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.
The demand for ingredients derived from natural sources will increase, creating opportunities for increasing microalgae applications in the food sector.
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.
Key Takeaways:
- 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.
Prominent Drivers:
- 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.
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Competitive Landscape
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:
- DIC Corporation
- Koninklijke DSM NV
- Roquette Frères
- Fuji Chemical Industries Co., Ltd.
- Yunnan Green-A-Bio-engineering Co Ltd
- Cyanotech Corporation
- BASF SE
- Parry Nutraceuticals
- Beijing Gingko Group
- KDI Ingredients
- Sinoway Industrial Co., ltd.
- INNOBIO Corporation Limited
- Algaecan Biotech Ltd.
- Algatechnologies Ltd.
- Cardax, Inc.
- Igene Biotechnology, Inc.
- Fenchem Biotek Ltd.
- AstaReal Inc.
- Valensa International
- 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:
Species:
- Spirulina
- Chlorella
- Dunaliella
- Aphanizomenon
- Haematococcus
- Crypthecodinium
- Schizochytrium
- Euglena
- Nannochloropsis
- Nostoc
- Phaedactylum
Source:
- Marine Water
- Fresh Water
End-Use Application:
- Bakery and Confectionery
- Meat, Poultry, Fish, and Eggs
- Sauces, Soups, and Dressings
- Seasonings
- Snacks and Cereal
- Dairy Products
- Ice creams
- Food additives (ingredients)
- Medical Nutrition/ Functional Food/ Health Food
- Sports Nutrition
- Energy Drinks
- Baby Food
Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa (MEA)
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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
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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