Microphytes Market Size, Share & Industry Analysis, By Product type (Spirulina, Chlorella, Dunaliella Salina, Red Aphanocapsa, Others), By Application (Food, Feed, Pharmaceuticals, Biofuel) and Regional Forecast, 2024-2032

A macrophyte is a plant growing in areas affected by water generally emerging or hovering. Macrophytes offer shelter for fish in water, substrates for marine environments, provides oxygen and serves as habitat for some aquatic wildlife. Microphytes are microscopic algae typically found in freshwater and marine environments. There are members with a single cell that exists in chains or groups or even separately. Microphytes can be developed to have a high content oil, which can generate either biofuels or animal feed, or both. Alternatively, microalgae biomass, which is high in nutrients, encourages the manufacture of dietry additives and promotes human health.

Due to  significantly high oil content and rapid biomass growth, macrophytes have increasingly been known as seemingly useful sources of biofuel development which is driving the market for microphytes. The process of algae oil generation is observed to be highly energy efficient than traditional approaches and fuel economy is approximately double that of gasoline cars. These factors help in propelling the growth of the market. Hydrogen is plentiful and can be produced from sustainable energy which drives the market. However, the cost of manufacture is significant energy needed to distribute gases and other resources inside the image bioreactors where the algae grows. In addition d rying out the biomass requires resources, too. Furthermore, excessive growth of algae can degrade or inhibit other types of aquatic plant life and can obstruct the sunlight required for proper development.

Key Market Driver -

Increased application in fertilizers as well as bio-fuels drives the market.

Key Market Restraint -

Increased production costs coupled with concerns for harmful effect to aquatic life restrict the market growth

Market Segmentation:

Based on product type, the market for microphytes is further segmented into spirulina, chlorella, dunaliella salina, red aphanocapsa and others. Based on application, the market for microphytes is further segmented into food, feed, pharmaceuticals, biofuel. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Players Covered:

The global microphytes market is fairly fragmented, with a number of regional players operating. Some of the key players in the microphytes market includes DIC Corporation, Focus Technology Co., Ltd., Algaetech Group of Companies, Cyanotech Corporation, Australian Spirulina, sjn AG, Fuqing King Dnarmsa Spirulina Co.,Ltd., Dongying Haifu Biology Engineering Co.,Ltd., Dongtai City Spirulina Bio-engineering Co., Ltd., and others.

Key Insights

• New Advancements in Production Technologies


• Key Trends in the Microphytes Market


• New Product Launches, Expansions, Key Players


• Ranking of Key Players in the Market

Regional Analysis:

In terms of Geography, the microphytes market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In terms of both consumption and output the Asia-Pacific region dominates the microphytes market. The region's growth has been driven by the favorable economic climate and the advent of many domestic producers with strong technical capabilities. Reducing reliance on fossil fuel and extracting fuel from a range of biomass resources has helped stabilize transportation fuel costs in Asia Pacific regions which in turn drives the market. Strong market knowledge, consumer awareness, manufacturing bases and, most significantly, a diverse end-user environment fuel North American industry. Further inclination to sustainable sources of energy and its expanded use as a biofuel has driven the microphyte market in Europeon regions. Strong campaigns by groups that broadly oppose the use of feedstocks from biomass for the production of transport fuels has helped in the market growth. Recent adoption have led EU and nationwide policy-makers and executives to change their bio fuels policies. It is anticipated that the Middle East and Africa will face steady growth due to the government 's influence of regulations relating to greenhouse gas emissions reduction that has helped in market growth. Latin America is seeing relatively slow growth as a result of the limited number of manufacturers slowing down the market growth.

To gain extensive insights into the market, Request for Customization

Segmentation

Microphytes Industry Developments

• On 9^th January 2019, Algae World Inc., a subsidiary of KYN Capital Group Inc., reported that Algae World will be expanding into Bangladesh. This will comprise of the development of an enclosed algae production facility concentrating on pharmaceuticals, biodiesel and nutraceuticals. It was committed in creating more clean and sustainable technologies offering the ideal green forum for various end use applications.