USD 1.37 billion
Microalgae Market Size, Share, Growth Analysis, By Type(Spirulina, Chlorella, Dunaliella Salina, and Aphanizomenon Flos-Aquae), By Application(Dietary supplements, Food/Feed, Pharmaceutical, Cosmetic), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30H2147 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
66
|Figures:
64
Microalgae Market Insights
Microalgae Market size was valued at USD 1.37 billion in 2021 and is poised to grow from USD 1.50 billion in 2022 to USD 3.08 billion by 2030, growing at a CAGR of 9.4% in the forecast period (2023-2030).
The market for microalgae is experiencing growth due to various factors, such as increasing consumer interest in health and wellness, the expanding dietary supplements industry, the rising demand for natural food colors, a growing trend towards vegetarianism, the thriving nutraceuticals sector, and the preference for microalgae-based products. However, the market's growth is hindered by the lack of awareness about microalgae benefits and the complexities involved in algae product production. Nevertheless, opportunities for market growth exist, driven by the increasing demand for phycocyanin and the rising interest in microalgae among biorefineries. The primary uses of the microalgae industry encompass dietary supplements, food and animal feed, pharmaceuticals, cosmetics, chemicals, and other applications. The food and feed sector holds a prominent position in the global microalgae market, generating substantial revenue. Microalgae play a crucial role in enriching the nutritional content of animal feed, leading to enhanced animal growth and development.
US Microalgae Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Spirulina
Fastest Growth
Spirulina
Growth Rate
9.4% CAGR
Global Microalgae Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Microalgae Market Segmental Analysis
The global microalgae market is segmented on the basis of type, application, and region. By type, the market is segmented into spirulina, chlorella, dunaliella salina, aphanizomenon flos-aquae. By application, the market is segmented into dietary supplements, food/feed, pharmaceutical, cosmetic, others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Microalgae Market Analysis By Type
“Spirulina” has established itself as the most dominant segment due to its widespread applications in dietary supplements, food and beverage industries, and pharmaceuticals. Its high protein content, rich nutrient profile, and potential health benefits have contributed to its strong market presence.
On the other hand, “Chlorella” is the fastest growing segment and has been experiencing rapid growth in recent years, driven by increasing awareness about its nutritional value and its use in various products such as health supplements, functional foods, and cosmetics. Its potential as a sustainable and nutrient-dense source has garnered attention and fueled its fast expansion in the microalgae market.
Microalgae Market Analysis By Application
The Food/Feed segment stands out as the most dominant. Microalgae are extensively utilized to augment the nutritional value of animal feed, contributing to improved animal growth and health. This sector commands a significant share of the market revenue due to its wide-ranging impact on the food and livestock industries.
On the other hand, the pharmaceutical segment emerges as the fastest-growing segment. Microalgae's unique bioactive compounds hold immense potential for drug development and pharmaceutical applications. The ongoing research and discoveries of valuable compounds from microalgae are propelling the rapid growth of this sector. As the demand for natural and sustainable pharmaceutical ingredients increases, microalgae-based products are becoming increasingly sought-after in the pharmaceutical market.
Global Microalgae Market By Type
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Microalgae Market Regional Insights
The global microalgae market is analyzed based on its regional presence, which includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Among these regions, “Asia-Pacific” stands out as the most dominant region, exhibiting robust growth and significant market share. The region's thriving economy, increasing population, and rising awareness about the benefits of microalgae products drive its prominence. Additionally, the presence of numerous microalgae cultivation facilities and research institutions further contributes to its leadership position.
On the other hand, North America emerges as the fastest-growing segment. The region's strong focus on sustainability, coupled with a growing demand for natural and eco-friendly products, has fueled the rapid adoption of microalgae-based solutions. Moreover, advancements in biotechnology and supportive government initiatives have propelled the growth of microalgae applications in various industries, making North America a frontrunner in this rapidly expanding market.
Global Microalgae Market By Geography
- Largest
- Fastest
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Microalgae Market Dynamics
Microalgae Market Drivers
Increasing Demand for Sustainable and Natural Products:
- With growing environmental concerns and a shift towards sustainable practices, there is a rising demand for eco-friendly and renewable alternatives in various industries. Microalgae, being a rich source of nutrients and bioactive compounds, offer a promising solution for sustainable food, feed, and other applications.
Advancements in Biotechnology and Cultivation Techniques:
- Ongoing research and technological advancements have significantly improved the cultivation, harvesting, and processing methods of microalgae. These advancements have led to increased efficiency, reduced production costs, and enhanced product quality, driving the market's growth.
Microalgae Market Restraints
High Production Costs:
- Despite advancements in cultivation techniques, the production of microalgae on a large scale can still be costly. The energy-intensive processes, along with the need for specialized equipment and facilities, can hinder widespread adoption in certain regions.
Regulatory Challenges and Limited Awareness:
- The microalgae industry faces regulatory hurdles in some countries, especially concerning novel applications in the food and pharmaceutical sectors. Additionally, limited awareness among consumers and industries about the benefits and potential uses of microalgae products may slow down their market penetration and acceptance.
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Microalgae Market Competitive Landscape
The global microalgae market is highly competitive, with numerous training providers vying for market share. Established companies, start-ups, and research institutions engage in intense competition to innovate and offer a wide range of microalgae-based products. Key players invest heavily in research and development to enhance product efficiency, quality, and sustainability. Partnerships and collaborations are common to leverage expertise and expand market reach. Additionally, advancements in technology and cultivation techniques play a pivotal role in gaining a competitive edge. As the demand for sustainable and eco-friendly solutions grows, competition in the microalgae market is expected to further intensify.
Microalgae Market Top Player’s Company Profile
- Algenol Biotech – (US)
- Cellana Inc. - (US)
- Cyanotech Corporation - (US)
- DIC Corporation – (Japan)
- E.I.D Parry ltd – (India)
- Fuqing King Dnarmsa Spirulina Co. Ltd. – (China)
- Kent BioEnergy Corporation - (US)
- Taau Australia Pty Ltd. – (Australia)
- Astareal AB – (Sweden)
Microalgae Market Recent Developments
- In May 2022, Thai Union Group, a global leader in the tuna industry, invested US$ 7.9 Million in Mara Renewable Corporation to support the development of algae-based bio-products.
- In November 2022, Euglena Co., Ltd made an announcement stating that regular consumption of Euglena, a microalgae known as Euglena in Japan, can help alleviate various symptoms and prevent the onset of cold-like symptoms.
- In December 2022, Pond Technologies Holdings Inc., an ESG company focused on global sustainability challenges, provided an update on its agreement with Livalta, a subsidiary of Associated British Foods. Pond successfully installed an algae lab and several algae bioreactors at AB Agri's British Sugar plant in Wissington, UK, as part of their efforts to address wellness and climate change issues.
- In January 2023, Thai Union Group collaborated with the Scholars of Sustenance Foundation (SOS) to promote awareness about food waste and nutrition through the School of Sustenance Program in six local schools in Thailand.
Microalgae Key Market Trends
- Increased Demand for Sustainable and Eco-Friendly Products
With growing concerns about environmental sustainability and climate change, there is a rising demand for eco-friendly alternatives in various industries. Microalgae offer a promising solution as they can be cultivated using minimal resources and have a lower carbon footprint compared to traditional agricultural crops. This trend is driving the adoption of microalgae in sectors such as food, feed, cosmetics, and biofuels.
- Technological Advancements and Bioprocessing Innovations:
Significant advancements in biotechnology and bioprocessing techniques have revolutionized the microalgae industry. Novel cultivation methods, genetic engineering, and improved harvesting techniques have led to increased productivity and cost-effectiveness. These innovations have also expanded the range of valuable compounds that can be extracted from microalgae, including omega-3 fatty acids, pigments, antioxidants, and bioactive compounds. As a result, the market is experiencing a surge in research and development activities aimed at optimizing microalgae production and exploring new applications.
Microalgae Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global microalgae market analyses, the Microalgae market is experiencing significant growth due to its versatile applications in various industries. With rising demand for sustainable and natural products, microalgae are gaining traction in dietary supplements, food, pharmaceuticals, cosmetics, and more. Their high nutrient content and potential to address environmental challenges have attracted attention. Advancements in biotechnology and research efforts are also driving market expansion. Additionally, the increasing focus on renewable energy sources has spurred interest in microalgae-based biofuels. However, challenges related to large-scale cultivation, processing, and cost-effectiveness remain. Overall, the microalgae market shows promising prospects but requires continued innovation and investment to fully capitalize on its potential.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 1.37 billion |
| Market size value in 2031 | USD 3.08 billion |
| Growth Rate | 9.4% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Microalgae Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Microalgae Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Microalgae Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Microalgae Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Microalgae Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Microalgae Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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