Europe Microalgae-Based Products Market Trends, Size, Segment and Growth by Forecast to 2030

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.

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Market Introduction

Europe, home to developed economies such as Germany, France,
the UK, and Italy, stands out for its high living standards and elevated income
levels, particularly in the western region. This area ranks among the
wealthiest in Europe, boasting a per capita GDP that surpasses many other
regions. European consumers exhibit diverse preferences shaped by their
economic status, culinary traditions, and consumption habits across various
countries.

The European market for microalgae-based products is
well-established and mature. Numerous national and international companies
operate here, offering a variety of products through both offline and online
retail channels, further fueling market growth. Additionally, the EU Bioeconomy
Strategy emphasizes the expansion of the bio-based sector. However, despite its
potential, the algae biomass value chain in Europe remains underdeveloped, with
noticeable knowledge gaps concerning its scale, capabilities, organization, and
structure.

At least half of the companies in the region are engaged in
the production of microalgae and Spirulina. France, Ireland, and Spain lead in
macroalgae production units, while Germany, Spain, and Italy dominate
microalgae production. Spirulina producers have also established strong
footholds in France, Italy, Germany, and Spain. Algae and Spirulina biomass are
increasingly used in food and related sectors, particularly in high-value
applications such as food supplements and nutraceuticals.

Organizations like the European Biomass Industry Association
and EnhanceMicroAlgae play an active role in promoting the development of
microalgae, recognizing its potential as a valuable source of chemical
compounds for applications in agriculture, food, nutraceuticals, cosmetics, and
pharmaceuticals. The European Biomass Industry Association, in particular,
continues to drive new projects aimed at cultivating microalgae and expanding
its use as high-quality biomass across multiple sectors. The rising focus on
scaling up algae production is a key driver of market growth in Europe.

The COVID-19 pandemic initially impacted the market, with
France, the UK, and Russia among the hardest hit. Disruptions in supply chains
and industrial operations temporarily affected raw material availability and
pricing, causing setbacks in the microalgae-based products sector. However, the
pandemic also accelerated a shift in consumer lifestyles, with increased demand
for sustainable and health-focused ingredients. As industries such as food
& beverages, pharmaceuticals, nutraceuticals, and animal feed recover and
expand post-pandemic, the demand for microalgae-based products is expected to
rise in tandem, supporting continued market growth in the region.

Europe Microalgae-Based Products Strategic Insights

Strategic insights for the Europe 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.

Market leaders and key company profiles

  AstaReal

  Bluebiotech
International Gmbh

  Cargill,
Incorporated

  Cyanotech
Corporation

  E.I.D. - Parry
(India) Limited

  Earthrise
Nutritionals, Llc

  Far East Bio-Tec
Co., Ltd


Europe Microalgae-Based Products Regional Insights

The geographic scope of the Europe 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.

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.

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Author’s Bio
Akshay
Senior Market Research Expert at Business Market Insights