Chlorella Market Size at a CAGR of 8.4% and meet the value 0.52 billion by 2030.
Chlorella Market Outlook
The Chlorella market has witnessed substantial growth in recent years, driven by increasing consumer awareness of health and wellness, the rising popularity of vegetarianism, and the expanding nutraceutical industry. According to market research, the Chlorella Market Size was valued at USD 0.3 billion in 2022, and it is projected to reach USD 0.52 billion by 2030, with a compound annual growth rate (CAGR) of 8.4% during the forecast period of 2023-2030. This remarkable growth can be attributed to several key factors, including the development of Chlorella-based food and beverage products and the strong market drivers supporting its growing market share.
Chlorella Market Size is a green alga belonging to the Chlorophyta taxon. Recent research on algae has revealed that many algae contain high concentrations of products beneficial to humans. This has driven interest in algae-based research efforts to single out beneficial compounds from algae. Chlorella is one of the leading algal products, in that it is being used to produce various food and beverage products such as nutraceuticals and functional foods. Chlorella extracts have been shown to contain significant volumes of antioxidants, as well as anti-inflammatory and antibacterial compounds. Chlorella products are also claimed to have a role in lowering the risk of heart trouble, lowering blood pressure and cholesterol levels, speeding up wound healing, augmenting liver health, and promoting eye health. Such tall claims have only been partially validated, but nutraceuticals and functional food manufacturers have nevertheless taken up chlorella as something of a cure-all product. This has driven the demand for chlorella products in the food and beverage industry. The increasing demand for functional foods and the growing awareness of algal products are likely to remain a major driver for the Organic chlorella market over the forecast period.
On the other hand, the high costs of chlorella products are likely to hold back the market over the forecast period. Chlorella requires carbonated water and artificial light and shares for optimal growth, raising the need for expenses in the cultivation of chlorella. Using chlorella as a food ingredient also requires pulverization of the cell walls of the algal cells, which requires expensive equipment. These costs are then passed on to the consumer, making chlorella products highly expensive. This is likely to remain a key restraint on the global chlorella market over the forecast period.
Segmentation:
The global chlorella market is segmented based on type, application, and region.
By type, the global chlorella market trends are segmented into Chlorella Vulgaris, Chlorella pyrenoidosa, and others.
By application, the global chlorella market is segmented into functional food and beverages, nutraceuticals and pharmaceuticals, personal care products, and others. The nutraceuticals and pharmaceuticals segment are likely to dominate the global chlorella market over the forecast period, with the segment expected to reach a volume of 2,532 thousand kg by 2025.
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Competitive Leaderboard:
Leading players in the global Key chlorella Market Players include Green Source Organics, Sure Chemical Co. Ltd., STAUBER Performance Ingredients, Tianjin Norland Biotech Co. Ltd., Fuqing King Dnarmsa Spirulina Co. Ltd., Yaeyama Shokusan Co. Ltd., Far East Bio-Tec Co. Ltd., EID – Parry (India) Ltd., and Gong Bih Enterprise Co. Ltd. Efforts to make the production of chlorella products more cost-efficient are likely to be a major theme in the global chlorella market over the forecast period. Product diversification to increase the application range of chlorella products is also likely to be a major tactic for players in the global chlorella market.
Regional Analysis:
The Asia Pacific is expected to dominate the global chlorella market overview’s over the forecast period due to the growing demand for pharmaceutical and nutraceuticals products in the region. The Asia Pacific region accounted for a 37.89% share in the global chlorella market in 2018.
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