Spirulina Segment to Dominate North America Microalgae-Based Products Market during 2021–2028

 According to a new market research study on “North America Microalgae-Based Products Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Product Type and Application” is expected to reach US$ 776.43 million by 2028 from US$ 450.28 million in 2021. The market is estimated to grow at a CAGR of 8.1% from 2021 to 2028. The report provides trends prevailing in the North America microalgae-based products market along with the drivers and restraints pertaining to the market growth. Growing demand for microalgae in pharmaceuticals and nutraceuticals is the major factor driving the growth of the North America microalgae-based products market. However, issues associated with the complex and expensive manufacturing process hinder the growth of North America microalgae-based products market.

On the basis of product type, the North America 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. Based on country, the microalgae-based products market is classified into US, Canada, and Mexico.

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 market growth.

Algae Health Sciences - A BGG company; AstaReal; Cargill, Incorporated; Cellana Inc.; 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 North America 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 2021, BGG World (BGG) has received a patent from the United States Patent and Trademark Office (US Patent #10,827,775) for the use of Astaxanthin to support cardiac function during exercise.