A study on the demand for microalgae in animal feed sector by Future Market Insights (FMI) offers compelling insights into key growth drivers and restraints impacting the growth trajectory through 2031. The survey further highlights various opportunities existing in key segments, including species type, source and region. It also highlights key strategies adopted by market players to increase product sales
DUBAI, UAE, Aug. 17, 2021 /PRNewswire/ -- As per a latest Future Market Insights (FMI) analysis, the demand for microalgae in animal feed sector will top US$ 57.5 Mn in 2021. The overall market is forecast to expand at 3.5% CAGR between 2021 and 2031, reaching a valuation of US$ 80.9 Mn by 2031 end. Growing population, rising demand for animal products, and increasing adoption of pets are some of the factors fuelling the demand for microalgae in animal feed sector.
Rapid urbanization, rising disposable income, and growing awareness regarding benefits of natural antibiotics such as astaxanthin are positively impacting the sales of microalgae products.
Increasing consumption of animal proteins also is creating opportunities for sales of high quality fish and animal feed to derive healthy source of proteins for humans. As a result, microalgae products are gaining traction.
The rise in global population has led to the exploration of alternative sources of energy and food. Microalgae supplements not only benefit animal diets but also add value to the end products. The inclusion of microalgae in animal diets improves overall yield in animals.
Adoption of microalgae as feed ingredients is increasing, especially as a renewable alternative to traditional counterparts such as corn and soybean. It has been found that microalgae have anti-oxidant, anti-microbial and diseases preventing properties that can increase the lifespan of animals and fishes. As a result, they are being increasingly adopted in animal feed.
According to FMI, the surging demand for microalgae products across aquaculture and poultry industries will create scope for the expansion of the market during the forecast period.
Spirulina will lead the market in terms of species type. It is expected to account for a market share of around 39% in 2021. This can be attributed to its highly nutritional properties. North America is one of the leading regions, exhibiting high demand for microalgae. It is expected to account for 36.1% of the global microalgae sales in animal feed sector in 2021.
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"Growing demand for meat and dairy products to cater to the consistently increasingly population will continue to fuel the demand for microalgae in the animal feed sector," says the FMI analyst.
Key Takeaways from Demand for Microalgae in Animal Feed Market Survey
- The U.S. will account for over 92% of sales in North America through 2031.
- Owing to the increasing sales of meat protein products, the demand for microalgae in Germany animal feed sector is expected to surpass a valuation of US$ 2.5 Mn in 2021.
- Brazil holds more than 52% value share in Latin America, driven by demand from a massive animal husbandry industry.
- Spirulina with its high nutritional properties account for more than 39% of the global market in 2021.
- Freshwater microalgae accounted for 82% of global demand for microalgae in animal feed sector in 2021.
Key Drivers
- Growing demand for meat and dairy products is bolstering the demand for microalgae in the animal feed sector.
- Rising awareness regarding the benefits of microalgae-based animal feed products is aiding the growth of the market.
- High adoption of microalgae products in aquaculture and poultry industry will further escalate the demand.
Key Restraints
- Availability of substitutes is hampering the demand for microalgae in the animal feed sector.
- High cost of microalgae-based animal feed also restraints the demand to some extent.
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Competitive Landscape
Key companies operating in the microalgae industry are aiming at developing new products. They have adopted various strategies such as mergers and acquisitions, development of new products and collaborations to gain a competitive edge in the market.
- In July 2021, AstaReal AB, part of the AstaReal Group introduced its astaxanthin brand NOVASTA in the European Market, to support optimal health and nutrition for a variety of animals. NOVASTA is rich in natural astaxanthin, carotenoids, proteins, carbohydrates and essential fatty acids.
- In July 2019 DSM, a global science-based company in nutrition, health and sustainable living, together with Evonik inaugurated their Veramaris 50-50 joint venture's commercial-scale US$ 200 million production facility in Blair, Neb. (USA. This new site will begin commercial production of omega-3 fatty acids rich EPA and DHA from natural marine algae for sustainable salmon farming.
Some of the prominent players operating in the demand for microalgae in animal feds sector market profiled by FMI are:
- DIC Corporation
- Cyanotech Corporation
- Koninkliijke DSM NV
- Roquette Frères
- BASF SE
- Fuji Chemical Industries Co., Ltd
- Parry Nutraceuticals
- BGG (Beijing Gingko Group)
- KDI Ingredients
- Sinoway Industrial Co., ltd.
- INNOBIO Corporation Limited
- Yunnan Alphy Biotech Co., Ltd.
- Algaecan Biotech Ltd.
- Algatechnologies Ltd.
- Cardax, Inc.,
- Igene Biotechnology, Inc.
- Fenchem Biotek Ltd.
- AstaReal Inc.,
- Others
More Insights on the Demand for Microalgae in Animal Feed Sector Sales Outlook
FMI provides an unbiased analysis of demand for microalgae in animal feed sector market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for microalgae in animal feed sector with a detailed segmentation on the basis of:
By Species Type:
- Spirulina
- Chlorella
- Dunaliella
- Haematococcus
- Crypthecodinium
- Schizochytrium
- Euglena
- Nannochloropsis
- Phaedactylum
- Others
By Source:
- Marine Water
- Fresh Water
By End Use Applications:
- Poultry Feed
- Swine Feed
- Cattle Feed
- Aquaculture Feed
- Equine Feed
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa (MEA)
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Key Questions Covered in the Demand for Microalgae in Animal Feed Sector Sales Outlook Report
- The report offers insight into demand for microalgae in animal feed sector demand outlook for 2021-2031
- The market study also highlights projected sales growth for demand for microalgae in animal feed sector market between 2021 and 2031
- Demand for microalgae in animal feed sector survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Demand for microalgae in animal feed sector share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
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