Asia-Pacific Microalgae-Based Products Market Analysis, Size, and Share by 2028

The microalgae-based products market in APAC is expected to grow from US$ 349.46 million in 2021 to US$ 665.67 million by 2028; it is estimated to grow at a CAGR of 8.6% from 2021 to 2028.

Australia, China, India, Japan, and South Korea are economies in APAC. Microalgae are considered to be an invaluable source of biomass portraying a diverse range of potential applications. The potential applications of microalgae have gone beyond food and beverages, pharmaceuticals and nutraceuticals, personal care products, and animal nutrition products. Various studies demonstrate the use of microalgae as biofuels, fertilizers, and wastewater treatment agents. For instance, microalgal species such as Scenedesmus obliquus have been proven for their viability in biofuel production. Researchers have made several attempts to achieve economic production through the genetic and metabolic engineering of microalgal strains. As per an article published by Springer Nature, in March 2018, microalgae is regarded as one of the most promising feedstock for bioenergy production. Biofuels derived from algal biomass release oxygen levels of 10–45% along with very low levels of sulfur. Such biofuels are non-polluting, sustainable, and reliable, and poses strong potential for fixing global CO2. Wastewater serves as a rich sources of nutrients needed for cultivation of microalgae, which help eliminate heavy metals, phosphates, and nitrates from the wastewater. The High Rate Algae Ponds (HRAPs) are emerging as an effective solution to treat wastewater. Further, cyanobacteria grown in vivo possess the capability of fixing atmospheric nitrogen (N2) as well as disposing it in the form of NH3 for the direct assimilation of plants. Other than this, the algal biomass can be effectively used as an ecological product for agricultural crops. Substances released by microalgae such as auxins and cytokinins are applied to promote plant growth and solubilizes phosphates; the algal biomass also acts as nutritious organic matter to improve overall soil fertility and crop quality. Hence, the microalgae has been proven as promising and sustainable sources meeting the demands of various industrial bases. However, the economic and commercial viability of its applications have not been achieved successfully and is still under the process of research and development.

The COVID-19 pandemic is anticipated to cause a significant economic loss in Asia-Pacific. The consequence and impact can be even worse, and they totally depend on the spread of the virus. The Asian economies have been hit hard due to the pandemic. Currently, India has recorded the highest number of cases, which is 31,411,262, with 420,996 deaths as of July 26, 2021. The emergence of new COVID-19 waves in India, Thailand, and other Asian economies has prolonged the effect of pandemic upon GDP. The ongoing COVID-19 pandemic is anticipated to cause huge disruptions in the growth of various industries of Asia-Pacific. However, the uncertainty regarding the future outbreak, especially in countries such as India and few other Asian countries, has altered the status of several industrial sectors. The governments of various Asia-Pacific economies are taking possible steps to restrict the spread of the virus by announcing country-wide lockdown, which have a direct impact upon the growth of industrial sectors. This may impact the demand for microalgae-based products. However, the Asia-Pacific Microalgae-Based Products market is expected to witness an increase in investment by existing players along with penetration of new players to tap the prevailing opportunities as well as cater to soaring demand for natural, healthy, clean-label products in post-pandemic times.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the microalgae-based products market. The APAC microalgae-based products market is expected to grow at a good CAGR during the forecast period.

 

APAC Microalgae-Based Products Market Segmentation

APAC Microalgae-Based Products Market – By Product Type

• Spirulina
• Chlorella
• Astaxanthin
• Beta Carotene
• Others

APAC Microalgae-Based Products Market – By Application

• Food and Beverages
• Animal Feed
• Pharmaceuticals and Neutraceuticals
• Personal Care
• Others

APAC Microalgae-Based Products Market- By Country

• Australia
• China
• India
• Japan
• South Korea
• Rest of Asia Pacific

APAC Microalgae-Based Products Market-Companies Mentioned

• AstaReal
• Cargill, Incorporated
• Cyanotech Corporation
• E.I.D. - Parry (India) Limited
• Earthrise Nutritionals, Llc
• Euglena Co, Ltd
• Far East Bio-Tec Co., Ltd

Asia-Pacific Microalgae-Based Products Report Scope