Microalgae Market: Global Industry Analysis and Forecast (2024-2030)

  • Microalgae Market size was valued at USD 3.42 Bn. in 2023 and the total Microalgae Market size is expected to grow at a CAGR of 8.7% from 2024 to 2030, reaching nearly USD 6.13 Bn. by 2030.

  • Format : PDF | Report ID : SMR_1946

Microalgae Market Overview

Microalgae are a group of autotrophic microorganisms that live in marine, freshwater and soil ecosystems and produce organic substances in the process of photosynthesis. Thanks to their high metabolic flexibility, adaptation to various cultivation conditions as well as the possibility of rapid growth, the number of studies on their use as a source of biologically valuable products is growing rapidly. Currently, integrated technologies for the cultivation of microalgae aiming to isolate various biologically active substances from biomass to increase the profitability of algae production are being sought.

 

To implement this kind of development, the high productivity of industrial cultivation systems must be accompanied by the ability to control the biosynthesis of biologically valuable compounds in conditions of intensive culture growth. At present, two main areas of use of microalgae are the production of biomass as a biologically active additive, and the cultivation of microalgae for the subsequent isolation of biologically active substances from biomass

 

  • In January 2023, Thai Union Group collaborated with the Scholars of Sustenance Foundation (SOS) to promote awareness about food waste and nutrition through the School of Sustenance Program in six local schools in Thailand.
  • In March 2022, Gavan, Ltd., an Israel-based food tech start-up, launched a range of natural blue colorings from spirulina for hot-and-cold drinks.

Microalgae Market

 

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Microalgae Market Dynamics

Microalgae market is boosted by an increasing need for natural food colors, rising consumption of nutraceuticals as well as dietary supplements, plus the increasing Demand of preferring microalgae-based items by shoppers and inclination towards health and wellness trends among them. This translates into opportunities for market growth among stakeholders due to an escalating need for biorefineries to obtain microalgae and an upsurge in consumption of natural astaxanthin within poultry and aquaculture feeds.

 

Rising Demand for Natural Food Colors to impulse the Microalgae Market

The shift towards natural food colorants is being driven by the increasing awareness among the population concerning health and the environment. Microalgae are tiny single celled living creatures that primarily conduct photosynthesis efficiently converting sun energy into chemical power as compared to other known methods. They outperform land-dwelling plants in several ways including faster speed at which they grow and being able to be cultivated on unused soils

 

High-Cost Production

 The production of microalgae on a large scale still be costly, despite the advancements in cultivation techniques that have occurred. It being difficult to implement the technology on a large scale in some areas since the energy-consuming techniques involved require specific equipment and facilities for realization as well.

 

The microalgae sector must tackle some regulatory problems [such as new applications in food and drugs]. Besides, the slow acceptance may be hindered by low awareness levels of microalgae products’ benefits and possible applications among potential customers and companies.

 

Side-effects related to microalgae products

Algae products are currently being used because they are highly nutritious and are showing positive outcomes in various biological investigations. Due to the above assertion, their market demand has improved. However, these products have been noted to expose the body to some disadvantages. Such negative consequences have been raised by persons who have been taking them as immune boosters in form of supplements.

 

Microalgae Market Segment analysis:

Based on type, The microalgae market consists of spirulina, chlorella, Dunaliella salina, Aphanizomenon Flos-Aquae, and other types. The chlorella segment will take up the most considerable portion of the microalgae market come 2023. This extended market share is due to increased health & wellness trends plus dietary supplements sector expanding use of plant-based diet plans.

Microalgae Market1

Microalgae Market Regional insights

According to SMR Report the North America microalgae market is growing due to the emerging demand for sustainable and eco-friendly products in a wide variety of industries. With a number of uses, which includes food, animal feed, biofuels, cosmetics, and pharmaceuticals, microalgae are microscopic plants rich in nutrients. In North America, the growing interest of consumers in the adoption of natural products and the increasing concern for sustainable and eco-friendly practices will be a key driver of market growth in the coming years. The United States has the highest share in the microalgae market in North America, while Canada will also witness significant growth potential during the forecast period.

 

Increasing healthcare spending, growing geriatric population, food innovations, changing Lifestyles, and medical discoveries have benefited demand for superfoods. Increasing awareness regarding superfoods as natural, nutrient-rich foods containing vitamins and minerals are some of the key aspects shaping the popularity of microalgae products in the country. There is an increasing polarity of the microalgae products market in Europe because of increased consumption of health benefitting products. With the rise in health awareness amongst people worldwide, the demand for naturally sourced and chemical-free ingredients is increasing. Moreover, the growing demand for vegan and organic goods is expected further boost the growth of the microalgae products market in Europe.

Microalgae Market2

Microalgae Market Competitive Landscape

  • On April 25 2024, DIC Corporation (DIC) geared up for the 78th STLE Annual Meeting & Exhibition, where DIC’s EP additive expert and KS-519 product development leader, Hironobu Matsueda will be in attendance, DIC announced the commencement of the testing phase for the newly developed algae oil-based DAILUBE™ KS-519 sulfurized EP additives.
  • On 18 October 2023. Microalgae, which form the base of the food chain in the ocean and capture carbon dioxide from the atmosphere, appear to rely on a unique strategy to cope with global warming, according to a new study. The findings are published in the journal Nature Microbiology.

 

Microalgae Market Scope

Microalgae Market

Market Size in 2023

USD 3.42 Bn.

Market Size in 2030

USD 6.13 Bn.

CAGR (2024-2030)

8.7%

Historic Data

2018-2022

Base Year

2023

Forecast Period

2024-2030

   Segments

By Type

  • Spirulina,
  • Chlorella,
  • Dunaliella Salina,
  • Aphanizomenon Flos-Aquae

By Application

  • Food and Beverages Sector
  • Health and Medical Sector
  • Animal Feed Sector
  • Pet Food Sector
  • Cosmetics and Personal Care Sector
  • Fertilizers Sector

By Distribution Channel

  • Online
  • Offline

Regional Scope

North America- United States, Canada, and Mexico

Europe – United Kingdom, France, Germany, Italy, Spain, Sweden, Russia, and Rest of Europe

Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC

Middle East and Africa - South Africa, GCC, Egypt, Rest of the Middle East and Africa

South America – Brazil, Argentina, Rest of South America

 

Microalgae Market Key Players

  1. DSM (Netherlands)
  2. Euglena Co. Ltd. (Japan)
  3. DIC CORPORATION (Japan)
  4. Cyanotech Corporation (U.S.)
  5. Corbion (Netherlands)
  6. Earthrise Nutritionals, LLC (U.S.)
  7. Inner Mongolia Rejuve Biotech Co., Ltd. (China)
  8. Solabia Group (France)
  9. AlgaEnergy S.A. (Spain)
  10. Parry Nutraceuticals (India)
  11. Heliae Development, LLC (U.S.)
  12. Algarithm (U.S.)
  13. Necton S.A. (Portugal)
  14. yemoja Ltd. (Israel)
  15. Fuqing King Dnarmsa Spirulina Co. Ltd.
  16. Taau Australia Pvt. Ltd.
  17. Cellana LLC
  18. Mediterranean Algae (Spain)
  19. Score Algae (USA)
  20. Algae Innovations Netherlands
  21. Tahi Spirulina
  22. Alphyca
  23. LM Greentech
  24. XX


Frequently Asked Questions

Increased plant-based products are expected to be the major drivers of the market.

1.    Microalgae Market: Research Methodology 
2.    Microalgae Market: Executive Summary
3.    Microalgae Market: Competitive Landscape
4.    Potential Areas for Investment

4.1. Stellar Competition Matrix
4.2. Competitive Landscape
4.3. Key Players Benchmarking
4.4. Market Structure
4.4.1.    Market Leaders 
4.4.2.    Market Followers
4.4.3.    Emerging Players

4.5. Consolidation of the Market
5.    Microalgae Market: Dynamics
5.1. Drivers
5.2. Restraints
5.3. Opportunities
5.4. Challenges
5.5. Market Trends by Region
5.5.1.    North America
5.5.2.    Europe
5.5.3.    Asia Pacific
5.5.4.    Middle East and Africa
5.5.5.    South America

5.6. Market Drivers by Region
5.6.1.    North America
5.6.2.    Europe
5.6.3.    Asia Pacific
5.6.4.    Middle East and Africa
5.6.5.    South America

5.7. Market Restraints
5.8. Market Opportunities
5.9. Market Challenges
5.10. PORTER’s Five Forces Analysis
5.11. PESTLE Analysis
5.12. Strategies for New Entrants to Penetrate the Market
5.13. Analysis of Government Schemes and Initiatives for the Microalgae Industry
5.14. Regulatory Landscape by Region
5.14.1.    North America
5.14.2.    Europe
5.14.3.    Asia Pacific
5.14.4.    Middle East and Africa
5.14.5.    South America

5.15. Microalgae Market Size and Forecast by Segments (by Value Units)
5.15.1.    Microalgae Market Size and Forecast, by Type (2023-2030)
5.15.1.1.    Spirulina 
5.15.1.2.    Chlorella
5.15.1.3.    Dunaliella Salina
5.15.1.4.    Aphanizomenon Flos-Aquae
5.15.2.    Microalgae Market Size and Forecast, by End Use (2023-2030)
5.15.2.1.    Food and Beverages Sector
5.15.2.2.    Health and Medical Sector
5.15.2.3.    Animal Feed Sector
5.15.2.4.    Pet Food Sector
5.15.2.5.    Cosmetics and Personal Care Sector
5.15.2.6.    Fertilizers Sector
5.15.3.    Microalgae Market Size and Forecast, by Distribution Channel (2023-2030)
5.15.3.1.    Online 
5.15.3.2.    Offline
5.15.4.    Microalgae Market Size and Forecast, by region (2023-2030)
5.15.4.1.    North America
5.15.4.2.    Europe
5.15.4.3.    Asia Pacific
5.15.4.4.    Middle East and Africa
5.15.4.5.    South America

6.    North America Microalgae Market Size and Forecast (by value Units)
6.1. North America Microalgae Market Size and Forecast, by Type (2023-2030)
6.1.1.    Spirulina 
6.1.2.    Chlorella
6.1.3.    Dunaliella Salina
6.1.4.    Aphanizomenon Flos-Aquae

6.2. North America Microalgae Market Size and Forecast, by End Use (2023-2030)
6.2.1.    Food and Beverages Sector
6.2.2.    Health and Medical Sector
6.2.3.    Animal Feed Sector
6.2.4.    Pet Food Sector 
6.2.5.    Cosmetics and Personal Care Sector
6.2.6.    Fertilizers Sector

6.3. North America Microalgae Market Size and Forecast, by Distribution Channel (2023-2030)
6.3.1.    Online 
6.3.2.    Offline

6.4. North America Microalgae Market Size and Forecast, by Country (2023-2030)
6.4.1.    United States
6.4.2.    Canada
6.4.3.    Mexico

7.    Europe Microalgae Market Size and Forecast (by Value units)
7.1. Europe Microalgae Market Size and Forecast, by Type (2023-2030)
7.1.1.    Spirulina 
7.1.2.    Chlorella
7.1.3.    Dunaliella Salina
7.1.4.    Aphanizomenon Flos-Aquae

7.2. Europe Microalgae Market Size and Forecast, by End Use (2023-2030)
7.2.1.    Food and Beverages Sector
7.2.2.    Health and Medical Sector
7.2.3.    Animal Feed Sector
7.2.4.    Pet Food Sector 
7.2.5.    Cosmetics and Personal Care Sector
7.2.6.    Fertilizers Sector

7.3. Europe Microalgae Market Size and Forecast, by Distribution Channel (2023-2030)
7.3.1.    Online 
7.3.2.    Offline

7.4. Europe Microalgae Market Size and Forecast, by Country (2023-2030)
7.4.1.    UK
7.4.2.    France
7.4.3.    Germany
7.4.4.    Italy
7.4.5.    Spain
7.4.6.    Sweden
7.4.7.    Russia
7.4.8.    Rest of Europe

8.    Asia Pacific Microalgae Market Size and Forecast (by Value Units)
8.1. Asia Pacific Microalgae Market Size and Forecast, by Type (2023-2030)
8.1.1.    Spirulina 
8.1.2.    Chlorella
8.1.3.    Dunaliella Salina
8.1.4.    Aphanizomenon Flos-Aquae

8.2. Asia Pacific Microalgae Market Size and Forecast, by End Use (2023-2030)
8.2.1.    Food and Beverages Sector
8.2.2.    Health and Medical Sector
8.2.3.    Animal Feed Sector
8.2.4.    Pet Food Sector 
8.2.5.    Cosmetics and Personal Care Sector
8.2.6.    Fertilizers Sector

8.3. Asia Pacific Microalgae Market Size and Forecast, by Distribution Channel (2023-2030)
8.3.1.    Online 
8.3.2.    Offline

8.4. Asia Pacific Microalgae Market Size and Forecast, by Country (2023-2030)
8.4.1.    China
8.4.2.    S Korea
8.4.3.    Japan
8.4.4.    India
8.4.5.    Australia
8.4.6.    ASEAN
8.4.7.    Rest of Asia Pacific

9.    Middle East and Africa Microalgae Market Size and Forecast (by Value Units)
9.1. Middle East and Africa Microalgae Market Size and Forecast, by Type (2023-2030)
9.1.1.    Spirulina 
9.1.2.    Chlorella
9.1.3.    Dunaliella Salina 
9.1.4.    Aphanizomenon Flos-Aquae

9.2. Middle East and Africa Pool Tables Market Size and Forecast, by End Use (2023-2030)
9.2.1.    Food and Beverages Sector
9.2.2.    Health and Medical Sector
9.2.3.    Animal Feed Sector
9.2.4.    Pet Food Sector 
9.2.5.    Cosmetics and Personal Care Sector
9.2.6.    Fertilizers Sector

9.3. Middle East and Africa Microalgae Market Size and Forecast, by Distribution Channel (2023-2030)
9.3.1.    Online 
9.3.2.    Offline

9.4. Middle East and Africa Microalgae Market Size and Forecast, by Country (2023-2030)
9.4.1.    South Africa
9.4.2.    GCC
9.4.3.    Egypt
9.4.4.    Rest of ME&A

10.    South America Microalgae Market Size and Forecast (by Value Units)
10.1. South America Microalgae Market Size and Forecast, by Type (2023-2030)
10.1.1.    Spirulina 
10.1.2.    Chlorella
10.1.3.    Dunaliella Salina 
10.1.4.    Aphanizomenon Flos-Aquae

10.2. South America Microalgae Market Size and Forecast, by End Use (2023-2030)
10.2.1.    Food and Beverages Sector
10.2.2.    Health and Medical Sector
10.2.3.    Animal Feed Sector
10.2.4.    Pet Food Sector 
10.2.5.    Cosmetics and Personal Care Sector
10.2.6.    Fertilizers Sector

10.3. South America Microalgae Market Size and Forecast, by Distribution Channel (2023-2030)
10.3.1.    Online 
10.3.2.    Offline

10.4. South America Microalgae Market Size and Forecast, by Country (2023-2030)
10.4.1.    Brazil
10.4.2.    Argentina
10.4.3.    Rest of South America

11.    Company Profile: Key players
12.        Algarithm (U.S.)

12.1.1.    Company Overview
12.1.2.    Financial Overview
12.1.3.    Business Portfolio
12.1.4.    SWOT Analysis
12.1.5.    Business Strategy 
12.1.6.    Recent Developments

12.2. DSM (Netherlands)
12.3. Euglena Co. Ltd. (Japan)
12.4. DIC CORPORATION (Japan)
12.5. Cyanotech Corporation (U.S.)
12.6. Corbion (Netherlands)
12.7. Earthrise Nutritionals, LLC (U.S.)
12.8. Inner Mongolia Rejuve Biotech Co., Ltd. (China)
12.9. Solabia Group (France)
12.10. AlgaEnergy S.A. (Spain)
12.11. Parry Nutraceuticals (India)
12.12. Heliae Development, LLC (U.S.)
12.13. Necton S.A. (Portugal)
12.14. yemoja Ltd. (Israel)
12.15. Fuqing King Dnarmsa Spirulina Co. Ltd.
12.16. Taau Australia Pvt. Ltd.
12.17. Cellana LLC
12.18. Mediterranean Algae (Spain)
12.19. Score Algae (USA)
12.20. Algae Innovations Netherlands
12.21. Tahi Spirulina
12.22. Alphyca
12.23. LM Greentech
12.24. XX
13.    Key Findings
14.    Industry Recommendation

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