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

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.