Microalgae Market
PORTLAND, OREGON, UNITED STATES, July 13, 2022 /EINPresswire.com/ -- Microscopic algae or microalgae have gained a lot of attention over the years due to the presence of minerals and vitamins A, B1, B2, C, and E along with iron, magnesium, and proteins.
According to Allied Market Research, the global microalgae market is expected to reach $1.48 billion by 2028, growing at a CAGR of 5.4% from 2021 to 2028. High protein concentration compared to other counterparts, surge in vegan population, and benefits associated with microalgae protein drive the market growth.
Key Take Away
Spirulina segment is projected to witness highest CAGR of 5.9%, in revenue terms during the forecast period.
Food/feed segment is expected to dominate the market from 2021-2028.
U.S. was the largest country, in terms of demand for Microalgae in 2020.
Asia-Pacific is anticipated to witness highest growth rate, registering a CAGR of 6.7% from 2021 to 2028.
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Microalgae gained popularity due to their extensive potential in renewable energy, nutraceutical, and biopharmaceutical industries. As they are sustainable, economical sources of bioactive medicinal products, biofuels, and food ingredients, their demand has skyrocketed over the last few years.
They are perfect substitutes for fossil fuels with respect to renewability, cost, and environmental concerns. They most effectively convert atmospheric CO2 into lipids, carbohydrates, and other bioactive metabolites.
Microalgae: Jewels of Nature
Not to be confused with macroalgae (seaweeds), microalgae are abundantly available in oceans, rivers, and freshwater lakes. These tiny organisms act as biomass factories and convert inorganic molecules into proteins, carbohydrates, and fats. Moreover, they support all life in the oceans.
Since microalgae do not have roots, stems, and leaves, they use carbon dioxide and other nutrients more effectively than plants on the land. Microalgae are easily harvested to produce biomass crops and used as bioenergy or food. They are essential molecules that can be used in biofuel, bioplastics, cosmetics, and food ingredients.
Microalgae are the ancient organisms on the planet and at the bottom of the food chain. They hold the key to the survival and longevity of life on the planet and produce most of the basic nutritional elements of life. This makes them perfect raw materials for pharmaceuticals and many other industries.
Commercial Applications of Microalgae
It is no wonder that microalgae are now used in biomanufacturing. As they are rich in high-value materials and biologics, they offer advantages in expanding options in bioprocesses.
Apart from this, microalgae can improve the nutritional value of food and animal feed due to their chemical composition. They are essential in aquaculture and a vital part of cosmetics.
Microalgae are specially cultivated as polyunsaturated fatty acid oils in them are added to baby formulas and used as nutritional supplements. Moreover, the pigments in microalgae are used as natural dyes.
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Recently, microalgae receive special attention due to their potential for therapeutical applications. The compounds including peptides, lipids, carbohydrates, and carotenoids extracted from microalgae have anti-inflammatory, anticancer, and antimicrobial properties. Moreover, microalgae gained extreme popularity during the Covid-19 pandemic as some studies found that it has anti-Covid-19 properties.
Along with this, microalgae find applications in biotechnology as the perfect host for the production of recombinant peptides/proteins and the manufacturing of vaccines and monoclonal antibodies.
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Having said that, microalgae are now considered the best source of proteins. The projected population of the plant over the next 50 years is expected to increase by at least 50%. This ever-increasing population would demand more food than we can produce. Deforestation and overuse of fossil fuels would make it difficult for farming. Thus, microalgae as a source of protein could help reduce greenhouse gas emissions. Major companies such as Nestle have already invested in researching whether microalgae is a viable source of protein for both humans and animal feed.
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