Periodic Reporting for period 1 - TetraFOOD (Marine microalgae-based functional foods and food supplements for the prevention of chronicdiseases)
Reporting period: 2016-03-01 to 2016-08-31
Building on the results of previous research work conducted by the company, FM aims to use T. chuii as a natural biofactory for the production of high value bioactive compounds with potential to improve health and reduce the risk of chronic diseases. FM will commercialise a food supplement based on whole microalgae T. chuii and an innovative extract rich in bioactive compounds to be used as functional food ingredient. Currently, no commercial product based on T. chuii is available in the market. Potential clients are nearly 170 companies currently involved in the elaboration of functional foods, and potential end-users include general consumers willing to prevent health issues and men and women suffering from health risk factors influenced by diet.
FITOPLANCTON MARINO has conducted a feasibility assessment structured in three main components: a) a detailed market analysis; b) feasibility assessments at the economic & financial, technical and legal & regulatory levels; and c) the elaboration of a Business Innovation Plan for the innovation project.
This feasibility assessment, conducted by Fitoplancton Marino, has permitted to conclude that Fitoplancton Marino can avail in a feasible and profitable way the existing business opportunity through the development of innovative products based on the marine microalgae Tetraselmis chuii.
The project will permit to provide European consumers with new innovative functional ingredients and food supplements with proven benefits on health whilst contributing to foster the positioning of Europe as a leading region in the production of marine microalgae-based products for the food sector.
1. Detailed Market Analysis
2. Legal and Regulatory Feasibility Assessment.
3. Technical and Technological Feasibility Assessment
4. Economic and Financial Feasibility Assessment
5. Elaboration of the Business Plan
The main result of the action has been the elaboration of a Business Innovation Plan setting the strategies (in terms of product development, commercialisation, financing, management of IP rights,...) to bring the marine microalgae-based products to industrial readiness for market uptake