Europe Microalgae-Based Products Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product Type (Spirulina, Chlorella, Astaxanthin, Beta Carotene, and Others) and Application (Food and Beverages, Animal Feed, Pharmaceuticals and Nutraceuticals, Personal Care, and Others)

Market Introduction

European continent comprises several developing economies such as Germany, France, UK, and Italy, among others. The western region of Europe is known for its higher standards of living, with people displaying a higher income level. It is considered as one of the wealthiest regions on the European continent, with per capita Gross Domestic Product (GDP) higher than the other parts. The European consumer portrays variations in preferences and replicates economic status, culinary practices, and consumption habits of various countries. Europe is a well-established and mature market for microalgae-based products. The additionally, many national and international companies are offering different products in the market through offline and online retail channels. This factor is influencing the market growth in this region. The EU Bioeconomy Strategy is strongly focused on development of the EU bio-based sectors. However, the potential of the algae biomass value chain is note completely recognized and significant amount of knowledge gaps still exist with regards to the dimension, capability, organization and structure in Europe. Further, approximately at least 50% of companies are involved in production of microalgae and/or Spirulina in the region. France, Ireland, and Spain are considered as the leading countries in number of macroalgae production units while Germany, Spain, and Italy lead in production of microalgae. Also, spirulina producers have established their presence across France, Italy, Germany, and Spain countries. The use of algae and spirulina biomass is extended across food and food-related applications such as in high-value products for food supplements and nutraceuticals. Associations such as European Biomass Industry Association, EnhanceMicroAlgae and others are significantly involved in promoting and development of microalgae. Biomass obtained from microalgae and macroalgae is significantly recognized as a source of chemical constituents for use in diverse application bases, such as agri-horticultural sector, use as food ingredients, nutraceuticals, cosmeceuticals, and pharmaceuticals. Similarly, the European Biomass Industry Association is strongly involved in investigating and developing new projects aimed towards microalgae cultivation and their application as high-quality biomass across diverse market sectors. Growing focus towards increased algae Production is the major factor driving the growth of the Europe microalgae-based products market.

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.

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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.

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.

Reasons to buy report

To understand the Europe microalgae-based products market landscape and identify market segments that are most likely to guarantee a strong return
Stay ahead of the race by comprehending the ever-changing competitive landscape for Europe microalgae-based products market
Efficiently plan M&A and partnership deals in Europe microalgae-based products market by identifying market segments with the most promising probable sales
Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form Europe microalgae-based products market
Obtain market revenue forecast for market by various segments from 2021-2028 in Europe region.

Europe Microalgae-Based Products Market Segmentation

Europe Microalgae-Based Products Market -By Product Type

Spirulina
Chlorella
Astaxanthin
Beta Carotene
Others

Europe Microalgae-Based Products Market –By Application

Food and Beverages
Animal Feed
Pharmaceuticals and Neutraceuticals
Personal Care
Others

Europe Microalgae-Based Products Market -By Country

Europe Microalgae-Based Products Market -Company Profiles

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. Europe 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. Europe Microalgae-Based Products Market – Key Market Dynamics

5.1 Market Drivers

5.1.1 Rise 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 Growing 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 – Europe Market Analysis

6.1 Microalgae-Based Products Market Overview

6.2 Europe Microalgae-Based Products Market –Revenue and Forecast to 2028 (US$ Million)

7. Europe Microalgae-Based Products Market Analysis – By Product Type

7.1 Overview

7.2 Europe 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. Europe Microalgae-Based Products Market Analysis – By Application

8.1 Overview

8.2 Europe 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. Europe Microalgae-Based Products Market – Country Analysis

9.1 Overview

9.1.1 Europe: Microalgae-Based Products Market, by Key Country

9.1.1.1 Germany: Microalgae-Based Products Market –Revenue and Forecast to 2028 (US$ Million)

9.1.1.1.1 Germany: Microalgae-Based Products Market, by Type

9.1.1.1.2 Germany: Microalgae-Based Products Market, by Application

9.1.1.2 France: Microalgae-Based Products Market –Revenue and Forecast to 2028 (US$ Million)

9.1.1.2.1 France: Microalgae-Based Products Market, by Type

9.1.1.2.2 France: Microalgae-Based Products Market, by Application

9.1.1.3 Italy: Microalgae-Based Products Market –Revenue and Forecast to 2028 (US$ Million)

9.1.1.3.1 Italy: Microalgae-Based Products Market, by Type

9.1.1.3.2 Italy: Microalgae-Based Products Market, by Application

9.1.1.4 United Kingdom: Microalgae-Based Products Market –Revenue and Forecast to 2028 (US$ Million)

9.1.1.4.1 United Kingdom: Microalgae-Based Products Market, by Type

9.1.1.4.2 United Kingdom: Microalgae-Based Products Market, by Application

9.1.1.5 Russia: Microalgae-Based Products Market –Revenue and Forecast to 2028 (US$ Million)

9.1.1.5.1 Russia: Microalgae-Based Products Market, by Type

9.1.1.5.2 Russia: Microalgae-Based Products Market, by Application

9.1.1.6 Rest of Europe: Microalgae-Based Products Market –Revenue and Forecast to 2028 (US$ Million)

9.1.1.6.1 Rest of Europe: Microalgae-Based Products Market, by Type

9.1.1.6.2 Rest of Europe: 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

11.3 Product Approval

12. Company Profiles

12.1 Bluebiotech International Gmbh

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 Cargill, Incorporated

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 Earthrise Nutritionals, Llc

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 E.I.D. - Parry (India) Limited

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 Cyanotech Corporation

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. Europe Microalgae-Based Products Market –Revenue and Forecast to 2028 (US$ Million)

Table 2. Germany Microalgae-Based Products Market, by Type – Revenue and Forecast to 2028 (USD Million)

Table 3. Germany Microalgae-Based Products Market, by Application – Revenue and Forecast to 2028 (USD Million)

Table 4. France Microalgae-Based Products Market, by Type– Revenue and Forecast to 2028 (USD Million)

Table 5. France Microalgae-Based Products Market, by Application– Revenue and Forecast to 2028 (USD Million)

Table 6. Italy Microalgae-Based Products Market, by Type – Revenue and Forecast to 2028 (USD Million)

Table 7. Italy Microalgae-Based Products Market, by Application – Revenue and Forecast to 2028 (USD Million)

Table 8. United Kingdom Microalgae-Based Products Market, by Type – Revenue and Forecast to 2028 (USD Million)

Table 9. United Kingdom Microalgae-Based Products Market, by Application– Revenue and Forecast to 2028 (USD Million)

Table 10. Russia Microalgae-Based Products Market, by Type – Revenue and Forecast to 2028 (USD Million)

Table 11. Russia Microalgae-Based Products Market, by Application– Revenue and Forecast to 2028 (USD Million)

Table 12. Rest of Europe Microalgae-Based Products Market, by Type – Revenue and Forecast to 2028 (USD Million)

Table 13. Rest of Europe Microalgae-Based Products Market, by Application– Revenue and Forecast to 2028 (USD Million)

Table 14. Glossary of Terms, Europe Microalgae-Based Products Market

Europe Microalgae-Based Products Market Segmentation

Figure 2. Europe Microalgae-Based Products Market Segmentation – By Country

Figure 3. Europe Microalgae-Based Products Market Overview

Figure 4. Spirulina Segment is Dominating the Europe Microalgae-Based Products Market

Figure 5. Rest of Europe Held Largest Share of Europe Microalgae-Based Products Market

Figure 6. Europe 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. Europe Microalgae-based products Market Impact Analysis of Drivers and Restraints

Figure 11. Europe: Microalgae-Based Products Market – Revenue and Forecast to 2028 (US$ Million)

Figure 12. Europe Microalgae-Based Products Market Breakdown, By Product Type, 2020 & 2028 (%)

Figure 13. Europe Spirulina: Microalgae-Based Products Market, Revenue and Forecast to 2028 (US$ Million)

Figure 14. Europe Chlorella: Microalgae-Based Products Market, Revenue and Forecast to 2028 (US$ Million)

Figure 15. Europe Astaxanthin: Microalgae-Based Products Market, Revenue and Forecast to 2028 (US$ Million)

Figure 16. Europe Beta Carotene: Microalgae-Based Products Market, Revenue and Forecast to 2028 (US$ Million)

Figure 17. Europe Others: Microalgae-Based Products Market, Revenue and Forecast to 2028 (US$ Million)

Figure 18. Europe Microalgae-Based Products Market Breakdown, by End Use Industry, 2020 & 2028 (%)

Figure 19. Europe Food and Beverages: Microalgae-Based Products Market – Revenue and Forecast To 2028 (US$ Million)

Figure 20. Europe Animal Feed: Microalgae-Based Products Market – Revenue and Forecast To 2028 (US$ Million)

Figure 21. Europe Pharmaceuticals and Nutraceuticals: Microalgae-Based Products Market – Revenue and Forecast To 2028 (US$ Million)

Figure 22. Europe Personal Care: Microalgae-Based Products Market – Revenue and Forecast To 2028 (US$ Million)

Figure 23. Europe Others: Microalgae-Based Products Market – Revenue and Forecast To 2028 (US$ Million)

Figure 24. Europe: Microalgae-Based Products Market, by Key Country-Revenue 2020 (US$ Million)

Figure 25. Europe: Microalgae-Based Products Market Revenue Share, by Key Country (2020 and 2028)

Figure 26. Germany: Microalgae-Based Products Market –Revenue and Forecast to 2028 (US$ Million)

Figure 27. France: Microalgae-Based Products Market –Revenue and Forecast to 2028 (US$ Million)

Figure 28. Italy: Microalgae-Based Products Market –Revenue and Forecast to 2028 (US$ Million)

Figure 29. United Kingdom: Microalgae-Based Products Market –Revenue and Forecast to 2028 (US$ Million)

Figure 30. Russia: Microalgae-Based Products Market –Revenue and Forecast to 2028 (US$ Million)

Figure 31. Rest of Europe: Microalgae-Based Products Market –Revenue and Forecast to 2028 (US$ Million)

Figure 32. Impact of COVID-19 Pandemic in Europe

Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the Europe Microalgae-Based Products market.
Highlights key business priorities in order to assist companies to realign their business strategies
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Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
Scrutinize in-depth Europe market trends and outlook coupled with the factors driving the Microalgae-Based Products market, as well as those hindering it
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution

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Europe Microalgae-Based Products Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product Type (Spirulina, Chlorella, Astaxanthin, Beta Carotene, and Others) and Application (Food and Beverages, Animal Feed, Pharmaceuticals and Nutraceuticals, Personal Care, and Others)

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