Microalgae Market Worth $3.08 Billion by 2030

Meticulous Research®-a leading global market research company, published a research report titled 'Microalgae Market by Type (Spirulina, Chlorella, Dunaliella Salina, Nannochloropsis), Production Technique (Ponds, Fermenters, PBR), Distribution Channel (B2C, B2B), Application (Nutraceuticals, Food and Beverages), and Geography - Global Forecast to 2030'.

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According to this latest publication from Meticulous Research®, based on value, the microalgae market is projected to reach $3.08 billion by 2030, at a CAGR of 9.4% from 2023 to 2030. In terms of volume, this market is projected to reach 100,788.0 thousand tons by 2030, at a CAGR of 12.8% from 2023 to 2030.

The growth of this market is driven by consumer inclination toward health & wellness trends, the growing dietary supplements industry, the rising demand for natural food colors, increasing vegetarianism, the growing nutraceuticals industry, and the increasing preference for microalgae-sourced products. However, low awareness regarding the benefits of microalgae and the complexities in the production of algae products are expected to restrain the growth of this market.

The rising demand for phycocyanin and the growing demand for microalgae among biorefineries are expected to create market growth opportunities. However, contamination risks are a major challenge for the players operating in this market. Additionally, the growing adoption of new production technologies, such as photobioreactor, is a prominent trend in the global microalgae market.

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The global microalgae market is segmented by type (Spirulina, Chlorella, Dunaliella Salina, Haematococcus Pluvialis, Nannochloropsis, and other microalgae); production technique (ponds, fermenters, and photobioreactors); category (inorganic, and organic); distribution channel [business channel (B2B) and consumer channel (B2C)]; application (nutraceuticals, food & beverages, animal feed, cosmetics, and other applications); and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the regional and country-level markets.

Based on type, in 2023, the Spirulina segment is expected to account for the largest share of the global microalgae market. The large market share of this segment is mainly attributed to the rising health & wellness trends and dietary supplements industry; growing demand for natural food colors; increasing vegetarianism; stringent regulations regarding the inclusion of synthetic colors and flavors; growing malnutrition; increasing preference for Spirulina-sourced products, especially Omega-3 fatty acids; growing use of Spirulina in aquaculture; rising investments from leading color houses; and an increasing number of products that include Spirulina as an ingredient. However, low awareness about the benefits of Spirulina and challenges associated with Spirulina production are expected to hinder the growth of this segment to some extent.

Based on production technique, in 2023, the ponds segment is expected to account for the largest share of the global microalgae market. The large market share of this segment is primarily attributed to the presence of a large number of key players in the pond cultivation of microalgae. Open ponds, also called raceway ponds, comparatively require lower investment, low operational and energy costs, and have the potential to produce higher biomass volumes. All these factors are further expected to support the growth of this market.

Based on category, the organic segment is projected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the increasing demand for natural food colorants and certified organic products in the food industry. Furthermore, increasing demand for organic growth media by microalgae manufacturers are further expected to support the growth of this market across the globe.

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Based on distribution channel, in 2023, the business channel (B2B) segment is expected to account for the larger share of the global microalgae market. The large market share of this segment is mainly attributed to the direct bulk purchasing of microalgae by manufacturers from various industries, such as nutraceuticals, food & beverage, and animal feed, for further product development.

Based on application, in 2023, the nutraceuticals segment is expected to account for the largest share of the global microalgae market. The large market share of this segment is mainly attributed to the booming nutraceuticals sector, growing health concerns of the aging population worldwide, the growing need for natural alternatives for traditional pharmaceutical products, and increased consumer awareness regarding the link between nutrition and health.

Geographic Review

This research report analyzes major geographies and provides a comprehensive analysis of North America (the U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East & Africa (Egypt, Saudi Arabia, South Africa, UAE, and Rest of Middle East & Africa).

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In 2023, North America is expected to account for the largest share of the global microalgae market, followed by Asia-Pacific and Europe. The large share of this regional market is mainly attributed to the huge consumption of health supplements, stringent regulations against the use of synthetic colors, the growth of subsidiary industries like cosmetics and biofertilizers, increasing preference for natural protein sources, and presence of key algae biomass manufacturers with huge production capacities, especially in the U.S.

Key Players

The microalgae market is characterized by a moderately competitive scenario due to the presence of many large- and small-sized global, regional, and local players. The key players operating in the microalgae market are Fuqing King Dnarmsa Spirulina Co., Ltd. (China), Earthrise Nutritionals, LLC, (U.S.), E.I.D. - PARRY (INDIA) LIMITED (a subsidiary of M/s. Ambadi Investments Limited) (India), Cyanotech Corporation (U.S.), C.B.N. Bio-engineering Co., Ltd (China), YUNNAN GREEN A BIOLOGICAL PROJECT CO., LTD. (Yunnan Spirin Biotechnology Co. Ltd) (China), Jiangshan COMP SPIRULINA CO., LTD. (China), Inner Mongolia Rejuve Biotech Co., Ltd. (China), Zhejiang Binmei Biotechnology Co., Ltd. (China), Bluetec Naturals CO., LTD. (China), Taiwan Chlorella Manufacturing Company(TCMC) (Taiwan), Sun Chlorella corporation (Japan), Roquette Klötze GmbH & Co. KG (Germany), Gong Bih Enterprise Co., Ltd. (Taiwan), Yaeyama Shokusan Co., Ltd. (Euglena Co Ltd) (Japan), Vedan Biotechnology Corporation (Taiwan), AlgoSource (France), Tianjin Norland Biotech CO., LTD (China), Phycom BV (Netherlands), Allmicroalgae Natural Products S.A. (Portugal), Aliga Microalgae (Denmark), Taiwan Wilson Enterprise Inc. (Taiwan), Daesang Corporation (Korea), Algalimento SL (Spain), Seagrass Tech Private Limited (India), Plankton Australia Pty Limited (Australia), Hangzhou Ouqi Food Co., Ltd. (China), and Shaanxi Rebecca Bio-Tech Co., Ltd (China).

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Key Questions Answered in the Report-

1 What is the current value of revenue generated by the global microalgae market?
2 At what rate is the global demand for microalgae projected to grow for the next 5-7 years?
3 What is the historical market size and growth rate for the microalgae market?
4 What are the major factors impacting the growth of this market at global and regional levels? What are the major opportunities for existing players and new entrants in the market?
5 What impact does the current COVID-19 pandemic have on the microalgae market?
6 Which type, production technique, category, distribution channel, and application segments create major traction for the manufacturers in this market?
7 What are the key geographical trends in this market? Which regions/countries are likely to offer significant growth opportunities for the manufacturers in this market during the analysis period?
8 Who are the major players in the microalgae market? What are their specific product offerings in this market?
9 What recent developments have taken place in the microalgae market? What impact have these strategic developments created on the market?

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