Press release
Microalgae based Products Market to Reach $23.01 Billion by 2030, Growing at 8.2% CAGR
Microalgae based Products Market
Market Overview for Products Based on Microalgae
Products made from microalgae, which are autotrophic microorganisms that may grow in freshwater, marine, and terrestrial settings, have the ability to produce organic substances through photosynthesis. Research on their potential as a source of biologically relevant compounds has exploded due to their fast growth rate, intrinsic metabolic flexibility, and tolerance to a variety of cultivation environments. Integrated technologies designed for the cultivation of microalgae-based products are becoming more and more popular. These technologies aim to separate different bioactive compounds from biomass, increasing the profitability of algae production and propelling the market for microalgae-based products.
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Competitive Landscape and Regional Demand
North America currently dominates the microalgae market, accounting for approximately 42.9% of the global share in 2024. This significant market share is attributed to stringent regulations regarding synthetic colors and an increasing preference for natural protein sources.
Microalgae Growth Opportunities in the United States
The United States is witnessing a surge in demand for microalgae-based dietary supplements and functional foods, driven by growing consumer awareness of their health benefits. In April 2024, the U.S. Department of Energy announced a funding opportunity of USD 18.8 million for research and development focused on microalgae applications, underscoring the government's commitment to sustainable solutions.
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Microalgae Trends in Asia Pacific
The Asia Pacific region, encompassing countries such as China, Japan, and India, is anticipated to exhibit the fastest CAGR growth in the microalgae-based product market during the forecast period. This rapid growth is primarily attributed to expanding economies and a strong tradition of using microalgae in traditional medicine and cuisine. In China, the government's focus on reducing carbon emissions and promoting renewable energy sources is driving significant investments in microalgae biofuels.
Microalgae Consolidation in Europe
Europe holds a substantial share of the global microalgae-based product market, driven by strong regulatory support and consumer demand for sustainable products. The European Union's policies promoting renewable energy and the circular economy are key factors supporting market growth. Germany, France, and the Netherlands are leading countries in this region, with significant investments in research and development. For instance, in September 2023, Phycom secured an investment of around USD 9 million to expand its cultivation, aiming to enhance sustainable and efficient production.
Microalgae Updation in the Middle East and Africa
The Middle East and Africa are emerging markets for microalgae-based products, driven by a growing interest in natural and sustainable products. The region's diverse population and increasing focus on health and wellness contribute to market growth. Companies are working to establish distribution networks and introduce microalgae products to meet the demand for alternative health solutions.
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Microalgae based Products Market Segmentation
by Species Type
Spirulina
Chlorella
Dunaliella Salina
Others
With the largest market share of 38% in 2023, the Spirulina segment led the global Microalgae-based Products market by Species Type. Over the course of the forecast period, the category is anticipated to continue to dominate the market and develop at a CAGR of 8.5%. Spirulina's special qualities-such as being a high source of protein, vitamins, minerals, and antioxidants-have led to its widespread use in natural and organic food products, including anti-inflammatory, sports nutrition, animal feed, and dietary supplements. This has significantly increased demand for spirulina, which in turn has fueled the growth of the market. The expansion of the segment is driven by their capacity to supply critical amino acids, copper, protein, carotenoids, iron, and vitamins.
by Category
Inorganic
Organic
by Application
Food and Beverages
Animal feed
Cosmetics
Others
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Microalgae based Products Market Key Players:
1. Fuqing King Dnarmsa Spirulina Co., Ltd. (China)
2. Earthrise Nutritionals, LLC, (U.S.)
3. E.I.D. - PARRY LIMITED (INDIA)
4. Cyanotech Corporation (U.S.)
5. C.B.N. Bio-engineering Co.Ltd (China)
6. YUNNAN GREEN A BIOLOGICAL PROJECT CO., LTD. (Yunnan Spirin
7. Biotechnology Co. Ltd (China)
8. Jiangshan COMP SPIRULINA CO., LTD. (China)
9. Inner Mongolia Rejuve Biotech Co., Ltd. (China)
10. Zhejiang Binmei BiotechnologyCo., Ltd. (China)
11. Bluetec Naturals CO., LTD. (China)
12. Taiwan Chlorella Manufacturing Company(TCMC) (Taiwan)
13. Sun Chlorella Corporation (Japan)
14. Roquette Klötze GmbH & Co. KG (Germany)
15. Gong Bih Enterprise Co., Ltd.(Taiwan)
16. Yaeyama Shokusan Co., Ltd. (Euglena Co Ltd) (Japan)
17. VedanBiotechnology Corporation (Taiwan)
18. AlgoSource (France)
19. Tianjin Norland Biotech CO., LTD (China)
20. Phycom BV (Netherlands)
21. AllMicroalgae based Products Natural Products S.A. (Portugal)
22. Aliga Microalgae based Products (Denmark)
23. Taiwan Wilson Enterprise Inc. (Taiwan)
24. Daesang Corporation (Korea)
25. Algalimento SL (Spain)
26. Seagrass Tech Private Limited (India)
27. Plankton Australia Pty Limited (Australia)
28. Hangzhou Ouqi Food Co., Ltd. (China)
29. Shaanxi Rebecca Bio-Tech Co., Ltd (China)
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