemical, fuel, and other industries is on the rise.
Market Players to Forge Strategic Alliances to Gain Competitive Edge
While the competition across the food & beverages, pharmaceutical, and the nutraceutical sectors is considerably high, companies are increasingly seeking various ways to cut through this competition to gain a competitive edge. Although the microalgae-based products market is relatively at the nascent stage, the number of companies and small-scale startups that are entering the market has witnessed a consistent growth. Several companies are forging strategic alliances to expand market presence and establish a solid foothold in the microalgae-based products market landscape.
For instance, in November 2019, Nestle entered into a partnership with Corbion to develop next-generation range of microalgae-based products and deliver sustainable plant-based products. The move is expected to streamline commercialization as well as the production of microalgae-based products for Nestle.
Several companies are also focusing on raising funds to expand their product portfolio. For instance, in July 2019, Microphyt announced that the company has raised nearly ~US$ 32.1 Mn to expand their product portfolio.
Demand to Remain Lower than Usual amid COVID-19 Pandemic
The COVID-19 pandemic is expected to have a minor impact on the global microalgae-based products market. Research and development activities are expected to increase over the upcoming months as researchers and scientists continue to explore the potential of microalgae-based products to combat the novel coronavirus. At present, while the demand for conventional COVID-19 drugs and medication is expected to remain high, the adoption of microalgae-based products is expected to witness a gradual growth. In the current scenario, compounds derived from marine red algae offer considerable promise in the production of antiviral drugs to combat COVID-19 due to which, the market for microalgae-based products is expected to witness considerable development amid the ongoing health crisis.
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The global microalgae-based products market is expected to grow at a healthy CAGR of ~5% during the forecast period. The market growth can be primarily attributed to a host of factors, including evolving dietary patterns, growing demand for plant-based proteins, mounting environmental and health concerns related to protein sources derived from animals, research and development, and advancements in microalgae cultivation and processing techniques. Market players should focus on expanding their market share by forging new partnerships and strategic alliance. In addition, market participants are also expected to explore the potential of microalgae-based products in combating the novel COVID-19 infection.