Microalgae-Based Products Market

Microalgae-Based Products Market is expected to grow at a CAGR of 7.9% from 2021 to 2028.

Microalgae-based Products or bio-based chemicals are defined as those categories of chemicals, which are synthesized from renewable sources such as agricultural feedstock, agricultural waste, organic waste products, biomass, and microorganisms. Microalgae-based Products are categorized as sustainable and environment-friendly chemicals which emits fewer carbon footprints as compared to traditional petro-based chemicals. Some of the most widely available Microalgae-based Products are lignin, carbohydrates, oils, plant extractives, hemicellulose, cellulose, starch, protein and others. Such chemicals find application in diverse application bases such as food and beverage, agriculture, textiles, automotive, packaging and others.

GROWING AWARENESS REGARDING MICROALGAE-BASED PRODUCTS MARKET BACKED BY INCREASING ENVIRONMENTAL CONCERNS

Renewable sciences have been regarded as one of the effective ways to promote the quality of air, water, and soil and contribute to sustainability by commercializing the use of eco-friendly bio-based chemicals in diverse applications. Eco-friendly sustainable Microalgae-based Products can be sourced from renewable feedstocks such as biomass, agricultural residues or feedstock, and microorganisms with the help of green chemistry synthesis or biorefineries. The chemicals have been identified as cost-competitive resources and portray potential for effective substitution of petrochemicals with renewable resources. Several nations are aiming to surpass the dependency on fossil-based resources. Also, the growing concern toward environmental degradation along with climate change propel the demand for Microalgae-based Products. Thus, several manufacturers are looking forward to meeting the demand along with paying close attention to the impact on the environment. Environment-friendly products help emit low carbon in the environment, which reduces the overall carbon footprint.

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