Europe Microalgae Market Set to Reach $491.9 Million by 2030
Meticulous Research®, a leading global market
research and consulting firm, has unveiled its latest publication titled, "Europe
Microalgae Market by Type (Spirulina, Chlorella, Nannochloropsis), Category
(Organic), Production Technique (Ponds, Fermenters, Photobioreactors),
Distribution Channel (B2C, B2B), Application (Nutraceuticals, Food &
Beverages), and Geography - Forecast to 2030."
Download Research PDF @ https://www.meticulousresearch.com/download-sample-report/cp_id=5491?utm_source=article&utm_medium=social&utm_campaign=product&utm_content=25-09-2024
According to this comprehensive study, the Europe microalgae
market is projected to grow significantly, reaching a valuation of $491.9
million by 2030, with a compound annual growth rate (CAGR) of 9.3% from 2023 to
2030. In terms of volume, the market is anticipated to expand to 25,465.0 tons,
at a CAGR of 8.3% over the same period.
Market Growth Drivers and Challenges
The market’s growth is fueled by several key factors,
including:
- The
increasing focus on health and wellness trends and the growing dietary
supplements industry.
- The
rising demand for natural food colorants, particularly among consumers
opting for vegetarian and plant-based diets.
- The
expanding nutraceuticals industry and the heightened awareness regarding
the benefits of microalgae-sourced products.
However, market expansion faces certain challenges, such as
low consumer awareness about the benefits of microalgae and complexities in
algae production processes. Contamination risks also pose significant
challenges for market players. Despite these hurdles, opportunities abound,
particularly with the rising demand for phycocyanin and the growing utilization
of microalgae in biorefineries. Additionally, advancements in production
technologies like photobioreactors (PBR) are emerging as a key market trend.
Key Market Segments
- By
Type: The market is segmented into Spirulina, Chlorella, Dunaliella
salina, Haematococcus pluvialis, Nannochloropsis, and other microalgae. In
2023, Chlorella is expected to hold the largest market share, driven by
its popularity in dietary supplements, nutraceuticals, and plant-based
food products. However, Haematococcus pluvialis is projected to witness
the highest CAGR during the forecast period.
- By
Category: The inorganic microalgae segment is forecasted to dominate
the market in 2023 due to the availability and cost-efficiency of
traditional production methods. However, the organic microalgae segment is
expected to record the highest growth, propelled by the increasing demand
for certified organic products in the European food industry.
- By
Production Technique: Ponds are expected to remain the dominant
production technique in 2023. However, photobioreactors (PBR) are
predicted to grow at the fastest rate, driven by advantages like lower
species contamination, higher productivity, and better control over cultivation
conditions.
- By
Distribution Channel: The business channel (B2B) is forecasted to
account for the largest share of the market, with manufacturers across
industries like nutraceuticals and food & beverage purchasing
microalgae in bulk. This segment is also expected to experience the highest
CAGR.
- By
Application: The nutraceuticals segment is projected to lead the
market, with food & beverages following closely as the fastest-growing
application due to the rising popularity of plant-based foods and
microalgae-based product launches.
Regional Insights
Germany is expected to dominate the Europe microalgae market
in 2023, driven by a robust demand for health supplements, strict regulations
against synthetic colorants, and the presence of major algae biomass
manufacturers. France, on the other hand, is expected to register the highest
CAGR during the forecast period, supported by the increasing adoption of
microalgae, especially Spirulina and Chlorella, in therapeutic and nutritional
product manufacturing.
Key Players in the Market
Prominent companies operating in the Europe microalgae
market include:
- Fuqing
King Dnarmsa Spirulina Co., Ltd. (China)
- DIC
Corporation (Japan)
- Cyanotech
Corporation (U.S.)
- Roquette
Klötze GmbH & Co. KG (Germany)
- AlgoSource
(France)
- Allmicroalgae
Natural Products S.A. (Portugal)
- Aliga
Microalgae (Denmark)
- A4f
Algae for Future (Portugal)
- Reed
Mariculture Inc. (U.S.)
These key players are shaping the future of the microalgae
market in Europe by leveraging advanced production techniques, expanding
product portfolios, and focusing on sustainability to meet growing consumer
demand for natural, plant-based products.
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Meticulous Research®
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Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under
the Companies Act, 1956. Since its incorporation, the company has become the
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