Microalgae Market Size, Insights, Forecast, Growth, Trends 2024-2033

The Business Research Company presents an extensive market research report on the Microalgae Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.

Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.

Market Sizing:

The microalgae market size has grown strongly in recent years. It will grow from $1.03 billion in 2023 to $1.11 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to research and development advances, environmental awareness, nutritional and health benefits, government support and policies, diversification of applications.

The microalgae market size is expected to see strong growth in the next few years. It will grow to $1.48 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to climate change mitigation, population growth and food security, bioremediation applications, market entry of startups and smes, international collaborations for research.. Major trends in the forecast period include integration of genetic engineering techniques, utilization in wastewater treatment, market penetration in cosmetics and personal care, exploration of novel microalgae species, collaborations and partnerships in research..

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Key Market Players:

Major companies operating in the microalgae market report are Thermo Fisher Scientific Inc., Albany Molecular Research Inc., Charles River Laboratories International Inc., Laboratory Corporation of America Holdings, Domainex Ltd., GenScript Biotech Corporation, Pharmaceutical Product Development LLC, Advinus Therapeutics Pvt. Ltd., Jubilant Biosys Ltd., Evotec AG, Syngene International Ltd., Bayer AG, Merck KGaA, Ubiquigent Ltd., Eurofins Scientific SE, AppTec Laboratory Services Inc., GVK Biosciences Private Limited, Aurigene Discovery Technologies Limited, Viva Biotech Holdings, Pharmaron Beijing Co. Ltd., Selcia Limited, Concept Life Sciences Group Limited, BioDuro LLC, ChemPartner Corporation, Aptuit LLC, Sygnature Discovery Limited, Peak Proteins Ltd., SRI International, BioAscent Discovery Limited, Sai Life Sciences Limited, Promega Corporation, MedChemExpress LLC, Aragen Bioscience Inc., WuXi STA, BioNTech SE, Moderna Inc., Gilead Sciences Inc., Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals Inc., Amgen Inc., Bristol-Myers Squibb Company

Market Drivers:

The increasing demand of functional foods is expected to propel the growth of microalgae market going forward. Functional foods refer to food products that offer health benefits beyond basic nutrition. These foods are formulated to provide additional positive effects on health by promoting optimal physiological functions and reducing the risk of chronic diseases. Microalgae, such as spirulina and chlorella, are nutrient-rich and contain bioactive compounds like antioxidants. Their incorporation into functional foods enhances nutritional profiles, aligns with health and wellness trends, and offers diverse applications in various food products. For instance, according to the Institute of Food Technologists (IFT), a US-based non-profit scientific society, the sales of functional foods and beverages in the United States reached $83 billion in 2021, a 6.8% increase over 2020. Therefore, the increasing demand of functional foods is driving the growth of the microalgae market.

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The microalgae market covered in this report is segmented -

1) By Type: Spirulina, Chlorella, Dunaliella Salina, Haematococcus Pluvialis, Other Microalgae
2) By Distribution Channel: Business Channel, Consumer Channel
3) By Applications: Food and Beverage, Dietary Supplements, Pharmaceuticals, Cosmetics and Personal Care, Bio-Fuel, Inks, Animal Feed, Other Applications

The report answers the following questions:
What are the primary factors propelling the market during the projected period?

In which region is the most substantial growth expected?

Which trend will take center stage in the upcoming period?

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