Microalgae-based Products Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031

Description

The global microalgae-based products market is on a trajectory of significant expansion, driven by increasing consumer awareness, technological advancements, and strategic industry alliances. Industry analysts forecast the market to grow from $3.52 billion in 2024 to $5.17 billion by 2031, reflecting a compound annual growth rate (CAGR) of 5.70%. Forecasts indicate a steady rise in revenue, underscoring the growing importance of microalgae in various applications ranging from dietary supplements to animal feed and aquaculture.

Rising Demand Driven by Health-Conscious Consumers

The surge in demand for chemical-free and naturally sourced ingredients is a primary catalyst for the growth of the microalgae-based products market. Health-conscious consumers worldwide are increasingly opting for vegan and organic products, enhancing the appeal of seaweed-derived solutions. This trend is further supported by the rising popularity of superfoods, which are celebrated for their rich nutritional profiles and health benefits.

Forging Strategic Alliances for Enhanced Market Presence

In an effort to gain a competitive edge, companies in the microalgae sector are actively forming strategic alliances and partnerships. These collaborations are pivotal in expanding market presence and accelerating the commercialization of innovative products. For instance, major players are partnering with biotechnology firms to develop next-generation microalgae-based products, streamlining production processes, and enhancing sustainability.

Additionally, key manufacturers are focusing on raising capital to diversify their product portfolios. Investments are being directed towards research and development to explore new applications and improve the efficiency of microalgae cultivation and processing technologies.

Innovative Solutions for Animal Feed and Aquaculture

The animal feed industry is witnessing a transformation with the introduction of microalgae-based products as sustainable and efficient alternatives to traditional feed sources. Microalgae offer superior nutritional benefits, including high protein content, omega-3 fatty acids, and essential carotenoids. These attributes not only enhance animal growth and health but also contribute to better disease resistance and overall longevity.

In the aquaculture sector, the declining supply and rising costs of fishmeal have created a pressing need for alternative protein sources. Microalgae-based products are emerging as viable substitutes, offering similar or superior nutritional profiles. Feeding trials have demonstrated that microalgae can significantly improve growth rates, feed efficiency, and stress resistance in aquatic species, thereby supporting the sustainability and growth of the aquaculture industry.

Spirulina: A Key Driver of Market Growth

Spirulina, a type of microalgae, is gaining substantial traction in both the dietary supplement and feed markets. Renowned for its exceptional nutritional value, Spirulina is rich in proteins, vitamins, and antioxidants, making it a preferred choice for health supplements and functional foods. Its anti-inflammatory and antioxidant properties further bolster its demand, particularly in regions where malnutrition is prevalent and among populations seeking weight management solutions.

The increasing number of health clubs and fitness centers worldwide is also contributing to the rising demand for Spirulina, as it is widely recognized for its role in enhancing physical performance and overall well-being.

Challenges Hindering Market Expansion

Despite the promising growth prospects, the microalgae-based products market faces several challenges that could impede its progress. Technical obstacles related to large-scale harvesting and cost-effective production remain significant barriers. Current methods for cultivating and processing microalgae are not yet optimized for high-volume, economically viable production, particularly for applications in biofuels and animal feeds.

Additionally, the commercialization of microalgae products is limited by high operational costs, infrastructure requirements, and the complexities involved in selecting and cultivating high-protein algal strains. These factors contribute to the overall difficulty in achieving scalable and sustainable production systems necessary for widespread market adoption.

Geographical Insights: Germany and India Leading the Charge

In the European region, Germany stands out as a leading market for microalgae-based products, driven by increasing healthcare expenditures, a growing geriatric population, and a strong emphasis on food innovations. The country's robust focus on superfoods and their associated health benefits has significantly boosted the demand for microalgae products.

In South Asia, India dominates the market, supported by a large population base and a rising awareness of nutritional supplements. Indonesia is also projected to experience substantial market growth, fueled by its expanding health and wellness sectors and increasing consumer preference for natural and sustainable products.

Product and Application Insights: Lutein and Dietary Supplements at the Forefront

Within the product category, lutein emerges as the most demanded microalgae-based product globally. Lutein is widely used in the cosmetic industry for its skin benefits, including combating sunburn and reducing wrinkles. In the food industry, it serves as a natural coloring agent for products such as salmon, crabs, shrimp, chicken, and eggs, enhancing their visual appeal and nutritional value.

In terms of applications, dietary supplements hold the largest market share. The modern, fast-paced lifestyle has heightened consumer focus on health and wellness, driving the demand for high-quality nutritional supplements. Microalgae-based supplements are increasingly favored for their superior nutrient profiles and health benefits, reinforcing their dominant position in the market.

Competitive Analysis: Innovation and Expansion at the Core

The competitive Analysis of the microalgae-based products market is characterized by continuous innovation, strategic expansions, and collaborative ventures. Leading manufacturers are investing in research and development to enhance the nutritional benefits and quality of their products. Recent initiatives include:

Research Collaborations: Partnerships between major companies and research institutions to develop advanced testing and supplementation methods.
Production Expansions: Expansion of manufacturing facilities to increase production capacity and meet growing consumer demand.
Product Portfolio Enhancements: Launching new product lines and increasing the variety of microalgae-based solutions to cater to diverse market needs.

Key industry players include Phycom, DSM N.V., Chr. Hansen Holding A/S, Vedan Biotechnology Corp., Naturex S.A., Allmicroalgae Natural Products S.A., and several others. These companies are at the forefront of driving market growth through innovative product offerings and strategic business maneuvers.

Comprehensive Industry Research by Category

The microalgae-based products industry is segmented by product type, application, and region, providing a detailed framework for market analysis and strategic planning. Product types include astaxanthin, B-carotene, Spirulina, Chlorella, PUFA, lutein, and others. Applications span across food and beverages, dietary supplements and pharmaceuticals, personal care, animal feed and aquaculture, biochar/fertilizer, and other emerging uses.

Key Industry Players

Prominent companies shaping the microalgae-based products market include:

Phycom
DSM N.V.
Chr. Hansen Holding A/S
Vedan Biotechnology Corp.
DIC Corporation
Naturex S.A
Allmicroalgae Natural Products S.A
Fuqing King Dnarmsa Spirulina Co. Ltd.
Beijing Gingko Group
Divi's Laboratories Ltd.
NOW Health Group, Inc.
Monzon Biotech
Cyanotech Corporation
Algatechnologies Ltd.
Reed Mariculture
Arizona Algae Products LLC
Sun Chlorella Corporation
Yaeyama Shokusan Co Ltd.
Taiwan Chlorella Manufacturing Co. Ltd.
Far East Microalgae Ind Co. Ltd.

Microalgae-based Products Industry Research by Category

By Product Type:

Astaxanthin
B-Carotene
Spirulina
Chlorella
PUFA
Lutein
Others

By Application:

Food & Beverages
Dietary Supplement & Pharmaceutical
Personal Care
Animal Feed & Aquaculture
Biochar/Fertilizer
Others

By Region:

North America
Latin America
Europe
South Asia & Pacific
East Asia
Middle East & Africa

1. Executive Summary

1.1. Global Microalgae-based Products Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Regional Snapshot, by Value and Volume, 2024
1.5. Analyst Recommendations

2. Market Overview

2.1. Market Definitions and Segmentations
2.2. Market Dynamics
- 2.2.1. Drivers
- 2.2.2. Restraints
- 2.2.3. Market Opportunities
2.3. Value Chain Analysis
2.4. Porter's Five Forces Analysis
2.5. COVID-19 Impact Analysis
- 2.5.1. Supply
- 2.5.2. Demand
2.6. Impact of Ukraine-Russia Conflict
2.7. Economic Overview
- 2.7.1. World Economic Projections
2.8. PESTLE Analysis

3. Production Output and Trade Statistics, 2019 - 2023

3.1. Global Microalgae-based Products Production Output, by Region, Value (US$ Bn) and Volume (Tons), 2019 - 2023
- 3.1.1. North America
- 3.1.2. Europe
- 3.1.3. Asia Pacific
- 3.1.4. Latin America
- 3.1.5. Middle East and Africa

4. Price Analysis, 2019 - 2023

4.1. Global Average Price Analysis, by Product Type, US$ Per Unit, 2019 - 2023
4.2. Prominent Factor Affecting Microalgae-based Products Prices
4.3. Global Average Price Analysis, by Region, US$ Per Unit

5. Global Microalgae-based Products Market Outlook, 2019 - 2031

5.1. Global Microalgae-based Products Market Outlook, by Product Type, Value (US$ Bn) and Volume (Tons), 2019 - 2031
- 5.1.1. Key Highlights
  - 5.1.1.1. Astaxanthin
  - 5.1.1.2. B-Carotene
  - 5.1.1.3. Spirulina
  - 5.1.1.4. Chlorella
  - 5.1.1.5. PUFA
  - 5.1.1.6. Lutein
  - 5.1.1.7. Others
5.2. Global Microalgae-based Products Market Outlook, by Application, Value (US$ Bn) and Volume (Tons), 2019 - 2031
- 5.2.1. Key Highlights
  - 5.2.1.1. Food & Beverages
  - 5.2.1.2. Dietary Supplement & Pharmaceutical
  - 5.2.1.3. Personal Care
  - 5.2.1.4. Animal Feed & Aquaculture
  - 5.2.1.5. Biochar/Fertilizer
  - 5.2.1.6. Others
5.3. Global Microalgae-based Products Market Outlook, by Region, Value (US$ Bn) and Volume (Tons), 2019 - 2031
- 5.3.1. Key Highlights
  - 5.3.1.1. North America
  - 5.3.1.2. Europe
  - 5.3.1.3. Asia Pacific
  - 5.3.1.4. Latin America
  - 5.3.1.5. Middle East & Africa

6. North America Microalgae-based Products Market Outlook, 2019 - 2031

6.1. North America Microalgae-based Products Market Outlook, by Product Type, Value (US$ Bn) and Volume (Tons), 2019 - 2031
- 6.1.1. Key Highlights
  - 6.1.1.1. Astaxanthin
  - 6.1.1.2. B-Carotene
  - 6.1.1.3. Spirulina
  - 6.1.1.4. Chlorella
  - 6.1.1.5. PUFA
  - 6.1.1.6. Lutein
  - 6.1.1.7. Others
6.2. North America Microalgae-based Products Market Outlook, by Application, Value (US$ Bn) and Volume (Tons), 2019 - 2031
- 6.2.1. Key Highlights
  - 6.2.1.1. Food & Beverages
  - 6.2.1.2. Dietary Supplement & Pharmaceutical
  - 6.2.1.3. Personal Care
  - 6.2.1.4. Animal Feed & Aquaculture
  - 6.2.1.5. Biochar/Fertilizer
  - 6.2.1.6. Others
- 6.2.2. BPS Analysis/Market Attractiveness Analysis
6.3. North America Microalgae-based Products Market Outlook, by Country, Value (US$ Bn) and Volume (Tons), 2019 - 2031
- 6.3.1. Key Highlights
  - 6.3.1.1. U.S. Microalgae-based Products Market by Product Type, Value (US$ Bn) and Volume (Tons), 2019 - 2031
  - 6.3.1.2. U.S. Microalgae-based Products Market by Application, Value (US$ Bn) and Volume (Tons), 2019 - 2031
  - 6.3.1.3. Canada Microalgae-based Products Market by Product Type, Value (US$ Bn) and Volume (Tons), 2019 - 2031
  - 6.3.1.4. Canada Microalgae-based Products Market by Application, Value (US$ Bn) and Volume (Tons), 2019 - 2031
- 6.3.2. BPS Analysis/Market Attractiveness Analysis

7. Europe Microalgae-based Products Market Outlook, 2019 - 2031

7.1. Europe Microalgae-based Products Market Outlook, by Product Type, Value (US$ Bn) and Volume (Tons), 2019 - 2031
- 7.1.1. Key Highlights
  - 7.1.1.1. Astaxanthin
  - 7.1.1.2. B-Carotene
  - 7.1.1.3. Spirulina
  - 7.1.1.4. Chlorella
  - 7.1.1.5. PUFA
  - 7.1.1.6. Lutein
  - 7.1.1.7. Others
7.2. Europe Microalgae-based Products Market Outlook, by Application, Value (US$ Bn) and Volume (Tons), 2019 - 2031
- 7.2.1. Key Highlights
  - 7.2.1.1. Food & Beverages
  - 7.2.1.2. Dietary Supplement & Pharmaceutical
  - 7.2.1.3. Personal Care
  - 7.2.1.4. Animal Feed & Aquaculture
  - 7.2.1.5. Biochar/Fertilizer
  - 7.2.1.6. Others
- 7.2.2. BPS Analysis/Market Attractiveness Analysis
7.3. Europe Microalgae-based Products Market Outlook, by Country, Value (US$ Bn) and Volume (Tons), 2019 - 2031
- 7.3.1. Key Highlights
  - 7.3.1.1. Germany Microalgae-based Products Market by Product Type, Value (US$ Bn) and Volume (Tons), 2019 - 2031
  - 7.3.1.2. Germany Microalgae-based Products Market by Application, Value (US$ Bn) and Volume (Tons), 2019 - 2031
  - 7.3.1.3. U.K. Microalgae-based Products Market by Product Type, Value (US$ Bn) and Volume (Tons), 2019 - 2031
  - 7.3.1.4. U.K. Microalgae-based Products Market by Application, Value (US$ Bn) and Volume (Tons), 2019 - 2031
  - 7.3.1.5. France Microalgae-based Products Market by Product Type, Value (US$ Bn) and Volume (Tons), 2019 - 2031
  - 7.3.1.6. France Microalgae-based Products Market by Application, Value (US$ Bn) and Volume (Tons), 2019 - 2031
  - 7.3.1.7. Italy Microalgae-based Products Market by Product Type, Value (US$ Bn) and Volume (Tons), 2019 - 2031
  - 7.3.1.8. Italy Microalgae-based Products Market by Application, Value (US$ Bn) and Volume (Tons), 2019 - 2031
  - 7.3.1.9. Turkey Microalgae-based Products Market by Product Type, Value (US$ Bn) and Volume (Tons), 2019 - 2031
  - 7.3.1.10. Turkey Microalgae-based Products Market by Application, Value (US$ Bn) and Volume (Tons), 2019 - 2031
  - 7.3.1.11. Russia Microalgae-based Products Market by Product Type, Value (US$ Bn) and Volume (Tons), 2019 - 2031
  - 7.3.1.12. Russia Microalgae-based Products Market by Application, Value (US$ Bn) and Volume (Tons), 2019 - 2031
  - 7.3.1.13. Rest of Europe Microalgae-based Products Market by Product Type, Value (US$ Bn) and Volume (Tons), 2019 - 2031
  - 7.3.1.14. Rest of Europe Microalgae-based Products Market by Application, Value (US$ Bn) and Volume (Tons), 2019 - 2031
- 7.3.2. BPS Analysis/Market Attractiveness Analysis

8. Asia Pacific Microalgae-based Products Market Outlook, 2019 - 2031

8.1. Asia Pacific Microalgae-based Products Market Outlook, by Product Type, Value (US$ Bn) and Volume (Tons), 2019 - 2031
- 8.1.1. Key Highlights
  - 8.1.1.1. Astaxanthin
  - 8.1.1.2. B-Carotene
  - 8.1.1.3. Spirulina
  - 8.1.1.4. Chlorella
  - 8.1.1.5. PUFA
  - 8.1.1.6. Lutein
  - 8.1.1.7. Others
8.2. Asia Pacific Microalgae-based Products Market Outlook, by Application, Value (US$ Bn) and Volume (Tons), 2019 - 2031
- 8.2.1. Key Highlights
  - 8.2.1.1. Food & Beverages
  - 8.2.1.2. Dietary Supplement & Pharmaceutical
  - 8.2.1.3. Personal Care
  - 8.2.1.4. Animal Feed & Aquaculture
  - 8.2.1.5. Biochar/Fertilizer
  - 8.2.1.6. Others
- 8.2.2. BPS Analysis/Market Attractiveness Analysis
8.3. Asia Pacific Microalgae-based Products Market Outlook, by Country, Value (US$ Bn) and Volume (Tons), 2019 - 2031
- 8.3.1. Key Highlights
  - 8.3.1.1. China Microalgae-based Products Market by Product Type, Value (US$ Bn) and Volume (Tons), 2019 - 2031
  - 8.3.1.2. China Microalgae-based Products Market by Application, Value (US$ Bn) and Volume (Tons), 2019 - 2031
  - 8.3.1.3. Japan Microalgae-based Products Market by Product Type, Value (US$ Bn) and Volume (Tons), 2019 - 2031
  - 8.3.1.4. Japan Microalgae-based Products Market by Application, Value (US$ Bn) and Volume (Tons), 2019 - 2031
  - 8.3.1.5. South Korea Microalgae-based Products Market by Product Type, Value (US$ Bn) and Volume (Tons), 2019 - 2031
  - 8.3.1.6. South Korea Microalgae-based Products Market by Application, Value (US$ Bn) and Volume (Tons), 2019 - 2031
  - 8.3.1.7. India Microalgae-based Products Market by Product Type, Value (US$ Bn) and Volume (Tons), 2019 - 2031
  - 8.3.1.8. India Microalgae-based Products Market by Application, Value (US$ Bn) and Volume (Tons), 2019 - 2031
  - 8.3.1.9. Southeast Asia Microalgae-based Products Market by Product Type, Value (US$ Bn) and Volume (Tons), 2019 - 2031
  - 8.3.1.10. Southeast Asia Microalgae-based Products Market by Application, Value (US$ Bn) and Volume (Tons), 2019 - 2031
  - 8.3.1.11. Rest of Asia Pacific Microalgae-based Products Market by Product Type, Value (US$ Bn) and Volume (Tons), 2019 - 2031
  - 8.3.1.12. Rest of Asia Pacific Microalgae-based Products Market by Application, Value (US$ Bn) and Volume (Tons), 2019 - 2031
- 8.3.2. BPS Analysis/Market Attractiveness Analysis

9. Latin America Microalgae-based Products Market Outlook, 2019 - 2031

9.1. Latin America Microalgae-based Products Market Outlook, by Product Type, Value (US$ Bn) and Volume (Tons), 2019 - 2031
- 9.1.1. Key Highlights
  - 9.1.1.1. Astaxanthin
  - 9.1.1.2. B-Carotene
  - 9.1.1.3. Spirulina
  - 9.1.1.4. Chlorella
  - 9.1.1.5. PUFA
  - 9.1.1.6. Lutein
  - 9.1.1.7. Others
9.2. Latin America Microalgae-based Products Market Outlook, by Application, Value (US$ Bn) and Volume (Tons), 2019 - 2031
- 9.2.1. Key Highlights
  - 9.2.1.1. Food & Beverages
  - 9.2.1.2. Dietary Supplement & Pharmaceutical
  - 9.2.1.3. Personal Care
  - 9.2.1.4. Animal Feed & Aquaculture
  - 9.2.1.5. Biochar/Fertilizer
  - 9.2.1.6. Others
- 9.2.2. BPS Analysis/Market Attractiveness Analysis
9.3. Latin America Microalgae-based Products Market Outlook, by Country, Value (US$ Bn) and Volume (Tons), 2019 - 2031
- 9.3.1. Key Highlights
  - 9.3.1.1. Brazil Microalgae-based Products Market by Product Type, Value (US$ Bn) and Volume (Tons), 2019 - 2031
  - 9.3.1.2. Brazil Microalgae-based Products Market by Application, Value (US$ Bn) and Volume (Tons), 2019 - 2031
  - 9.3.1.3. Mexico Microalgae-based Products Market by Product Type, Value (US$ Bn) and Volume (Tons), 2019 - 2031
  - 9.3.1.4. Mexico Microalgae-based Products Market by Application, Value (US$ Bn) and Volume (Tons), 2019 - 2031
  - 9.3.1.5. Argentina Microalgae-based Products Market by Product Type, Value (US$ Bn) and Volume (Tons), 2019 - 2031
  - 9.3.1.6. Argentina Microalgae-based Products Market by Application, Value (US$ Bn) and Volume (Tons), 2019 - 2031
  - 9.3.1.7. Rest of Latin America Microalgae-based Products Market by Product Type, Value (US$ Bn) and Volume (Tons), 2019 - 2031
  - 9.3.1.8. Rest of Latin America Microalgae-based Products Market by Application, Value (US$ Bn) and Volume (Tons), 2019 - 2031
- 9.3.2. BPS Analysis/Market Attractiveness Analysis

10. Middle East & Africa Microalgae-based Products Market Outlook, 2019 - 2031

10.1. Middle East & Africa Microalgae-based Products Market Outlook, by Product Type, Value (US$ Bn) and Volume (Tons), 2019 - 2031
- 10.1.1. Key Highlights
  - 10.1.1.1. Astaxanthin
  - 10.1.1.2. B-Carotene
  - 10.1.1.3. Spirulina
  - 10.1.1.4. Chlorella
  - 10.1.1.5. PUFA
  - 10.1.1.6. Lutein
  - 10.1.1.7. Others
10.2. Middle East & Africa Microalgae-based Products Market Outlook, by Application, Value (US$ Bn) and Volume (Tons), 2019 - 2031
- 10.2.1. Key Highlights
  - 10.2.1.1. Food & Beverages
  - 10.2.1.2. Dietary Supplement & Pharmaceutical
  - 10.2.1.3. Personal Care
  - 10.2.1.4. Animal Feed & Aquaculture
  - 10.2.1.5. Biochar/Fertilizer
  - 10.2.1.6. Others
- 10.2.2. BPS Analysis/Market Attractiveness Analysis
10.3. Middle East & Africa Microalgae-based Products Market Outlook, by Country, Value (US$ Bn) and Volume (Tons), 2019 - 2031
- 10.3.1. Key Highlights
  - 10.3.1.1. GCC Microalgae-based Products Market by Product Type, Value (US$ Bn) and Volume (Tons), 2019 - 2031
  - 10.3.1.2. GCC Microalgae-based Products Market by Application, Value (US$ Bn) and Volume (Tons), 2019 - 2031
  - 10.3.1.3. South Africa Microalgae-based Products Market by Product Type, Value (US$ Bn) and Volume (Tons), 2019 - 2031
  - 10.3.1.4. South Africa Microalgae-based Products Market by Application, Value (US$ Bn) and Volume (Tons), 2019 - 2031
  - 10.3.1.5. Egypt Microalgae-based Products Market by Product Type, Value (US$ Bn) and Volume (Tons), 2019 - 2031
  - 10.3.1.6. Egypt Microalgae-based Products Market by Application, Value (US$ Bn) and Volume (Tons), 2019 - 2031
  - 10.3.1.7. Nigeria Microalgae-based Products Market by Product Type, Value (US$ Bn) and Volume (Tons), 2019 - 2031
  - 10.3.1.8. Nigeria Microalgae-based Products Market by Application, Value (US$ Bn) and Volume (Tons), 2019 - 2031
  - 10.3.1.9. Rest of Middle East & Africa Microalgae-based Products Market by Product Type, Value (US$ Bn) and Volume (Tons), 2019 - 2031
  - 10.3.1.10. Rest of Middle East & Africa Microalgae-based Products Market by Application, Value (US$ Bn) and Volume (Tons), 2019 - 2031
- 10.3.2. BPS Analysis/Market Attractiveness Analysis

11. Competitive Landscape

11.1. Company Market Share Analysis, 2024
11.2. Competitive Dashboard
11.3. Company Profiles
- 11.3.1. Phycom
  - 11.3.1.1. Company Overview
  - 11.3.1.2. Product Portfolio
  - 11.3.1.3. Financial Overview
  - 11.3.1.4. Business Strategies and Development
- 11.3.2. DSM N.V.
  - 11.3.2.1. Company Overview
  - 11.3.2.2. Product Portfolio
  - 11.3.2.3. Financial Overview
  - 11.3.2.4. Business Strategies and Development
- 11.3.3. Chr. Hansen Holding A/S
  - 11.3.3.1. Company Overview
  - 11.3.3.2. Product Portfolio
  - 11.3.3.3. Financial Overview
  - 11.3.3.4. Business Strategies and Development
- 11.3.4. Vedan Biotechnology Corp.
  - 11.3.4.1. Company Overview
  - 11.3.4.2. Product Portfolio
  - 11.3.4.3. Financial Overview
  - 11.3.4.4. Business Strategies and Development
- 11.3.5. DIC Corporation
  - 11.3.5.1. Company Overview
  - 11.3.5.2. Product Portfolio
  - 11.3.5.3. Financial Overview
  - 11.3.5.4. Business Strategies and Development
- 11.3.6. Naturex S.A
  - 11.3.6.1. Company Overview
  - 11.3.6.2. Product Portfolio
  - 11.3.6.3. Financial Overview
  - 11.3.6.4. Business Strategies and Development
- 11.3.7. Allmicroalgae Natural Products S.A
  - 11.3.7.1. Company Overview
  - 11.3.7.2. Product Portfolio
  - 11.3.7.3. Financial Overview
  - 11.3.7.4. Business Strategies and Development
- 11.3.8. Fuqing King Dnarmsa Spirulina Co. Ltd.
  - 11.3.8.1. Company Overview
  - 11.3.8.2. Product Portfolio
  - 11.3.8.3. Financial Overview
  - 11.3.8.4. Business Strategies and Development
- 11.3.9. Beijing Gingko Group
  - 11.3.9.1. Company Overview
  - 11.3.9.2. Product Portfolio
  - 11.3.9.3. Financial Overview
  - 11.3.9.4. Business Strategies and Development
- 11.3.10. Divi's laboratories Ltd.
  - 11.3.10.1. Company Overview
  - 11.3.10.2. Product Portfolio
  - 11.3.10.3. Financial Overview
  - 11.3.10.4. Business Strategies and Development
- 11.3.11. NOW Health Group, Inc.
  - 11.3.11.1. Company Overview
  - 11.3.11.2. Product Portfolio
  - 11.3.11.3. Financial Overview
  - 11.3.11.4. Business Strategies and Development
- 11.3.12. Monzon Biotech
  - 11.3.12.1. Company Overview
  - 11.3.12.2. Product Portfolio
  - 11.3.12.3. Financial Overview
  - 11.3.12.4. Business Strategies and Development
- 11.3.13. Cyanotech Corporation
  - 11.3.13.1. Company Overview
  - 11.3.13.2. Product Portfolio
  - 11.3.13.3. Financial Overview
  - 11.3.13.4. Business Strategies and Development
- 11.3.14. Algatechnologies Ltd.
  - 11.3.14.1. Company Overview
  - 11.3.14.2. Product Portfolio
  - 11.3.14.3. Financial Overview
  - 11.3.14.4. Business Strategies and Development
- 11.3.15. Reed Mariculture
  - 11.3.15.1. Company Overview
  - 11.3.15.2. Product Portfolio
  - 11.3.15.3. Financial Overview
  - 11.3.15.4. Business Strategies and Development

12. Appendix

12.1. Research Methodology
12.2. Report Assumptions
12.3. Acronyms and Abbreviations