The Microalgae Based Product Market To Grow Based On Instilled Innovation

The microalgae-based products market is anticipated to witness significant growth at a CAGR of 5.7% and top a valuation of US$ 5 Bn by 2031, as per latest insights by Persistence Market Research.

Global population is expected to reach 9.8 Bn by 2050, and thus, the amount of food produced must double to meet the needs of this population. Fulfilling the protein needs of a huge population is a key aspect.

Proteins derived from microalgae have complete essential amino acid (EAA) profiles, and their protein content is higher than conventional sources such as meat, poultry, and dairy products. Its high protein content leads to huge potential to meet the dietary requirements of a rapidly-growing population.

Besides being a rich source of protein, presence of various bio-active components in microalgae-based products gives added health benefits in food. Microalgae-based products are added to candies, gums, snacks, pastes, noodles, breakfast cereals, wines, and beverages for enhancing their functional value.

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Key Takeaways from Market Study

“Due to the popularity of natural ingredients in products, manufacturers have started using microalgae-based products as one of the raw materials in various personal care & supplement products,” says a Persistence Market Research analyst.

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Competitive Landscape

Microalgae-based product manufacturers are focusing on innovation, research, and development to produce high-quality confectionery items. Key players are anticipated to expand their product ranges through multiple innovations.

Explore More Valuable Insights

Persistence Market Research, in its new report, offers an impartial analysis of the global microalgae-based products market, presenting historical data (2016-2020) and estimation statistics for the forecast period of 2021-2031.

The study offers compelling insights on the basis of product type (Astaxanthin, B-Carotene, Spirulina, Chlorella, PUFA, Lutein, and others) and application (food & beverages, dietary supplements & pharmaceuticals, personal care, animal feed & aquaculture, and others), across seven major regions of the world.

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