REDDING, Calif., July 3, 2024 /PRNewswire/ -- According to a new market research report titled, 'Nannochloropsis Market Size, Share, Forecast, & Trends Analysis by Form (Frozen, Liquid, Powder, Fresh Pastes), Application (Aquafeed, Extraction Companies)- Global Forecast to 2031,' published by Meticulous Research®, the Nannochloropsis market is projected to reach $14.0 million by 2031, at a CAGR of 8.5% from 2024 to 2031. In terms of volume, the Nannochloropsis market is projected to reach 122 tons by 2031, at a CAGR of 9.4% during the forecast period of 2024-2031.
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The growth of the Nannochloropsis market is driven by the increasing demand for algal protein, the growing demand for protein-rich and lipid-rich aquafeed, and the rising demand for omega-3 fatty acids. However, the complex production process restrains the growth of this market.
Furthermore, the growing demand from the biodiesel industry is expected to offer market growth opportunities. However, the risk of Nannochloropsis contamination is a major challenge impacting the growth of the Nannochloropsis market.
Nannochloropsis is a genus of green microalgae, a nonmotile sphere shaped with an average diameter of 2-5 microns. It is found in both fresh and marine environments. There is a great interest in Nannochloropsis production, primarily because it contains a considerable amount of lipids and protein, making it a very interesting nutritional profile. Nannochloropsis cell mass comprises 50-55% crude protein. It has been used in the production of aquafeed, nutraceuticals, and feed supplements for several decades.
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The Nannochloropsis market is segmented by form (frozen, liquid, powder, and fresh pastes), application (aquafeed, extraction companies, and other applications), and geography (North America, Europe, Latin America, Asia-Pacific, and the Middle East & Africa).
The report includes an extensive assessment of the key strategic developments by leading market participants in the industry over the past four years (2021-2024). The Nannochloropsis market has witnessed several partnerships, agreements, collaborations, mergers, and acquisitions in recent years. The key players operating in the Nannochloropsis market are Proviron Industries NV (Belgium), Reed Mariculture Inc. (U.S.), Necton S.A. (Portugal), BlueBioTech Group (Germany), Allmicroalgae Natural Products S.A. (Portugal), Algatechnologies Ltd. (A Part of Solabia Group) (Israel), A4f Algae for Future (Portugal), Green Aqua Company SGPS S.A. (Portugal), AlgaSpring B.V. (Netherlands), Archimede Ricerche S.r.l (Italy), Astaxa GmbH (Germany), and Shaivaa Algaetech LLP (India).
Key Findings in the Nannochloropsis Market Study:
Among all the forms studied in this report, in terms of value, in 2024, the frozen segment is expected to account for the largest share of over 61.5% of the Nannochloropsis market. The large market share of this segment is attributed to the higher adoption of frozen Nannochloropsis in aquafeed applications, especially in aquaculture hatcheries to establish the initial step of an artificial food chain considering its high nutritional value and rich source of fatty acids (EPA, ARA). Moreover, this segment is also projected to register the highest CAGR of 8.9% during the forecast period of 2024-2031 because frozen Nannochloropsis biomass promotes easier management in biomass production of lipid-enriched rotifers.
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Among all the applications studied in this report, in 2024, the aquafeed segment is expected to account for the larger share of 73% of the Nannochloropsis market. The large share of this segment is attributed to the extensive use of Nannochloropsis sp. in aquaculture due to its nutritional value and ability to produce valuable chemical compounds, such as pigments (zeaxanthin, astaxanthin, and canthaxanthin) and polyunsaturated fatty acids.
Based on geography, the Nannochloropsis market is majorly segmented into five regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In terms of value, in 2024, Europe is expected to account for the largest share of 35.7% of the Nannochloropsis market. This region is also slated to register the highest CAGR of 9.0% during the forecast period of 2024-2031. Europe's large market share is attributed to the growing aquaculture industry and need for aquafeed, increasing health awareness, rising demand for omega-3 fatty acids, and increasing demand for algae protein. Additionally, the growing demand from the biodiesel industry is expected to create lucrative opportunities for Nannochloropsis manufacturers in the region.
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Scope of the Report:
Nannochloropsis Market Assessment-by Form
- Frozen
- Liquid
- Powder
- Fresh Pastes
Nannochloropsis Market Assessment-by Application
- Aquafeed
- Extraction Companies
- Other Applications
Nannochloropsis Market Assessment-by Geography
- North America
- U.S.
- Canada
- Europe
- Spain
- Portugal
- Germany
- Italy
- France
- U.K.
- Denmark
- Sweden
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- Rest of Asia-Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East and Africa
- Egypt
- Saudi Arabia
- South Africa
- UAE
- Rest of Middle East & Africa
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