North America Microalgae-Based Products Market
North America comprises economies including, the US and Canada and developing countries such as Mexico. The rapid pace of technological developments and supporting government regulations have transformed North America into the most promising market for the food and beverage, healthcare and personal care sector. Consumers in the US and Canada are moving towards a healthy lifestyle and prefer products that provide health benefits. Therefore, the increasing health concern among consumers drives the growth of the microalgae-based products market in the region. With the increasing demand from customers for high-quality products and services, companies are constantly focusing on innovations to serve their customers in the best possible way. Moreover, high individual spending capacities in North America has promote the demand for innovative food and beverage, personal care and pharmaceutical products in the region. The growth of these industries is directly impacting the demand for microalgae-based products in global market. Several domestic and international companies have a strong foothold in the North American region. In the North America region, the United States is a major market for microalgae-based products followed by Canada and Mexico. Growing demand for microalgae in pharmaceuticals and nutraceuticals is the major factor driving the growth of the North America microalgae-based products market.
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.
Strategic insights for the North America 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.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 450.28 Million |
| Market Size by 2028 | US$ 776.43 Million |
| Global CAGR (2021 - 2028) | 8.1% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Product Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The geographic scope of the North America 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.
The microalgae-based products market in North America is expected to grow from US$ 450.28 million in 2021 to US$ 776.43 million by 2028; it is estimated to grow at a CAGR of 8.1% from 2021 to 2028. Microalgae are considered to be an invaluable source of biomass portraying a diverse range of potential applications. The potential applications of microalgae have gone beyond food and beverages, pharmaceuticals and nutraceuticals, personal care products, and animal nutrition products. Various studies demonstrate the use of microalgae as biofuels, fertilizers, and wastewater treatment agents. For instance, microalgal species such as Scenedesmus obliquus have been proven for their viability in biofuel production. Researchers have made several attempts to achieve economic production through the genetic and metabolic engineering of microalgal strains. As per an article published by Springer Nature, in March 2018, microalgae is regarded as one of the most promising feedstock for bioenergy production. Biofuels derived from algal biomass release oxygen levels of 10–45% along with very low levels of sulfur. Such biofuels are non-polluting, sustainable, and reliable, and poses strong potential for fixing global CO2.
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.
A few major primary and secondary sources referred to for preparing this report on microalgae-based products market in North America are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are 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 others.
The North America Microalgae-Based Products Market is valued at US$ 450.28 Million in 2021, it is projected to reach US$ 776.43 Million by 2028.
As per our report North America Microalgae-Based Products Market, the market size is valued at US$ 450.28 Million in 2021, projecting it to reach US$ 776.43 Million by 2028. This translates to a CAGR of approximately 8.1% during the forecast period.
The North America Microalgae-Based Products Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Microalgae-Based Products Market report:
The North America Microalgae-Based Products Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Microalgae-Based Products Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Microalgae-Based Products Market value chain can benefit from the information contained in a comprehensive market report.
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