Global Microalgae Market is estimated to grow at a CAGR of 8.0% to 9.0% during the forecast period 2018 to 2023. The global market is segmented on the basis of Type of Algae, Applications and Country/ Geography. By type of algae, the market is segmented as Spirulina, Chlorella, Dunaliella and Others. The major applications of the microalgae market are dietary supplements, food and animal feed and others (bio fuel etc.). The report covers regions/countries such as North America (USA, Canada and Mexico), Europe (Germany, France, UK, Russia and Italy), Asia-Pacific (China, Japan, Korea, India and Southeast Asia), South America (Brazil, Argentina, Chile and others) and Middle East and Africa. The report includes market revenue which is estimated (in terms of revenue in USD million) and volume of consumption of microalgae (in terms of Tonnes) for 2016 and forecasted upto 2023.
Key companies of global microalgae market are DIC Corporation, Cyanotech Corporation, Algaetech Group, TAAU Australia, Fuqing King Dnarmsa Spirulina, Shengbada Biology, CBN, Green-A, Parry Nutraceuticals , Hydrolina Biotech , Spirin , Chenghai Bao ER among others.
The factors driving the global microalgae market are, rising demand of functional food, growing applications and cost effective raw material. However the growth of the microalgae market is hindered by factors such as, lack of co-ordination between research organizations and microalgae producers, high technology cost. etc.
The large volume of microalgae is currently produced by Asian producers. However in recent years few European companies have started their operations in Australia and in the United States by acquiring local players. Large number of studies are being conducted on genetic modification of algae for the production of biofuel, bio-chemicals and other bio-products. Large investments from government and industries has stimulated the biotechnological research of microalgae.
The report includes in-depth analysis of market drivers, restraints, market trends and competitive landscape across various geographies. The competitive landscape section includes all market deals of last 2 years of microalgae market. It includes new product launches, mergers and acquisitions, joint ventures, agreements etc.