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.
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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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
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. APAC 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. APAC Microalgae-Based Products Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Increase in 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 Costly Manufacturing Process
5.3 Market Opportunities
5.3.1 Growth in 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 – APAC Market Analysis
6.1 Microalgae-Based Products Market Overview
6.2 Microalgae-Based Products Market –Revenue and Forecast to 2028 (US$ Million)
7. APAC Microalgae-Based Products Market Analysis – By Product Type
7.1 Overview
7.2 APAC 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. APAC Microalgae-Based Products Market Analysis – By Application
8.1 Overview
8.2 APAC 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. APAC Microalgae-Based Products Market – Country Analysis
9.1 Overview
9.1.1 Asia Pacific: Microalgae-Based Products Market, by Key Country
9.1.1.1 Australia: Microalgae-Based Products Market –Revenue and Forecast to 2028 (US$ Million)
9.1.1.1.1 Australia: Microalgae-Based Products Market, by Type
9.1.1.1.2 Australia: Microalgae-Based Products Market, by Application
9.1.1.2 China: Microalgae-Based Products Market –Revenue and Forecast to 2028 (US$ Million)
9.1.1.2.1 China: Microalgae-Based Products Market, by Type
9.1.1.2.2 China: Microalgae-Based Products Market, by Application
9.1.1.3 India: Microalgae-Based Products Market –Revenue and Forecast to 2028 (US$ Million)
9.1.1.3.1 India: Microalgae-Based Products Market, by Type
9.1.1.3.2 India: Microalgae-Based Products Market, by Application
9.1.1.4 Japan: Microalgae-Based Products Market –Revenue and Forecast to 2028 (US$ Million)
9.1.1.4.1 Japan: Microalgae-Based Products Market, by Type
9.1.1.4.2 Japan: Microalgae-Based Products Market, by Application
9.1.1.5 South Korea: Microalgae-Based Products Market –Revenue and Forecast to 2028 (US$ Million)
9.1.1.5.1 South Korea: Microalgae-Based Products Market, by Type
9.1.1.5.2 South Korea: Microalgae-Based Products Market, by Application
9.1.1.6 Rest of Asia Pacific: Microalgae-Based Products Market –Revenue and Forecast to 2028 (US$ Million)
9.1.1.6.1 Rest of Asia Pacific: Microalgae-Based Products Market, by Type
9.1.1.6.2 Rest of Asia Pacific: Microalgae-Based Products Market, by Application
10. Overview – Impact of COVID-19 on Microalgae-based Products Market
10.1 Overview
11. Industry Landscape
11.1 Product & Service Launch
11.2 Business Planning and Strategy
12. Company Profiles
12.1 Cargill, Incorporated
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 Earthrise Nutritionals, Llc
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 E.I.D. - Parry (India) Limited
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 Cyanotech Corporation
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 Euglena Co, Ltd
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 Far East Bio-Tec Co., Ltd
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 AstaReal
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
13. Appendix
13.1 About The Insight Partners
13.2 Glossary of Terms
LIST OF TABLES
Table 1. APAC Microalgae-Based Products Market –Revenue and Forecast to 2028 (US$ Million)
Table 2. Australia Microalgae-Based Products Market, by Type – Revenue and Forecast to 2028 (USD Million)
Table 3. Australia Microalgae-Based Products Market, by Application – Revenue and Forecast to 2028 (USD Million)
Table 4. China Microalgae-Based Products Market, by Type – Revenue and Forecast to 2028 (USD Million)
Table 5. China Microalgae-Based Products Market, by Application – Revenue and Forecast to 2028 (USD Million)
Table 6. India Microalgae-Based Products Market, by Type – Revenue and Forecast to 2028 (USD Million)
Table 7. India Microalgae-Based Products Market, by Application – Revenue and Forecast to 2028 (USD Million)
Table 8. Japan Microalgae-Based Products Market, by Type – Revenue and Forecast to 2028 (USD Million)
Table 9. Japan Microalgae-Based Products Market, by Application – Revenue and Forecast to 2028 (USD Million)
Table 10. South Korea Microalgae-Based Products Market, by Type – Revenue and Forecast to 2028 (USD Million)
Table 11. South Korea Microalgae-Based Products Market, by Application – Revenue and Forecast to 2028 (USD Million)
Table 12. Rest of Asia Pacific Microalgae-Based Products Market, by Type – Revenue and Forecast to 2028 (USD Million)
Table 13. Rest of Asia Pacific Microalgae-Based Products Market, by Application – Revenue and Forecast to 2028 (USD Million)
Table 14. Glossary of Terms, APAC Microalgae-Based Products Market
LIST OF FIGURES
Figure 1. APAC Microalgae-Based Products Market Segmentation
Figure 2. APAC Microalgae-Based Products Market Segmentation – By Country
Figure 3. APAC Microalgae-Based Products Market Overview
Figure 4. Spirulina Segment is Dominating the APAC Microalgae-Based Products Market
Figure 5. China Held Largest Share of APAC Microalgae-Based Products Market
Figure 6. APAC 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. APAC Microalgae-based products Market Impact Analysis of Drivers and Restraints
Figure 11. APAC: Microalgae-Based Products Market – Revenue and Forecast to 2028 (US$ Million)
Figure 12. APAC Microalgae-Based Products Market Breakdown, By Product Type, 2020 & 2028 (%)
Figure 13. APAC Spirulina: Microalgae-Based Products Market, Revenue and Forecast to 2028 (US$ Million)
Figure 14. APAC Chlorella: Microalgae-Based Products Market, Revenue and Forecast to 2028 (US$ Million)
Figure 15. APAC Astaxanthin: Microalgae-Based Products Market, Revenue and Forecast to 2028 (US$ Million)
Figure 16. APAC Beta Carotene: Microalgae-Based Products Market, Revenue and Forecast to 2028 (US$ Million)
Figure 17. APAC Others: Microalgae-Based Products Market, Revenue and Forecast to 2028 (US$ Million)
Figure 18. APAC Microalgae-Based Products Market Breakdown, by End Use Industry, 2020 & 2028 (%)
Figure 19. APAC Food and Beverages: Microalgae-Based Products Market – Revenue and Forecast To 2028 (US$ Million)
Figure 20. APAC Animal Feed: Microalgae-Based Products Market – Revenue and Forecast To 2028 (US$ Million)
Figure 21. APAC Pharmaceuticals and Nutraceuticals: Microalgae-Based Products Market – Revenue and Forecast To 2028 (US$ Million)
Figure 22. APAC Personal Care: Microalgae-Based Products Market – Revenue and Forecast To 2028 (US$ Million)
Figure 23. APAC Others: Microalgae-Based Products Market – Revenue and Forecast To 2028 (US$ Million)
Figure 24. Asia Pacific: Microalgae-Based Products Market, by Key Country-Revenue 2020 (US$ Million)
Figure 25. Asia Pacific: Microalgae-Based Products Market Revenue Share, by Key Country (2020 & 2028)
Figure 26. Australia: Microalgae-Based Products Market –Revenue and Forecast to 2028 (US$ Million)
Figure 27. China: Microalgae-Based Products Market –Revenue and Forecast to 2028 (US$ Million)
Figure 28. India: Microalgae-Based Products Market –Revenue and Forecast to 2028 (US$ Million)
Figure 29. Japan: Microalgae-Based Products Market –Revenue and Forecast to 2028 (US$ Million)
Figure 30. South Korea: Microalgae-Based Products Market –Revenue and Forecast to 2028 (US$ Million)
Figure 31. Rest of Asia Pacific: Microalgae-Based Products Market –Revenue and Forecast to 2028 (US$ Million)
Figure 32. Impact of COVID-19 Pandemic in Asia-Pacific
- AstaReal
- Cargill, Incorporated
- Cyanotech Corporation
- E.I.D. - Parry (India) Limited
- Earthrise Nutritionals, Llc
- Euglena Co, Ltd
- Far East Bio-Tec Co., Ltd
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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