North America Microalgae Market to Reach $871.2 Million by 2030

Meticulous Research®-a leading global market research company, published a research report titled, 'North America Microalgae Market by Type (Spirulina, Chlorella, Dunaliella Salina), Category (Organic, Inorganic), Production Technique (Ponds, PBR), Distribution Channel (B2C, B2B), Application (Nutraceuticals, Food & Beverages) - Forecast to 2030.'

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According to this latest publication from Meticulous Research®, the North America microalgae market is projected to reach $871.2 million by 2033, at a CAGR of 8.2% from 2023 to 2030. In terms of volume, the North America microalgae market is expected to reach 51,855.3 tons by 2030, at a CAGR of 8.3% during the forecast period 2023-2030. The growth of the North America microalgae market is driven by the rising demand for natural food colors, the growth of the nutraceuticals and dietary supplements industries, the rising preference for microalgae-based products, and consumers' inclination toward health and wellness trends. Furthermore, the growing demand for microalgae among biorefineries and the increasing use of natural astaxanthin in poultry and aquaculture feed is expected to create market growth opportunities for the stakeholders in this market. However, the complexities involved in the production of algae products are expected to hinder the growth of this market.

Key Players

The North America microalgae market is characterized by a moderately competitive scenario due to many large and small-sized global, regional, and local players. The key players operating in the North America 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), 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), Yaeyama Shokusan Co., Ltd. (Euglena Co Ltd) (Japan), Vedan Biotechnology Corporation (Taiwan), AlgoSource (France), Allmicroalgae Natural Products S.A. (Portugal), Daesang Corporation (Korea), Algalimento SL (Spain), Seagrass Tech Private Limited (India), and Hangzhou Ouqi Food Co., Ltd. (China).

The North America Microalgae market study presents historical market data in terms of value (2021 and 2022), estimated current data (2023), and forecasts for 2030. This market is segmented based on type (Spirulina, chlorella, dunaliella salina, haematococcus pluvialis, nannochloropsis, and other microalgae), category (inorganic microalgae and organic microalgae), production technique (ponds, fermenters, and photobioreactors), distribution channel (consumer channel and business channel), application (nutraceuticals, food and beverages, animal feed, cosmetics, and other applications), and country (U.S. and Canada).

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Based on type, the spirulina segment is expected to account for the largest share of the North America microalgae market in 2023. The large market share of this segment is attributed to the presence of key Spirulina producers, increasing demand for Spirulina-based products, rising demand for nutraceuticals, growing use of Spirulina in the aquaculture industry, rising investments from leading color houses, and growing demand for natural food colors.

Based on category, the inorganic microalgae segment is expected to account for the larger share of the North America microalgae market in 2023. The large market share of this segment is attributed to the cost-effective production and high availability of microalgae grown through traditional methods.

Based on production technique, the ponds segment is expected to account for the largest share of the North America microalgae market in 2023. The large market share of this segment is attributed to the presence of a huge number of key players following the pond cultivation of microalgae due to its cost-effectiveness and straightforward and uncomplicated production techniques compared to its counterparts. Moreover, the open ponds (raceways) require comparatively lower investment, low operational and energy costs, and have the potential to produce higher biomass volumes, which is further expected to support the growth of this market.

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Based on distribution channel, the business channel (B2B) segment is expected to account for the larger share of the North America microalgae market in 2023. The large market share of this segment can be attributed to producers from diverse industries, including animal feed, food and beverage, and nutraceuticals, directly purchasing bulk quantities of microalgae for product development and as a key ingredient in creating new products. Moreover, this segment is slated to register the highest CAGR during the forecast period of 2023-2030 due to the rising number of microalgae-based product manufacturers.

Based on application, the nutraceuticals segment is expected to account for the largest share of the North America microalgae market in 2023. The large market share of this segment is mainly attributed to the growth in the nutraceuticals sector, the increasing health concerns among the aging population, the growing demand for natural alternatives to conventional pharmaceutical products, and heightened consumer awareness regarding the link between nutrition and health.

Among the countries studied in this report, in 2023, the U.S. is expected to account for the larger share of the North America microalgae market. The large market share is attributed to the growing demand for natural food colorants due to the country's restrictions and stringent regulations on synthetic food colorants. Additionally, the rising number of vegetarian or vegan restaurants, the increasing demand for plant-based foods, and the growing utilization of microalgae in personal care and cosmetic products contribute to the market's growth. Moreover, the increasing preference for natural protein sources and the presence of key algae biomass manufacturers with large production capacities further bolster the microalgae market in the country.

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