Description: The global Microalgae market is estimated and forecasted in terms of revenue (USD million) generated by microalgae market. Microalgae are microscopic plankton that convert solar energy into chemical energy through photosynthesis and contains numerous number of bioactive compounds than can be used at a commercial scale. Use of microalgae It is mostly used to produce a wide variety of wide range of metabolites such as proteins, lipids, carbohydrates, carotenoids or vitamins for health, food and feed additives, cosmetics and for energy production. The commercial application of microalgae includes microalgae can be used to enhance the nutritional value of food and animal feed owing to their chemical composition; they play a crucial role in aquaculture and they can be incorporated into cosmetics. Moreover, they are cultivated as a source of highly valuable molecules. Key factors driving the growth of microalgae Rising demand of functional food, growing applications and cost effective raw material. Moreover, the highest growth is attributed to technological and scientific innovations and developments, along with increasing importance and use of microalgae in the agri food market. Large investments from government and industries has stimulated the biotechnological research of microalgae. However, the growth of the microalgae market is hindered by factors such as, lack of co-ordination between research organizations and microalgae producers and high technology cost.
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Based on the type of algae, In 2017, the spirulina segment accounted for the largest market share and is expected to maintain its dominance over the forecast period owing to it wide range of commercial application and increasing demand for nutritional supplement as it is an excellent source of proteins, vitamins, and pigments