Demand for Microalgae in Health and Medical Sector Analysis: Freshwater Microalgae to Account for 80% of Demand: FMI Report
Rising awareness regarding the health benefits of microalgae and their application in healthcare and pharmaceuticals is demand for microalgae in health and medical sector. As per Future Market Insights (FMI), overall microalgae demand in health sector will total US$ 647 Mn in 2021. Between 2021 and 2031, the demand is expected to rise at at a CAGR of 5.8% between 2021 and 2031.
Microalgae Health And Medical Sector
A recent market study published by Future Market Insights on the demand for microalgae in ...
Consumers are exhibiting interest in microalgae owing to their many benefits including high anti-inflammatory activity and researched health benefits for brain health, vision, immune support, and heart health.
Leading manufacturers are focusing on spreading awareness about the microalgae and their uses in treating various ailments such as Parkinson's disease, Alzheimer's disease, high cholesterol, stroke, liver diseases, age-related macular degeneration (age-related vision loss), and cancer.
Microalgae are also used to treat metabolic syndrome, which raises the risk of stroke, diabetes and heart disease. The ingredient is also used to improve exercise performance, minimizing soreness and damage to muscles.
Many products with a clean label claim have been released in the last few years. In the health and medical sector, clean label products have been developed, with microalgae included as the primary ingredient. These new products are the result of changing consumer behavior in terms of consumption.
Key Takeaways from the Demand for Microalgae in the Health and Medical Sector Study:
- Spirulina to account for a market share of 38.9% in 2021, but Schizochytrium is projected to witness attractive growth rate of a CAGR 11.2%.
- Nutraceutical and dietary supplement applications are estimated to account for 83.2% of the global market in 2021, with impetus provided by the covid-19 crisis.
- Fresh water microalgae accounts for 79.4% of the global market owing to easy availability of raw materials coupled with cost benefits.
- The U.S. holds the lead in North America with a valuation of over US$ 203.1 Mn in 2021.
- Germany is emerging as a high potential market in Europe, reflecting a US$ 29.3 Mn value in 2021.
“In recent years, there has been a significant shift in consumer perception and they are showcasing clear inclination for clean label products and healthier lifestyle. Consumers prefer are even willing to pay more for premium offerings. With increasing incorporation of microalgae in supplements such as nutraceutical gummies, the demand for microalgae in health and medical sector is expected to rise considerably in the coming years,” said a lead analyst at FMI.
Minimal Side-Effects Drive Use in Pharmaceuticals
Microalgae is safe for use with minimal side effects on animals and humans when consumed as soft gels, tablets, powders, liquid, and capsules. The volume of microalgae found in whole foods is relatively safe and can be consumed with little risk.
Hormone changes, hair growth, altered calcium levels, and increased skin pigmentation are all possible side effects of supplementation. However, in supplement form, it has been linked to some mild adverse effects, as previously mentioned.
With fewer side effects and a wide scope of application, microalgae will continue winning the hearts of consumers and pharmaceutical companies, resulting in a rapidly growing market demand for microalgae for pharmaceuticals.
Who is Winning?
To increase penetration in untapped markets, major companies are focusing on product development. The key players operating in the global market also are focusing on merger and acquisition with the local manufacturers to reach emerging markets such as India, China and Brazil.
Some of the leading companies offering microalgae for the healthcare sector include DIC Corporation, Koninkliijke DSM NV, Roquette Frères, Sun chlorella, Cellana LLC, Fuji Chemical Industries Co., Ltd., Corbion (TerraVia Holdings), Yunnan Green-A-Bio-engineering Co Ltd., Buggypower, Algatec (Lusoamoreiras), Cyanotech Corporation, BASF SE, Parry Nutraceuticals, Beijing Gingko Group, KDI Ingredients, Sinoway Industrial Co. Ltd and others.
Get Valuable Insights into Demand for Microalgae in Health and Medical Sector
Future Market Insights, in its new offering, provides an unbiased analysis of the demand for microalgae in the health and medical 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 the health and medical sector based on species type (spirulina, chlorella, dunaliella, haematococcus, crypthecodinium, schizochytrium, euglena, nannochloropsis, phaedactylum, and others), by source (marine water and fresh water), and by end use application (dog feed, cat feed, birds 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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