Europe Microalgae-Based Products Market Key Companies and SWOT Analysis by 2028

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.

Germany, France, Italy, UK, and Russia are economies in Europe. Currently, more than 150,000 species of single cell and multicellular algae are known, which have complex and diverse metabolic machinery, immense range of biotic and abiotic stress tolerance,. Researchers are actively involved in the identification and development of the best algal production systems that can be effectively used for commercially viable industrial production. Similarly, increased investments in research and development activities related to improved algal biomass production, using better cultivation methods, implementing advanced harvesting and biomass conversion technologies to cut down carbon emissions, deploying recycled inorganic nutrients, reducing energy inputs, and integrating algal biomass production systems with pre-existing infrastructure have been explored. The National Alliance for Advanced Biofuels and Bioproducts (NAABB) has succeeded to lower the cost of producing algal biomass and use it in production of biofuels. To achieve the economies of scale, companies have begun using robust and high-yield algal strains for a year-round consistent performance. Additionally, they have shifted their focus from “high-volume, low-value” products such as biofuel, food, or feed to “low-volume, high-value” products such as β-carotene, astaxanthin, docosahexaenoic acid, docosahexaenoic acid, phycobilin pigments, and algal extracts.

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 Europe Microalgae-Based Products 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.

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 Europe microalgae-based products market is expected to grow at a good CAGR during the forecast period.

Europe Microalgae-Based Products Market Segmentation

Europe Microalgae-Based Products Market – By Product Type

• Spirulina
• Chlorella
• Astaxanthin
• Beta Carotene
• Others

Europe Microalgae-Based Products Market – By Application

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

Europe Microalgae-Based Products Market- By Country

• Germany
• France
• Italy
• U.K.
• Russia
• Rest of Europe

Europe Microalgae-Based Products Market-Companies Mentioned

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

Europe Microalgae-Based Products Report Scope