Spirulina Products Account for Over 41% of Demand for Microalgae in the Food and Beverage Sector in 2021: FMI Report
Use of microalgae in enhancing taste, texture, flavor, aroma, and nutritional value of food products are key factors encouraging microalgae applications in the food and beverage sector. According to a recent FMI report, the demand for microalgae in food and beverage sector will surpass a valuation of over US$ 99,623.3 Thousand in 2021, rising at a CAGR of around 3% through the end of 2031.
Microalgae Food And Beverage Sector
A recent market study published by Future Market Insights on the demand for microalgae in ...
Microalgae products are specialized in terms of applications. This is a key factor that increases the product's market worth. The fact that microalgae are considered clean label adds to their appeal. Due to myriad potential applications, further research is being conducted to optimize microalgae use for profitability.
Microalgae are also being used increasingly in dairy, bread, confectionery, and snacking items for flavour, texture, colour, and as a stabiliser. Because of the increased demand for microalgae, top manufacturers are seeking to expand their distribution networks to reach a larger audience.
Spirulina is found in a range of health and functional beverages. With demand from younger consumer demographics rising, spirulina juice and smoothies are launched in limited markets, indicating a huge scope of growth in the near future.
In 2016, Spira Inc., a U.S. based Biotechnology startup launched a new beverage drink made only from live Spirulina. Similarly, In March 2016, Naked Juice, a U.S. based beverage manufacturer and a subsidiary of PepsiCo, Inc. starts a juice smoothie made with Spirulina as a primary ingredient.
Key Takeaways from the Demand for Microalgae in Food & Beverage Sector Study:
- The U.S. is estimated to account for more than 91.0% of the North American market in 2021, supported by consumer awareness regarding functional foods and beverages.
- According to FMI’s analysis, China is estimated to account for more than 48% of the Asia Pacific share in 2021, supported by easy availability of raw materials.
- The U.K. is a high potential market in Europe, accounting for over 13% value share, supported by the popularity of clean label trends.
- Freshwater microalgae will hold 81% of the market in 2021 on the back of easy cultivation and faster yield.
- Spirulina products reflect 41% of the market in 2021 owing to a superior nutrient profile for functional foods and beverages.
“With the increasing demand for microalgae-based goods, manufacturers are focusing on offering products at a lower cost. Various organizations have adopted integrated production models to offer cost-effective products to gain competitive edge through 2031,” said a lead analyst at FMI.
Who is Winning?
Consumers value quality and service above all. As a result, businesses are investing in research and development of distinctive and inventive high-quality product. In addition to this, they are focusing on adopting cutting-edge technology that will enable them to maintain high-quality standards.
Some of the leading companies offering microalgae in the food & beverage sector are DIC Corporation, Koninkliijke 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., and Others.
Get Valuable Insights into Demand for Microalgae in Food & Beverage Sector
Future Market Insights, in its new offering, provides an unbiased analysis of the demand for microalgae in food & beverage sector presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the demand for microalgae in food & beverage sector based on species type (spirulina, chlorella, dunaliella, aphanizomenon, haematococcus, crypthecodinium, schizochytrium, euglena, nannochloropsis, nostoc, phaedactylum, and others), by source (marine water and fresh water), and by end use application (bakery & confectionery, meat, poultry, fish, & eggs, sauces, soups, & dressings, seasonings, snacks & cereal, dairy products, ice creams, food additives (ingredients), medical nutrition/ functional food/ health food, sports nutrition, energy drinks, baby food, and others) across five major regions.
About Food Market Division at FMI
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from across the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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