Market Overview and Dynamics
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. As highlighted by the Institute of Food Technologists in 2016, the number of people consuming vegetarian and vegan diets is increasing worldwide, which is mainly attributed to allergic reactions caused due to the consumption of certain food items. According to the Centers for Disease Control and Prevention (CDC), the occurrence of food allergies is rising, which would propel the demand for vegan food in the coming years. Consumers are seeking natural sources of nutrients such as proteins sources which are obtained from animal as well as free of allergens, which is anticipated to contribute to 50% of the alternative protein market by 2054. Hence, algae-derived proteins are being considered as an effective variety of protein foods required by vegetarians or vegans. Both macroalgae and microalgae are classified as essential source of nutrients such as vitamins A, C, E, folate, calcium, iodine, and iron. They are also rich in several essential minerals and trace elements, omega-3 fatty acids, lipids, carbohydrates, and proteins. The microalgae have been proven to constitute up to 70% of proteins. Hence, the food and ingredient manufacturers are touting to use algal biomass as one of the vital nutritional ingredients in preparation of functional food and food products that are free of allergens. For instance, Solazyme have extensively researched about the potential application of microalgae in the formulation of functional food ingredients. The company has developed Chlorella-based soft, fine microalgae powder, which helps in production of AlgaVia Whole Algae Flour and AlgaVia Whole Algae Protein. Also, both the products have been categorized under the category of vegan whole-food ingredients that are gluten-free, allergen-free, not genetically engineered; these products are quite sustainable. Therefore, the prospects of macroalgae and microalgae in vegan food is emerging as a key trend in the microalgae-based products market.
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Market Introduction
Europe, home to developed economies such as Germany, France, the UK, and Italy, stands out for its high living standards and elevated income levels, particularly in the western region. This area ranks among the wealthiest in Europe, boasting a per capita GDP that surpasses many other regions. European consumers exhibit diverse preferences shaped by their economic status, culinary traditions, and consumption habits across various countries.
The European market for microalgae-based products is well-established and mature. Numerous national and international companies operate here, offering a variety of products through both offline and online retail channels, further fueling market growth. Additionally, the EU Bioeconomy Strategy emphasizes the expansion of the bio-based sector. However, despite its potential, the algae biomass value chain in Europe remains underdeveloped, with noticeable knowledge gaps concerning its scale, capabilities, organization, and structure.
At least half of the companies in the region are engaged in the production of microalgae and Spirulina. France, Ireland, and Spain lead in macroalgae production units, while Germany, Spain, and Italy dominate microalgae production. Spirulina producers have also established strong footholds in France, Italy, Germany, and Spain. Algae and Spirulina biomass are increasingly used in food and related sectors, particularly in high-value applications such as food supplements and nutraceuticals.
Organizations like the European Biomass Industry Association and EnhanceMicroAlgae play an active role in promoting the development of microalgae, recognizing its potential as a valuable source of chemical compounds for applications in agriculture, food, nutraceuticals, cosmetics, and pharmaceuticals. The European Biomass Industry Association, in particular, continues to drive new projects aimed at cultivating microalgae and expanding its use as high-quality biomass across multiple sectors. The rising focus on scaling up algae production is a key driver of market growth in Europe.
The COVID-19 pandemic initially impacted the market, with France, the UK, and Russia among the hardest hit. Disruptions in supply chains and industrial operations temporarily affected raw material availability and pricing, causing setbacks in the microalgae-based products sector. However, the pandemic also accelerated a shift in consumer lifestyles, with increased demand for sustainable and health-focused ingredients. As industries such as food & beverages, pharmaceuticals, nutraceuticals, and animal feed recover and expand post-pandemic, the demand for microalgae-based products is expected to rise in tandem, supporting continued market growth in the region.
Europe Microalgae-Based Products Strategic Insights
Strategic insights for the Europe Microalgae-Based Products provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
Market leaders and key company profiles
ï‚·Â AstaReal
ï‚·Â Bluebiotech International Gmbh
ï‚·Â Cargill, Incorporated
ï‚·Â Cyanotech Corporation
ï‚·Â E.I.D. – Parry (India) Limited
ï‚·Â Earthrise Nutritionals, Llc
ï‚·Â Far East Bio-Tec Co., Ltd
Europe Microalgae-Based Products Regional Insights
The geographic scope of the Europe Microalgae-Based Products refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
Key Market Segments
On the basis of product type, the Europe microalgae-based products market is categorized into spirulina, chlorella, astaxanthin, beta carotene and others. The spirulina segment dominated the market in 2020 and astaxanthin segment is expected to be the fastest growing during the forecast period. Based on application, the microalgae-based products market is categorized into food and beverages, animal feed, pharmaceuticals and nutraceuticals, personal care and others. The pharmaceuticals and nutraceuticals segment dominated the market in 2020 and food and beverages is expected to be the fastest growing during the forecast period.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on microalgae-based products market in Europe are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are AstaReal; Bluebiotech International Gmbh; Cargill, Incorporated; Cyanotech Corporation; E.I.D. – Parry (India) Limited; Earthrise Nutritionals, Llc; and Far East Bio-Tec Co., Ltd are among others.
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Akshay
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