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North America Microalgae-Based Products Market

2021

North America Microalgae-Based Products Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product Type (Spirulina, Chlorella, Astaxanthin, Beta Carotene, and Others) and Application (Food and Beverages, Animal Feed, Pharmaceuticals and Nutraceuticals, Personal Care, and Others)

Publication Month: Oct 2021 | Report Code: TIPRE00025162 | No. of Pages: 107 | Category: Food and Beverages | Status: Published

Market Insights

North America Microalgae-Based Products Market to Grow at a CAGR of 8.1% to reach US$ 776.43 million from 2021 to 2028

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The microalgae-based products market in North America is expected to grow from US$ 450.28 million in 2021 to US$ 776.43 million by 2028; it is estimated to grow at a CAGR of 8.1% from 2021 to 2028.


The US, Canada, and Mexico are economies in North America. Microalgae-based products have received the GRAS (i.e., Generally Recognized As Safe) status, which makes them suitable for pharmaceutical and nutraceutical applications. Microalgae are known for their antibacterial, antioxidant, antiviral, antimalarial, antifungal, antitumor, and anti-inflammatory activities. They are a source of vital phytochemicals such as carotenoids, fiber, minerals, antioxidants, fatty acids, vitamins, halogenated compounds, polysaccharides, and lectins and other proteins. For instance, polyunsaturated fatty acids (PUFA) present in microalgae are potential therapeutic agents that also minimize the risk of chronic disorders such as cardiovascular disorders, diabetic diseases, Alzheimer’s disease, and retinal problems. Similarly, cyanobacteria (blue-green algae) are increasingly being used in the synthesis of antibiotics and pharmacologically active compounds. Further, Chlorella tablets have been proven to be effective in the treatment of nausea, vomiting, and other gastrointestinal issues. Likewise, carrageenan from red algae is effective against Influenza virus. Natural products sourced from different variants of algae serve as the basis of drug discovery and find application in the formulation of medicines. Further, researchers are developing genetically engineered algae that could help in killing harmful cancerous cells. Several countries are focusing on development of COVID-19 vaccine with the help of microalgae.

North America is one of the worst affected economies due to the COVID-19 pandemic. The US has the highest number of confirmed cases of COVID-19, compared to Canada and Mexico. The unprecedented rise in number of COVID-19 cases across the US and Canada and the subsequent lockdown of numerous manufacturing facilities in the countries have negatively influenced the growth of the various markets. As of July 26, 2021, the total number of registered cases in the US was 35,199,465 with 626,762 deaths. The significant disruption in manufacturing facilities, along with raw material sourcing, has had a negative impact on the demand for microalgae-based products in the country. In the same way, the pandemic had an intense impact on the Canadian economy, causing it into a recession. However, the market is reviving on account of significant measures taken by the government such as vaccination drives. Further, as per an article published by the National Center for Biotechnology Information (NCBI) in 2020, the global public health bodies and governments have implemented several strategies as well as issued advisories to promote health and hygiene, social distancing strategies, and other such guidelines to prevent the spread of COVID-19 virus. With the state of economic recovery, several industrial sectors such as food & beverages, pharmaceuticals and nutraceuticals, and animal feed, are strategically focused on investing in advanced products so as to maximize revenue. This is expected to provide impetus for the North America Microalgae-Based Products market growth.

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

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North America Microalgae-Based Products Market Segmentation

North America Microalgae-Based Products Market – By Product Type

  • Spirulina
  • Chlorella
  • Astaxanthin
  • Beta Carotene
  • Others

North America Microalgae-Based Products Market – By Application

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

North America Microalgae-Based Products Market- By Country

  • US
  • Canada
  • Mexico

North America Microalgae-Based Products Market-Companies Mentioned

  • Algae Health Sciences - A BGG company
  • AstaReal
  • Cargill, Incorporated
  • Cellana Inc.
  • Cyanotech Corporation
  • E.I.D. - Parry (India) Limited
  • Earthrise Nutritionals, Llc
  • Far East Bio-Tec Co., Ltd

1. Introduction

1.1 Study Scope

1.2 The Insight Partners Research Report Guidance

1.3 Market Segmentation

2. Key Takeaways

3. Research Methodology

3.1 Scope of the Study

3.2 Research Methodology

3.2.1 Data Collection:

3.2.2 Primary Interviews:

3.2.3 Hypothesis formulation:

3.2.4 Macro-economic factor analysis:

3.2.5 Developing base number:

3.2.6 Data Triangulation:

4. North America Microalgae-Based Products Market Landscape

4.1 Market Overview

4.2 Porter’s Five Forces Analysis

4.2.1 Bargaining Power of Suppliers

4.2.2 Bargaining Power of Buyers

4.2.3 Threat of Substitutes

4.2.4 Threat of New Entrants

4.2.5 Intensity of Competitive Rivalry

4.3 Ecosystem Analysis

4.4 Expert Opinions

5. North America Microalgae-Based Products Market – Key Market Dynamics

5.1 Market Drivers

5.1.1 Growing Demand for Microalgae in Pharmaceuticals and Nutraceuticals

5.1.2 Growing Focus towards Increased Algae Production

5.2 Market Restraints

5.2.1 Complex and Expensive Manufacturing Process

5.3 Market Opportunities

5.3.1 Growing Research in Applications and Commercial Viability of Microalgae

5.4 Future Trends

5.4.1 Significant Focus on Research and Development Activities to Expand Market

5.5 Impact Analysis of Drivers and Restraints

6. Microalgae-Based Products –North America Market Analysis

6.1 Microalgae-Based Products Market Overview

6.2 Microalgae-Based Products Market –Revenue and Forecast to 2028 (US$ Million)

7. North America Microalgae-Based Products Market Analysis – By Product Type

7.1 Overview

7.2 North America Microalgae-Based Products Market Breakdown, by Type, 2020 & 2028

7.3 Spirulina

7.3.1 Overview

7.3.2 Spirulina: Microalgae-Based Products Market, Revenue and Forecast to 2028 (US$ Million)

7.4 Chlorella

7.4.1 Overview

7.4.2 Chlorella: Microalgae-Based Products Market, Revenue and Forecast to 2028 (US$ Million)

7.5 Astaxanthin

7.5.1 Overview

7.5.2 Astaxanthin: Microalgae-Based Products Market, Revenue and Forecast to 2028 (US$ Million)

7.6 Beta Carotene

7.6.1 Overview

7.6.2 Beta Carotene: Microalgae-Based Products Market, Revenue and Forecast to 2028 (US$ Million)

7.7 Others

7.7.1 Overview

7.7.2 Others: Microalgae-Based Products Market, Revenue and Forecast to 2028 (US$ Million)

8. North America Microalgae-Based Products Market Analysis – By Application

8.1 Overview

8.2 North America Microalgae-Based Products Market Breakdown, by Application, 2020 & 2028

8.3 Food and Beverages

8.3.1 Overview

8.3.2 Food and Beverages: Microalgae-Based Products Market – Revenue and Forecast to 2028 (US$ Million)

8.4 Animal Feed

8.4.1 Overview

8.4.2 Animal Feed: Microalgae-Based Products Market – Revenue and Forecast to 2028 (US$ Million)

8.5 Pharmaceuticals and Nutraceuticals

8.5.1 Overview

8.5.2 Pharmaceuticals and Nutraceuticals: Microalgae-Based Products Market – Revenue and Forecast to 2028 (US$ Million)

8.6 Personal Care

8.6.1 Overview

8.6.2 Personal Care: Microalgae-Based Products Market – Revenue and Forecast to 2028 (US$ Million)

8.7 Others

8.7.1 Overview

8.7.2 Others: Microalgae-Based Products Market – Revenue and Forecast to 2028 (US$ Million)

9. North America Microalgae-Based Products Market – Country Analysis

9.1 Overview

9.1.1 North America: Microalgae-Based Products Market, by Key Country

9.1.1.1 US: Microalgae-Based Products Market –Revenue and Forecast to 2028 (US$ Million)

9.1.1.1.1 US: Microalgae-Based Products Market, by Type

9.1.1.1.2 US: Microalgae-Based Products Market, by Application

9.1.1.2 Canada: Microalgae-Based Products Market –Revenue and Forecast to 2028 (US$ Million)

9.1.1.2.1 Canada: Microalgae-Based Products Market, by Type

9.1.1.2.2 Canada: Microalgae-Based Products Market, by Application

9.1.1.3 Mexico: Microalgae-Based Products Market –Revenue and Forecast to 2028 (US$ Million)

9.1.1.3.1 Mexico: Microalgae-Based Products Market, by Type

9.1.1.3.2 Mexico: Microalgae-Based Products Market, by Application

10. Overview – Impact of COVID-19 on North America Microalgae-based Products Market

10.1 Overview

11. Industry Landscape

11.1 Product & Service Launch

11.2 Merger & Acquisition

11.3 Expansion

11.4 Business Planning and Strategy

11.5 Product Approval

12. Company Profiles

12.1 Algae Health Sciences - A BGG company

12.1.1 Key Facts

12.1.2 Business Description

12.1.3 Products and Services

12.1.4 Financial Overview

12.1.5 SWOT Analysis

12.1.6 Key Developments

12.2 Cargill, Incorporated

12.2.1 Key Facts

12.2.2 Business Description

12.2.3 Products and Services

12.2.4 Financial Overview

12.2.5 SWOT Analysis

12.2.6 Key Developments

12.3 Cellana Inc.

12.3.1 Key Facts

12.3.2 Business Description

12.3.3 Products and Services

12.3.4 Financial Overview

12.3.5 SWOT Analysis

12.3.6 Key Developments

12.4 Earthrise Nutritionals, Llc

12.4.1 Key Facts

12.4.2 Business Description

12.4.3 Products and Services

12.4.4 Financial Overview

12.4.5 SWOT Analysis

12.4.6 Key Developments

12.5 E.I.D. - Parry (India) Limited

12.5.1 Key Facts

12.5.2 Business Description

12.5.3 Products and Services

12.5.4 Financial Overview

12.5.5 SWOT Analysis

12.5.6 Key Developments

12.6 Cyanotech Corporation

12.6.1 Key Facts

12.6.2 Business Description

12.6.3 Products and Services

12.6.4 Financial Overview

12.6.5 SWOT Analysis

12.6.6 Key Developments

12.7 Far East Bio-Tec Co., Ltd

12.7.1 Key Facts

12.7.2 Business Description

12.7.3 Products and Services

12.7.4 Financial Overview

12.7.5 SWOT Analysis

12.7.6 Key Developments

12.8 AstaReal

12.8.1 Key Facts

12.8.2 Business Description

12.8.3 Products and Services

12.8.4 Financial Overview

12.8.5 SWOT Analysis

12.8.6 Key Developments

13. Appendix

13.1 About The Insight Partners

13.2 Glossary of Terms

LIST OF TABLES

Table 1. North America Microalgae-Based Products Market –Revenue and Forecast to 2028 (US$ Million)

Table 2. US Microalgae-Based Products Market, by Type – Revenue and Forecast to 2028 (USD Million)

Table 3. US Microalgae-Based Products Market, by Application – Revenue and Forecast to 2028 (USD Million)

Table 4. Canada: Microalgae-Based Products Market, by Type – Revenue and Forecast to 2028 (USD Million)

Table 5. Canada Microalgae-Based Products Market, by Application – Revenue and Forecast to 2028 (USD Million)

Table 6. Mexico Microalgae-Based Products Market, by Type – Revenue and Forecast to 2028 (USD Million)

Table 7. Mexico Microalgae-Based Products Market, by Application – Revenue and Forecast to 2028 (USD Million)

Table 8. Glossary of Terms, North America Microalgae-Based Products Market

LIST OF FIGURES

Figure 1. North America Microalgae-Based Products Market Segmentation

Figure 2. North America Microalgae-Based Products Market Segmentation – By Country

Figure 3. North America Microalgae-Based Products Market Overview

Figure 4. Spirulina Segment is Dominating the North America Microalgae-Based Products Market

Figure 5. US Held Largest Share of North America Microalgae-Based Products Market

Figure 6. North America Microalgae-Based Products Market, Industry Landscape

Figure 7. Porter ‘s Five Forces Analysis for Microalgae-Based Products Market

Figure 8. Microalgae-Based Products Market– Ecosystem Analysis

Figure 9. Expert Opinion

Figure 10. North America Microalgae-based products Market Impact Analysis of Drivers and Restraints

Figure 11. North America : Microalgae-Based Products Market – Revenue and Forecast to 2028 (US$ Million)

Figure 12. North America Microalgae-Based Products Market Breakdown, By Product Type, 2020 & 2028 (%)

Figure 13. North America Spirulina: Microalgae-Based Products Market, Revenue and Forecast to 2028 (US$ Million)

Figure 14. North America Chlorella: Microalgae-Based Products Market, Revenue and Forecast to 2028 (US$ Million)

Figure 15. North America Astaxanthin: Microalgae-Based Products Market, Revenue and Forecast to 2028 (US$ Million)

Figure 16. North America Beta Carotene: Microalgae-Based Products Market, Revenue and Forecast to 2028 (US$ Million)

Figure 17. North America Others: Microalgae-Based Products Market, Revenue and Forecast to 2028 (US$ Million)

Figure 18. North America Microalgae-Based Products Market Breakdown, by End Use Industry, 2020 & 2028 (%)

Figure 19. North America Food and Beverages: Microalgae-Based Products Market – Revenue and Forecast To 2028 (US$ Million)

Figure 20. North America Animal Feed: Microalgae-Based Products Market – Revenue and Forecast To 2028 (US$ Million)

Figure 21. North America Pharmaceuticals and Nutraceuticals: Microalgae-Based Products Market – Revenue and Forecast To 2028 (US$ Million)

Figure 22. North America Personal Care: Microalgae-Based Products Market – Revenue and Forecast To 2028 (US$ Million)

Figure 23. North America Others: Microalgae-Based Products Market – Revenue and Forecast To 2028 (US$ Million)

Figure 24. North America: Microalgae-Based Products Market, by Key Country-2020 (US$ Million)

Figure 25. North America: Microalgae-Based Products Market Revenue Share, by Key Country (2020 & 2028)

Figure 26. US: Microalgae-Based Products Market –Revenue and Forecast to 2028 (US$ Million)

Figure 27. Canada: Microalgae-Based Products Market –Revenue and Forecast to 2028 (US$ Million)

Figure 28. Mexico: Microalgae-Based Products Market –Revenue and Forecast to 2028 (US$ Million)

Figure 29. Impact of COVID-19 Pandemic in North America

  1. Algae Health Sciences - A BGG company
  2. AstaReal
  3. Cargill, Incorporated
  4. Cellana Inc.
  5. Cyanotech Corporation
  6. E.I.D. - Parry (India) Limited
  7. Earthrise Nutritionals, Llc
  8. Far East Bio-Tec Co., Ltd
  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the North America Microalgae-Based Products market.
  • Highlights key business priorities in order to assist companies to realign their business strategies
  • The key findings and recommendations highlight crucial progressive industry trends in the North America Microalgae-Based Products market, thereby allowing players across the value chain to develop effective long-term strategies
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
  • Scrutinize in-depth North America market trends and outlook coupled with the factors driving the Microalgae-Based Products market, as well as those hindering it
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
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