Market Overview and Dynamics
The microalgae-based products market in Europe is expected to grow from US$ 520.26 million in 2021 to US$ 879.59 million by 2028; it is estimated to grow at a CAGR of 7.8% from 2021 to 2028. As highlighted by the Institute of Food Technologists in 2016, the number of people consuming vegetarian and vegan diets is increasing worldwide, which is mainly attributed to allergic reactions caused due to the consumption of certain food items. According to the Centers for Disease Control and Prevention (CDC), the occurrence of food allergies is rising, which would propel the demand for vegan food in the coming years. Consumers are seeking natural sources of nutrients such as proteins sources which are obtained from animal as well as free of allergens, which is anticipated to contribute to 50% of the alternative protein market by 2054. Hence, algae-derived proteins are being considered as an effective variety of protein foods required by vegetarians or vegans. Both macroalgae and microalgae are classified as essential source of nutrients such as vitamins A, C, E, folate, calcium, iodine, and iron. They are also rich in several essential minerals and trace elements, omega-3 fatty acids, lipids, carbohydrates, and proteins. The microalgae have been proven to constitute up to 70% of proteins. Hence, the food and ingredient manufacturers are touting to use algal biomass as one of the vital nutritional ingredients in preparation of functional food and food products that are free of allergens. For instance, Solazyme have extensively researched about the potential application of microalgae in the formulation of functional food ingredients. The company has developed Chlorella-based soft, fine microalgae powder, which helps in production of AlgaVia Whole Algae Flour and AlgaVia Whole Algae Protein. Also, both the products have been categorized under the category of vegan whole-food ingredients that are gluten-free, allergen-free, not genetically engineered; these products are quite sustainable. Therefore, the prospects of macroalgae and microalgae in vegan food is emerging as a key trend in the microalgae-based products market.
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Market Introduction
European continent comprises several developing economies such as Germany, France, UK, and Italy, among others. The western region of Europe is known for its higher standards of living, with people displaying a higher income level. It is considered as one of the wealthiest regions on the European continent, with per capita Gross Domestic Product (GDP) higher than the other parts. The European consumer portrays variations in preferences and replicates economic status, culinary practices, and consumption habits of various countries. Europe is a well-established and mature market for microalgae-based products. The additionally, many national and international companies are offering different products in the market through offline and online retail channels. This factor is influencing the market growth in this region. The EU Bioeconomy Strategy is strongly focused on development of the EU bio-based sectors. However, the potential of the algae biomass value chain is note completely recognized and significant amount of knowledge gaps still exist with regards to the dimension, capability, organization and structure in Europe. Further, approximately at least 50% of companies are involved in production of microalgae and/or Spirulina in the region. France, Ireland, and Spain are considered as the leading countries in number of macroalgae production units while Germany, Spain, and Italy lead in production of microalgae. Also, spirulina producers have established their presence across France, Italy, Germany, and Spain countries. The use of algae and spirulina biomass is extended across food and food-related applications such as in high-value products for food supplements and nutraceuticals. Associations such as European Biomass Industry Association, EnhanceMicroAlgae and others are significantly involved in promoting and development of microalgae. Biomass obtained from microalgae and macroalgae is significantly recognized as a source of chemical constituents for use in diverse application bases, such as agri-horticultural sector, use as food ingredients, nutraceuticals, cosmeceuticals, and pharmaceuticals. Similarly, the European Biomass Industry Association is strongly involved in investigating and developing new projects aimed towards microalgae cultivation and their application as high-quality biomass across diverse market sectors. Growing focus towards increased algae Production is the major factor driving the growth of the Europe microalgae-based products market.
In Europe, currently France, the UK, and Russia are the worst-impacted countries by the COVID-19 pandemic. The region is estimated to suffer an economic hit due to the lack of revenue from various industries subjected to disruption in supply chain. As of July 26, 2021, the total number of cases recorded in Russia was 6,149,780 with 154,601 deaths. The massive outbreak of the pandemic has created temporary distortion in operation efficiencies of industrial bases in European market. The market for microalgae-based products has been negatively impacted due to fluctuations in raw material sourcing and pricing, along with limited operational capabilities due to COVID-19 restrictions. However, shift in consumer lifestyle, rise in preference toward sustainable ingredients have substantially promoted the demand for microalgae-based products in the regional market. Further, several industrial bases such as food & beverages, pharmaceuticals and nutraceuticals, and animal feed are expected to flourish post pandemic, which has a direct correlation with the demand for microalgae-based products in the regional market.
Europe Microalgae-Based Products Strategic Insights
Strategic insights for the Europe Microalgae-Based Products provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
Market leaders and key company profiles
ï‚· AstaReal
ï‚· Bluebiotech International Gmbh
ï‚· Cargill, Incorporated
ï‚· Cyanotech Corporation
ï‚· E.I.D. – Parry (India) Limited
ï‚· Earthrise Nutritionals, Llc
ï‚· Far East Bio-Tec Co., Ltd
Europe Microalgae-Based Products Regional Insights
The geographic scope of the Europe Microalgae-Based Products refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
Key Market Segments
On the basis of product type, the Europe microalgae-based products market is categorized into spirulina, chlorella, astaxanthin, beta carotene and others. The spirulina segment dominated the market in 2020 and astaxanthin segment is expected to be the fastest growing during the forecast period. Based on application, the microalgae-based products market is categorized into food and beverages, animal feed, pharmaceuticals and nutraceuticals, personal care and others. The pharmaceuticals and nutraceuticals segment dominated the market in 2020 and food and beverages is expected to be the fastest growing during the forecast period.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on microalgae-based products market in Europe are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are AstaReal; Bluebiotech International Gmbh; Cargill, Incorporated; Cyanotech Corporation; E.I.D. – Parry (India) Limited; Earthrise Nutritionals, Llc; and Far East Bio-Tec Co., Ltd are among others.
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