Rising Demand For Functional Foods To Drive Market Growth: Powering Innovation and Expansion in the Microalgae Market by 2025

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What Is the Expected CAGR for the Microalgae Market Through 2025?
Over the past few years, the market size of microalgae has experienced vigorous growth. The market is projected to rise from $1.11 billion in 2024 to $1.19 billion in 2025, with a compound annual growth rate (CAGR) of 7.6%. The growth during the historical period can be credited to advances in research and development, increased environmental consciousness, recognition of nutritional and health advantages, government backing and policies, as well as an expansion in applications.

What's the Projected Size of the Global Microalgae Market by 2029?
In the coming years, a robust growth is anticipated in the microalgae market size, which is projected to reach $1.59 billion in 2029, with a compound annual growth rate (CAGR) of 7.5%. This growth over the forecast period is attributed to factors such as climate change mitigation, population growth and food security, bioremediation applications, the entrance of startups and SMEs into the market, and international research collaborations. Key trends identified for the forecast period involve the incorporation of genetic engineering techniques, the use of microalgae in wastewater treatment, their market reach in the cosmetics and personal care sectors, the discovery of new microalgae species, and collaborations and partnerships in research.

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Top Growth Drivers in the Microalgae Industry: What's Accelerating the Market?
The surge in demand for functional foods is predicted to stimulate the expansion of the microalgae market in the future. Functional foods, which provide health advantages beyond basic nutrition, are witnessing a boost in demand because of the growing health consciousness, an escalating emphasis on preventive healthcare, and consumers' inclination towards natural ingredients that impart specific health benefits such as improved immunity and better heart health. Microalgae enrich functional foods by supplying vital nutrients like omega-3 fatty acids, proteins, antioxidants, and vitamins, thereby amplifying these foods' health benefits through support for heart health, immunity, and overall wellness. For example, the Government of Canada revealed in August 2023 that the 2023 retail sales of health and wellness foods and beverages in India hit roughly $15.7 billion, showing a substantial rise from $11.2 billion in 2022. Thus, the increasing appetite for functional foods is fuelling the expansion of the microalgae market.

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What Trends Will Shape the Microalgae Market Through 2029 and Beyond?
The rise of technological advancements is a prominent trend observed in the microalgae industry. Dominant entities in the market are concentrating on developing innovative technologies to maintain their market presence. To illustrate, a food company from the Netherlands, Corbion, rolled out a superior microalgae-derived DHA product named AlgaPrime DHA in September 2023. AlgaPrime DHA, a sustainable source of omega-3 fatty acids derived from algae, serves as a staple in aquaculture feed, especially for farm-bred salmons. This inventive product minimizes the dependency on maritime-sourced oils, thereby boosting environmental sustainability and improving the nutritional content of food items.

What Are the Main Segments in the Microalgae Market?
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

Subsegments:
1) By Spirulina: Arthrospira Platensis, Arthrospira Maxima
2) By Chlorella: Chlorella Vulgaris, Chlorella Pyrenoidosa
3) By Dunaliella Salina: High Beta-Carotene Strains, Other Strains
4) By Haematococcus Pluvialis: Astaxanthin-Producing Strains, Other Strains
5) By Other Microalgae: Nannochloropsis, Scenedesmus, Aphanizomenon Flos-Aquae, Other Specialty Strains

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Which Top Companies are Driving Growth in the Microalgae Market?
Major companies operating in the microalgae market are Cyanotech Corporation, Algatech, Cellana, Brevel, Checkerspot, microTERRA, Industrial Phycology, Ittinsect, Provectus Algae, Phycom, Viridos, ALGAMA, Arborea, Kuehnle AgroSystems, Inc., ALGBIO, Revyve, MiAlgae, Algenol Biofuels, AquaBioTech Group, Algaeventure Systems, Algae Floating Systems, Inc., Algae Biosciences Corporation, AlgaeLink N.V., Blue Marble Energy, Solazyme, Inc., Sapphire Energy, Heliae Development LLC, Seambiotic, Algorhythm, EcoPRT, and Algal Scientific

Which Regions Will Dominate the Microalgae Market Through 2029?
North America was the largest region in the microalgae market share in 2024. The regions covered in the microalgae market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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