Albany, NY -- (SBWIRE) -- 08/16/2018 -- According to a fresh market study, the global market for microalgae is primed for a prosperous future. Microalgae are an essential part of the food chain and it has emerged as new promising source of nutrients that comprise high-value compounds such as anti-oxidants, pigments, and fatty acids. To elaborate further, Market Research Hub (MRH) has publicized a study titled to its vast repository, which is titled as "Global Microalgae Market: North America to be Largest Market for Microalgae during 2017 to 2026" and incorporates all major trends playing a fundamental role in growth of the global microalgae market, and highlights opportunities, restraints and drivers that are likely to encourage market growth through the forecast period.
It has been clearly stated that microalgae are a source of a wide variety of nutrients such as omega-3 fatty acids, and are a particularly large source of protein. The analysts of the report projects the global market for microalgae to exhibit a moderate growth through 2026. Worldwide sales of microalgae are projected to exceed US$ 75 Mn in revenues by 2026 end. Further, the report also finds that the market size and quantities of nutrients produced from microalgae, although being considerably smaller than various other commodity crops, outlook of demand for microalgae-based nutrients is expected to be impressive in the foreseeable future.
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Being a rich source of fiber, enzymes, protein, and carbohydrates, microalgae have become a major source of food ingredients, mainly across Asia countries such as South Korea, and China. Nowadays, micro-algae are promoted as dietary supplements (tablets, capsules, and powders) and promoted as "superfoods," added to lattes, smoothies, and even chips and cookies. In order to provide better understanding of the market, the research study has been classified on the basis of region, product type, applications and sales channel. Region-wise segmentation highlights market growth in Latin America, Japan, Europe, North America, APEJ and MEA. On the basis of product type, the study covers spirulina, chlorella and dunaliella salina. Applications of microalgae covered in the study include pharmaceutical, food and feed, chemical, cosmetics and other. These segments have been scrutinized and analyzed based on a comparative study that involves revenues, market share, and Y-o-Y growth through the forecast period.
As per the research, Spirulina will continue to be the leading revenue funding product in the global microalgae market.
In terms of application, Food and feed industry is expected to prevail as the leading application of microalgae, in terms of revenues as well as sales expansion.
Geographically, North America anticipated to remain lucrative market for microalgae.
This report also profiles key players operating in the global microalgae market, which are Fuqing King Dnarmsa Spirulina Co. Ltd, Cyanotech Corporation, Algae.Tec Limited, TerraVia Holdings, Inc., E.I.D.- Parry (India) Limited, DIC Corporation, Cellana, LLC, and Taau Australia Pty Ltd.
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