Microalgae-based Products Market Size, Share, Revenue and Growth Forecast 2030
Microalgae-based Products Market Size, Share, Revenue and Growth Forecast 2030
Microalgae-based Products Market

Recently, marine red algae was being highly publicized for the production of antiviral drugs to combat COVID-19. As such, the introduction of coronavirus vaccines has slowed down the pace of drug innovations. Hence, companies in the microalgae-based products market are focusing on making coating materials on sanitary items to fight COVID-19. They are focusing on essential products such as for personal care, skin care, and dietary supplements to stay relevant in business during the pandemic.

Scientists at Reliance Industries Ltd. opine that products made from marine red algae, alginates, and other natural compounds have tremendous antiviral potential. Companies in the microalgae-based products market are increasing their R&D efforts to capitalize on this opportunity to explore the development of antiviral materials and other essential products.

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Production Scale up of Algae Offset Disadvantages of Photo Bio-reactors

Researchers think that algae might be the answer to lower greenhouse gas (GHG) emissions at power plants and address climate change. Breakthrough innovations such as bio-adaptive facades are being developed using algae within its glass louvers in order to generate energy and provide shade to a working building. This explains why the microalgae-based products market is slated to register a favorable CAGR of ~6% during the forecast period.

Photo bio-reactors are being used to sustainably develop bio-based fuel, which is carbon neutral. However, the algae in these bio reactors need to be grown under controlled temperature conditions. This leads to expensive investing costs. As such, stakeholders in the microalgae-based products market are focusing on advantages such as rise in production and high-energy per-acre than other bio-fuels.

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Strategic Partnerships Help Strengthen Research in F&B-based Microalgae

The microalgae-based products market is expected to cross the valuation of US$ 4.2 Bn by 2031. The food and beverage (F&B) sector is creating lucrative opportunities for manufacturers. Unilever - a multinational consumer goods company has announced collaboration with Algenuity - a biotech startup to explore the viability of microalgae as an ingredient in F&B products. Companies in the microalgae-based products market are gaining a strong research base for chlorella vulgaris, which is a nutrient-rich source of protein and fiber. Low environmental footprint of this microalgae is being preferred by F&B manufacturers.

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Extensive Biological Diversity of Algae Supports Industrial, Agricultural Demands

Mankind has recognized the value of land plants as renewable sources of medicine, food, and other materials for millennia. Microalgae is gaining prominence as a next-gen resource for urgent industrial and agricultural demands. Companies in the microalgae-based products market are increasing efforts to tap into its extensive biological diversity that can be leveraged to produce various bioproducts in the F&B and personal care sector.

Manufacturers in the microalgae-based products market are boosting their output capacities for natural and genetic manipulation of algae to use sunlight for fixing the atmospheric carbon. Photo bio-reactors have become a recurring trend and help microalgae to be more water-efficient than crop plants and can be cultivated on non-arable land with minimal use of freshwater.

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