Microphytes Market Share, Size, Expected Growth Opportunities and Forecast by 2029 | Is Microphytes Industry Hit Worst due to Russia-Ukraine War Impact?
The global microphytes market size is projected to showcase prominent growth owing to the increasing application of the product in fertilizers. This information is published by Fortune Business Insights™ in an upcoming report, titled, “Microphytes Market, 2021-2028.” The market for the substance is witnessing high demand, which is backed by its increasing applications in various end-user products, such as fertilizers, biofuels, and functional food for human consumption.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Microphytes Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Microphytes Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement.
We have categorized the market on the basis of type, application, and geographic location. In terms of type, the market is divided into spirulina, chlorella, dunaliella salina, red aphanocapsa, and others. Based on application, it is fragmented into food, feed, pharmaceuticals, and biofuel. On the basis of region, it is segmented into North America, Europe, South America, Asia Pacific, and the Middle East & Africa.
Highlights of the Report:
The report comprises segmentation of the market on the basis of product type, application, and region. In addition to this, it offers a detailed analysis of the companies based on their financial positions, product portfolios, and growth strategies. Apart from this, the report includes a comprehensive study of the core competencies of the key players and their market share to anticipate the degree of competition.
Drivers & Restraints-
Increasing Application in Biofuel Production to Drive Growth
The world’s vision of a sustainable future relies heavily on biofuels. They are considered as a potential alternative to petroleum fuel and have shown promising results in the development stage. Spirulina microalgae, one of the types of microphytes is considered as a possible candidate for biofuel production. For instance, according to the National Center for Biotechnology Information, the substance has registered a biofuel efficiency of up to 99.3%. The increasing applications of these microphytes in biofuel production are anticipated to drive the microphytes market growth.
In addition, the increasing demand for fertilizers developed from the product is estimated to further strengthen its demand. However, the surging extraction of microphytes could dramatically impact aquatic life, which is not sustainable in the long run. Moreover, the cost of development of fertilizers utilizing the microalgae is comparatively higher than the traditional alternatives. Such factors are predicted to hinder market growth.
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Surging Demand for Organic Fertilizers to Strengthen Demand in Asia Pacific
Asia Pacific is anticipated to dominate the microphytes market during the forecast period. The increasing demand for organic fertilizers from countries including India and China backed by a high rate of cultivation in these countries is expected to boost the adoption of microphytes in the region. In addition, constant efforts of emerging nations to enhance the application of biofuel and reduce their dependence on fossil fuels are predicted to further strengthen the market growth.
North America is expected to hold a significant market share in the projected timeline. The increasing awareness among consumers regarding the benefits of microphytes on human health is projected to propel the demand for the product in the region.
Research & Development to Help Key Players find New Applications
Prominent enterprises operating in the microphytes market are focusing on research and development of microalgae in order to find new applications of the substance in various end-user industries. For instance, in February 2021, Smallfood Inc., a microbial ingredient company based in Canada, announced that the company has found a new strain of microalgae that can be perfected to a novel protein source. The new strain can be grown in seven days using the company’s fermentation technology. It is looked upon as the new alternative for meat.
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In January 2019, Algae World Inc. announced its expansion in Bangladesh. The new production facility will be developed to focus on finding new applications in pharmaceuticals, biodiesel, and nutraceuticals.
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