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(IndustryNews247.Com, August 13, 2022 ) According to a new market research report titled “Chlorella Market by Technology (Open Pond), Product Type (Extract, Capsules), Source (Chlorella Vulgaris, Chlorella Pyrenoidosa or Sorokiniana), Application (Nutraceutical, Food and Beverages, Animal Feed), Geography– Global Forecast to 2028,” published by Meticulous Research®, the chlorella market is expected to reach $412.3 million by 2028, at a CAGR of 6.3% during the forecast period of 2021 to 2028. The growth of this market is mainly attributed to key factors such as the growing inclination of consumers toward a protein-rich diet, increasing health and wellness trends, development of innovative chlorella food and beverages products, growing nutraceutical industry, and growing vegetarianism across the globe. Moreover, the emergence of a new product: chlorella extracts, provides lucrative opportunities for players operating in this market.
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Consumers are increasingly focused on living longer and healthier. Their preferences have shifted towards eating more natural, free from additives or preservatives, and organic food. Also, well-being is becoming nothing short of a global movement, as consumers seek to ensure healthy lives for as long as possible, particularly as average lifespans continue to rise.
Chlorella is a type of algae that packs a big nutrient punch, as it is a good source of several vitamins, minerals, and antioxidants. Emerging research shows that it could help shuttle toxins out of the body and improve cholesterol and blood sugar levels, among other health benefits. Further, rapid diets and lifestyles have occurred with industrialization, urbanization, economic development, and globalization. This is having a significant impact on populations' health and nutritional status, particularly in developing countries.
In addition, the aging global population, rising chronic disease rates, rising in self-care, treatment & prevention, and increasingly educated & connected consumer trends are contributing to an increased focus on health and wellness. Consumers are also focusing on simplicity and transparency. Globally, the top three most appealing claims or descriptions are natural/all-natural, no artificial ingredients, and low or reduced fat/sugar/salt.
Besides, growing health awareness has increased demand for food products that support better health, especially low-fat, cholesterol, protein-rich, and weight control products. As a result, the number of food products containing plant-based proteins has grown distinctly in recent years. Also, all-natural and clean label trends within the F&B market are expected to increase the demand for natural ingredients, such as plant-based proteins, to produce natural and clean label products.
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As the global trend for healthy and convenient food products continues, there is an opportunity for chlorella to be used in products with natural health claims, such as GMO-free, organic, and no additives. Since chlorella is high in protein and other essential nutrients, such as antioxidants, chlorophyll, vitamins, minerals, and fiber, changing food preferences and increasing health consciousness among consumers will positively impact the growth of the market.
Impact of COVID-19 on the Chlorella Market
The chlorella market is experiencing a positive impact mainly due to its key role in the immune health system. Chlorella is used as a healthy, natural, and sustainable superfood, which is in demand during COVID-19. During the pandemic, consumers demanded more food or ingredients which strengthen the immune and digestive system. For this reason, microalgae/algae have been one of the superfoods trends in Europe. The microalgae chlorella is rich in nutrients and bio compounds that are key factors in detoxifying, antioxidant, and immunity activity.
However, F&B companies across the world have felt the impact of COVID-19. Social distancing, self-isolation, and city-wide lockdowns forced many establishments to close in countries across Asia, the U.S., and Europe. In the U.K., the U.S., and Australia, supermarket chains have started to enforce new rules to curb panic buying, while suppliers and factory workers have put additional health and safety measures in place to keep consumers safe. Moreover, manufacturers of consumer food & beverage products have also faced significantly reduced consumption and disrupted supply chains. The food & beverage industry has witnessed a slight downfall due to the lockdowns imposed across various countries. All these factors somehow restricted the demand for chlorella in the market.
In addition, various government bodies have passed various rules and regulations for the purchase of essential goods. For instance, Singapore's clampdown on products that claim to have COVID-19 health claims. South Korea’s Ministry of Food and Drug Safety announced that it would re-evaluate the safety and functionality of 12 functional raw materials in 2020. Also, the Taiwan Food and Drug Administration introduced new labeling rules for special medical foods. Further, according to trade organizations in the nutritional products industry, there is a significant impact on many points in the global supply chain for functional foods and dietary supplements. This will result in a slowdown in the sales and consumption of chlorella by its end users, impacting the chlorella market. Thus, the negative impact on the global economy, supply chains, and trade indirectly hampered the chlorella market's growth to some extent.
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Key Findings in the Chlorella Market Study:
Based on the technology, the heterotrophic segment is expected to grow with the fastest CAGR during the forecast period. The fast growth of this segment is primarily attributed to major factors such as higher productivity, lower risk of contamination, low water consumption, low space usage, and excellent purity of biomass. Further, its use to obtain higher cell concentration and products that are more suitable for the production of pure pharmaceuticals, nutraceuticals, and cosmetics are driving the demand for heterotrophic technology in the market.
However, the construction, maintenance, and operation costs of the heterotrophic systems are considerably higher, which is one of the major factors restricting the growth of this segment. Moreover, the autotrophic segment is expected to command the largest share of the overall chlorella market in 2021. The dominant position of this segment is mainly attributed to factors such as easy construction & management of open ponds, an cost-effective method for the production of large-scale biomass production, and more exposure of the culture to sunlight. Besides, the production of chlorella in open ponds by major chlorella-producing countries, such as Germany, Japan, China, the Czech Republic, and Taiwan, is expected to boost the production of chlorella by open pond technology.
Based on product type, the powder segment is expected to command the largest share of the overall chlorella market in 2021. The large share of this segment is mainly attributed to its strong coloring ability, growing number of health-conscious customers, and ability of chlorella powder to get rid of heavy metal and ash content like mercury from the body. Further, the large use of chlorella powder in the chlorella tablets, chlorella capsules, extracts, instant noodles, dumplings, bakery, beverages, ice cream, and dietary supplements, etc. drives its demand in the market.
Moreover, the extracts segment is expected to grow with the fastest CAGR during the forecast period. The growing demand for chlorella from functional food & supplement manufacturers and the presence of high levels of water-based nutrients, such as essential amino acids, vitamin A, B vitamins, iron, calcium, chlorophyll, lutein, and zeaxanthin, are some of the factors driving the growth of this segment.
Based on source, the chlorella pyrenoidosa or sorokiniana segment is expected to grow at the highest CAGR during the forecast period. The fast growth of this segment is primarily attributed to its ability to grow very quickly, higher concentration of some vitamins and amino acids, like choline, and higher protein content. Further, chlorella pyrenoidosa or sorokiniana potential to provide natural detoxification for immune support. Moreover, the chlorella vulgaris segment is expected to command a large share of the overall chlorella market in 2021. The large share of this market is mainly attributed to the growing demand for novel and natural flavored plant-based protein-rich ingredients and growing application in the biofuel industry.
Based on the application, the nutraceutical segment is expected to command the largest share of the overall chlorella market in 2021. The large share of this segment is primarily attributed to the properties and advantages of chlorella as an ideal health product that regulates immune effects and balances the body. In addition, chlorella extracts possess diverse antitumor, antioxidant, anti-inflammatory, and antimicrobial features, further driving the demand for chlorella in the nutraceuticals industry.
Europe is expected to grow at the highest CAGR during the forecast period. The fast growth of this region is primarily attributed to the rising demand for chlorella in cosmetic and personal care items; consumer's willingness to pay higher prices for more natural, less processed, and environment-friendly products; and growing attraction among consumers for natural food products.
The report includes a competitive landscape based on an extensive assessment of the key strategic developments adopted by the leading market participants in the chlorella market over the last four years (2018-2021). The key players operating in the global chlorella market are Flora Manufacturing & Distributing Ltd. (Canada), Roquette Klötze GmbH & Co. KG (Germany), Phycom (Netherlands), Tianjin Norland Biotech Co., Ltd. (China), Fuqing King Dnarmsa Spirulina Co. Ltd. (China), Far East Microalgae Industries, Co., Ltd.(FEMICO) (Taiwan), Allmicroalgae - Natural Products, S.A (Portugal), Qingdao Haizhijiao Biotechnology Co., Ltd. (China), STAUBER (U.S.), Alver World SA (Switzerland), AlgoSource (France), Taiwan Chlorella Manufacturing Company (Taiwan), E.I.D. - Parry (India) Limited (India), Dongtai City Spirulina Bio-engineering Co., Ltd. (China), Duplaco B.V. (The Netherlands), Sun Chlorella Corporation (Japan), Algorigin (Switzerland), Yunnan Green A Biological Project Co., Ltd (China), Zhejiang Comp Spirulina Co., Ltd. (China), Gong Bih Enterprise Co., Ltd. (China), and Wilson Group (Taiwan) among others.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/chlorella-market-5162
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