Redding, California, April 19, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Europe Microalgae Market by Type (Spirulina, Chlorella, Nannochloropsis), Category (Organic), Production Technique (Ponds, Fermenters, PBR), Distribution Channel (B2C, B2B), Application (Nutraceuticals, Food & Beverages), and Geography - Forecast to 2030,’ in terms of value, the Europe microalgae market is expected to reach $491.9 million by 2030, at a CAGR of 9.3% during the forecast period of 2023–2030. In terms of volume, the Europe microalgae market is expected to reach 25,465 tons by 2030, at a CAGR of 8.3% from 2023 to 2030.
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Market trends and consumers’ growing interest in natural and healthy products have encouraged researchers and the industry to develop novel products with functional ingredients. Microalgae have been recognized as a source of functional ingredients with positive health effects since these microorganisms produce polyunsaturated fatty acids, polysaccharides, natural pigments, essential minerals, vitamins, enzymes, and bioactive peptides. Microalgae are a promising source of omega-3 fatty acids, which are essential nutrients and have benefits as a functional food for humans. Due to shortcomings of fish-derived oil, including undesirable taste & odor, diminishing supplies, chemical processing methods, and the presence of contaminants, such as mercury, dioxins, and polychlorinated biphenyls, omega-3 fatty acids are now being produced using microalgae as it offers non-polluted omega-3 fatty acids. The growth of this market is mainly attributed to the growing dietary supplements industry, the rising demand for natural food colors, increasing vegetarianism, the growing nutraceuticals industry, the increasing preference for microalgae-sourced products, and increasing awareness regarding the benefits of microalgae.
The Europe microalgae market is segmented based on type, category, production techniques, distribution channel, application, and geography.
Key Findings in the Europe Microalgae Market Study:
Based on type, the Europe microalgae market is segmented into spirulina, chlorella, Dunaliella salina, Haematococcus pluvialis, Nannochloropsis, and other microalgae. In 2023, the chlorella segment is expected to account for the larger share of the Europe microalgae market. However, the Haematococcus pluvialis segment is projected to record the highest CAGR during the forecast period due to the increasing demand for natural astaxanthin in the nutraceutical industry, growing demand for natural food colorants, and increasing awareness for clean-label products.
Based on category, the Europe microalgae market is segmented into inorganic microalgae and organic microalgae. In 2023, the inorganic microalgae segment is expected to account for the larger share of the Europe microalgae market. The large share of this segment is primarily attributed to the high availability of microalgae grown through the traditional method and easy accessibility to cost-effective algae production. However, the organic microalgae segment is projected to register the highest CAGR during the forecast period.
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Based on production technique, the Europe microalgae market is segmented into ponds, fermenters, and photobioreactors (PBR). In 2023, the ponds segment is expected to account for the larger share of the Europe microalgae market. However, the photobioreactors (PBR) segment is projected to grow at the fastest CAGR during the forecast period due to the growing demand for algal biomass from the food and beverage industry, lower vulnerability to species contamination, higher productivity, lower harvesting cost, reduced water and carbon dioxide losses, and easier control of the cultivation conditions such as temperature and pH.
Based on distribution channel, the Europe microalgae market is segmented into consumer channel (B2C) and business channel (B2B). In 2023, the business channel (B2B) segment is expected to account for the larger share of the Europe microalgae market. The large market share of this segment is attributed to the direct bulk purchasing of microalgae by manufacturers operating in various industries, such as nutraceuticals, food & beverage, and animal feed, for further product development. This segment is also expected to grow at the highest CAGR during the forecast period.
Based on application, the Europe microalgae market is segmented into nutraceuticals, food & beverages, cosmetics, animal feed, and other applications. In 2023, the nutraceuticals segment is expected to account for the larger share of the Europe microalgae market. The large market share of this segment is attributed to the booming nutraceuticals sector, growing health concerns of the aging population, the growing need for natural alternatives to traditional pharmaceutical products, and increased consumer awareness regarding the link between nutrition and health.
Based on geography, the Europe microalgae market is segmented into France, Germany, the U.K., Italy, Spain, and the Rest of Europe. In 2023, Germany is expected to account for the largest share of the Europe microalgae market, followed by France and the U.K. Germany’s major market share is attributed to the huge consumption of health supplements, strict regulations against the use of synthetic colors, growth of subsidiary industries like cosmetics and biofertilizers, increasing preference for natural protein sources, and the presence of key algae biomass manufacturers with huge production capacities.
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However, France is expected to register the highest CAGR during the forecast period, mainly due to the increased adoption of microalgae, especially spirulina and chlorella, in the manufacturing of therapeutic & nutritional products, growing reluctance towards the usage of synthetic colors, rising demand for natural blue colorants, and investments from leading color stakeholders in the phycocyanin space.
The key players operating in the Europe Microalgae market are Fuqing King Dnarmsa Spirulina Co., Ltd. (China), DIC Corporation (Japan), E.I.D. - Parry (India) Limited (A Subsidiary of M/S. Ambadi Investments Limited) (India), Cyanotech Corporation (U.S.), C.B.N. Bio-Engineering Co., Ltd (China), YUNNAN GREEN A BIOLOGICAL PROJECT CO., LTD. (Yunnan Spirin Biotechnology Co. Ltd) (China), JIANGSHAN COMP SPIRULINA CO.,LTD (China), Inner Mongolia Rejuve Biotech Co., Ltd. (China), Zhejiang Binmei Biotechnology Co., Ltd. (China), Bluetec Naturals CO., LTD. (China), Taiwan Chlorella Manufacturing Company (TCMC) (Taiwan), Sun Chlorella Corporation (Japan), Roquette Klötze GmbH & Co. KG (Germany), Vedan Biotechnology Corporation (Taiwan), AlgoSource (France), Tianjin Norland Biotech Co., Ltd (China), Allmicroalgae Natural Products S.A. (Portugal), Aliga Microalgae (Denmark), ALGALIMENTO SL (Spain), Hangzhou OuQi Food co., Ltd. (China), Far East Microalgae Industries, Co., Ltd.(FEMICO) (Taiwan), BlueBioTech Group (Germany), Algatechnologies Ltd. (A Part of Solabia Group) (Israel), Far East Bio-Tec. Co., Ltd. (FEBICO) (Taiwan), A4f Algae for Future (Portugal), Archimede Ricerche Srl (Italy), Necton S.A. (Portugal), Reed Mariculture Inc. (U.S.), AlgaSpring B.V. (Netherlands), and Astaxa GmbH (Germany).
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Scope of the report:
Europe Microalgae Market, by Type
- Spirulina
- Chlorella
- Dunaliella salina
- Haematococcus pluvialis
- Nannochloropsis
- Other Microalgae
Europe Microalgae Market, by Category
- Inorganic Microalgae
- Organic Microalgae
Europe Microalgae Market, by Production Technique
- Ponds
- Fermenters
- Photobioreactors
Europe Microalgae Market, by Distribution Channel
- Business Channel
- Consumer Channel
Europe Microalgae Market, by Application
- Nutraceuticals
- Food and Beverages
- Animal Feed
- Cosmetics
- Other Applications
Europe Microalgae Market, by Geography
- France
- Germany
- U.K.
- Italy
- Spain
- Rest of Europe
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