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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.
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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 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 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
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Microalgae Market |
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Market Size in 2023 |
USD 3.42 Bn. |
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Market Size in 2030 |
USD 6.13 Bn. |
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CAGR (2024-2030) |
8.7% |
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Historic Data |
2018-2022 |
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Base Year |
2023 |
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Forecast Period |
2024-2030 |
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Segments |
By Type
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By Application
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By Distribution Channel
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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
- DSM (Netherlands)
- Euglena Co. Ltd. (Japan)
- DIC CORPORATION (Japan)
- Cyanotech Corporation (U.S.)
- Corbion (Netherlands)
- Earthrise Nutritionals, LLC (U.S.)
- Inner Mongolia Rejuve Biotech Co., Ltd. (China)
- Solabia Group (France)
- AlgaEnergy S.A. (Spain)
- Parry Nutraceuticals (India)
- Heliae Development, LLC (U.S.)
- Algarithm (U.S.)
- Necton S.A. (Portugal)
- yemoja Ltd. (Israel)
- Fuqing King Dnarmsa Spirulina Co. Ltd.
- Taau Australia Pvt. Ltd.
- Cellana LLC
- Mediterranean Algae (Spain)
- Score Algae (USA)
- Algae Innovations Netherlands
- Tahi Spirulina
- Alphyca
- LM Greentech
- XX
Frequently Asked Questions
High-Cost Production has restrained the market growth.
Microalgae Market size was valued at USD 3.42 Billion 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 Billion by 2030.
The segments covered in the market report are Based on By Types, By Application, By Distribution Channel and By Region.
1. Research Methodology
1.1 Research Data
1.1.1. Primary Data
1.1.2. Secondary Data
1.2. Market Size Estimation
1.2.1. Bottom-Up Approach
1.2.2. Top-Down Approach
1.3. Market Breakdown and Data Triangulation
1.4. Research Assumption
2. Microalgae Market: Executive Summary
2.1. Market Overview
2.2. Market Size (2023) and Forecast (2024 – 2030) and Y-O-Y%
2.3. Market Size (USD) and Market Share (%) – By Segments and Regions
3. Global Microalgae Market: Competitive Landscape
3.1. SMR Competition Matrix
3.2. Key Players Benchmarking
3.2.1. Company Name
3.2.2. Headquarter
3.2.3. Product Segment
3.2.4. End-user Segment
3.2.5. Y-O-Y%
3.2.6. Revenue (2023)
3.2.7. Profit Margin
3.2.8. Market Share
3.2.9. Company Locations
3.3. Market Structure
3.3.1. Market Leaders
3.3.2. Market Followers
3.3.3. Emerging Players
3.4. Consolidation of the Market
3.4.1. Strategic Initiatives and Developments
3.4.2. Mergers and Acquisitions
3.4.3. Collaborations and Partnerships
4. Microalgae Market: Dynamics
4.1. Microalgae Market Trends by Region
4.1.1. North America
4.1.2. Europe
4.1.3. Asia Pacific
4.1.4. Middle East and Africa
4.1.5. South America
4.2. Microalgae Market Drivers
4.3. Microalgae Market Restraints
4.4. Microalgae Market Opportunities
4.5. Microalgae Market Challenges
4.6. PORTER’s Five Forces Analysis
4.6.1. Intensity of the Rivalry
4.6.2. Threat of New Entrants
4.6.3. Bargaining Power of Suppliers
4.6.4. Bargaining Power of Buyers
4.6.5. Threat of Substitutes
4.7. PESTLE Analysis
4.7.1. Political Factors
4.7.2. Economic Factors
4.7.3. Social Factors
4.7.4. Technological Factor
4.7.5. Legal Factors
4.7.6. Environmental Factors
4.8. Technological Roadmap
4.9. Value Chain Analysis
4.10. Regulatory Landscape by Region
4.10.1. North America
4.10.2. Europe
4.10.3. Asia Pacific
4.10.4. Middle East and Africa
4.10.5. South America
5. Microalgae Market: Global Market Size and Forecast by Segmentation (by Value in USD Million) (2023-2030)
5.1. Microalgae Market Size and Forecast, by Type (2023-2030)
5.1.1. Spirulina,
5.1.2. Chlorella,
5.1.3. Dunaliella Salina,
5.1.4. Aphanizomenon Flos-Aquae
5.2. Microalgae Market Size and Forecast, by Application (2023-2030)
5.2.1. Food and Beverages Sector
5.2.2. Health and Medical Sector
5.2.3. Animal Feed Sector
5.2.4. Pet Food Sector
5.2.5. Cosmetics and Personal Care Sector
5.2.6. Fertilizers Sector
5.3. Microalgae Market Size and Forecast, by Distribution Channel (2023-2030)
5.3.1. Online
5.3.2. Offline
5.4. Microalgae Market Size and Forecast, by Region (2023-2030)
5.4.1. North America
5.4.2. Europe
5.4.3. Asia Pacific
5.4.4. Middle East and Africa
5.4.5. South America
6. North America Microalgae Market Size and Forecast by Segmentation (by Value in USD Million) (2023-2030)
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 Application (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 Segmentation (by Value in USD Million) (2023-2030)
7.1. Europe Microalgae Market Size and Forecast, by Type (2023-2030)
7.2. Europe Microalgae Market Size and Forecast, by Application (2023-2030)
7.3. Europe Microalgae Market Size and Forecast, by Distribution Channel (2023-2030)
7.4. Europe Microalgae Market Size and Forecast, by Country (2023-2030)
7.4.1. United Kingdom
7.4.2. France
7.4.3. Germany
7.4.4. Italy
7.4.5. Spain
7.4.6. Sweden
7.4.7. Austria
7.4.8. Rest of Europe
8. Asia Pacific Microalgae Market Size and Forecast by Segmentation (by Value in USD Million) (2023-2030)
8.1. Asia Pacific Microalgae Market Size and Forecast, by Type (2023-2030)
8.2. Asia Pacific Microalgae Market Size and Forecast, by Application (2023-2030)
8.3. Asia Pacific Microalgae Market Size and Forecast, by Distribution Channel (2023-2030)
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. Indonesia
8.4.7. Malaysia
8.4.8. Vietnam
8.4.9. Taiwan
8.4.10. Rest of Asia Pacific
9. Middle East and Africa Microalgae Market Size and Forecast by Segmentation (by Value in USD Million) (2023-2030)
9.1. Middle East and Africa Microalgae Market Size and Forecast, by Type (2023-2030)
9.2. Middle East and Africa Microalgae Market Size and Forecast, by Application (2023-2030)
9.3. Middle East and Africa Microalgae Market Size and Forecast, by Distribution Channel (2023-2030)
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. Nigeria
9.4.4. Rest of ME&A
10. South America Microalgae Market Size and Forecast by Segmentation (by Value in USD Million) (2023-2030)
10.1. South America Microalgae Market Size and Forecast, by Type (2023-2030)
10.2. South America Microalgae Market Size and Forecast, by Application (2023-2030)
10.3. South America Microalgae Market Size and Forecast, by Distribution Channel (2023-2030)
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
11.1. DSM (Netherlands)
11.1.1. Company Overview
11.1.2. Business Portfolio
11.1.3. Financial Overview
11.1.3.1. Total Revenue
11.1.3.2. Segment Revenue
11.1.3.3. Regional Revenue
11.1.4. SWOT Analysis
11.1.5. Strategic Analysis
11.1.6. Recent Developments
11.2. Euglena Co. Ltd. (Japan)
11.3. DIC CORPORATION (Japan)
11.4. Cyanotech Corporation (U.S.)
11.5. Corbion (Netherlands)
11.6. Earthrise Nutritionals, LLC (U.S.)
11.7. Inner Mongolia Rejuve Biotech Co., Ltd. (China)
11.8. Solabia Group (France)
11.9. AlgaEnergy S.A. (Spain)
11.10. Parry Nutraceuticals (India)
11.11. Heliae Development, LLC (U.S.)
11.12. Algarithm (U.S.)
11.13. Necton S.A. (Portugal)
11.14. yemoja Ltd. (Israel)
11.15. Fuqing King Dnarmsa Spirulina Co. Ltd.
11.16. Taau Australia Pvt. Ltd.
11.17. Cellana LLC
11.18. Mediterranean Algae (Spain)
11.19. Score Algae (USA)
11.20. Algae Innovations Netherlands
11.21. Tahi Spirulina
11.22. Alphyca
11.23. LM Greentech
11.24. XX
12. Key Findings
13. Analyst Recommendations
13.1. Strategic Recommendations
13.2. Future Outlook
