Pharmaceuticals and Nutraceuticals Segment to Dominate Europe Microalgae-Based Products Market during 2021–2028

 According to a new market research study on “Europe Microalgae-Based Products Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Product Type and Application” is expected to reach US$ 879.59 million by 2028 from US$ 520.26 million in 2021. The market is estimated to grow at a CAGR of 7.8% from 2021 to 2028. The report provides trends prevailing in the Europe microalgae-based products market along with the drivers and restraints pertaining to the market growth. Growing focus towards increased algae production is the major factor driving the growth of the Europe microalgae-based products market. However, issues associated with the complex and costly manufacturing process hinder the growth of Europe microalgae-based products market.

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 segment is expected to be the fastest growing during the forecast period. Based on country, the microalgae-based products market is classified into Germany, France, Italy, UK, and Russia.

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 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.

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 the leading companies in the Europe microalgae-based products market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Cyanotech Corporation, a prominent player in microalgae-based products, announced the joining of Blue Zones Project, a well-being development initiative. This project strengthens its ~ 30 years of nurturing its microalgae products and positively supporting the welfare of each member of its team.