Global Microalgae Market Opportunities and Forecast 2023-2030

Microalgae Market Overview

The global Microalgae Market is expected to reach $3.11 billion by 2030, growing at a CAGR of 9.8% from 2023 to 2030.

The global Microalgae market is projected to rise at a considerable rate over the stated period.  The ageing population, combined with greater consumer awareness of preventative healthcare, the emergence of the self-directed consumer, channel proliferation, and a change away from ingredient-focused advertising toward broader brand positioning, are all driving the supplements industry forward. The value and sales of vitamins, minerals, nutritional, and herbal supplements have been steadily increasing around the world. Hence, the global microalgae market is propelled by the growing nutraceuticals industry.
 
Additionally, the developing nutritional supplement industry, growing demand for natural food colours, growing vegetarianism, and increasing preference for microalgae-sourced goods are all contributing to the market's growth.
 
However, limited knowledge of the benefits of microalgae and the difficult manufacturing process of algal products are projected to limit the global microalgae market's growth.

Covid-19 Impact on Microalgae Market

The ongoing COVID-19 pandemic conditions have severely affected every sector around the world. Whereas, the chemicals and materials sectors were moderately affected during the pandemic. This is primarily due to the uncut demand for chemicals for healthcare, life science, and cleaning agents. However, other elements of chemical and material sectors such as paints, industrial oil, construction materials are facing diminution in demand. Strict lockdown resulted in a nearly 50-60% reduction in supply for raw materials, which directly affected the manufacturing process. Further, halt on many end-use industries directly affected the chemical demand all around the world.

Microalgae Market Segment Overview



According to Type, Spirulina is a major segment in the global Microalgae market. Spirulina-derived products are becoming more popular, particularly Omega-3 fatty acids; the usage of Spirulina in aquaculture is increasing; leading colour houses are increasing their investments, and the number of products including Spirulina as an ingredient is growing. However, low knowledge of Spirulina's benefits and constraints associated with Spirulina manufacturing are projected to limit the segment's growth to some extent.
 
According to the Application, the Nutraceuticals segment is projected to account for the largest share of the global microalgae market. The booming nutraceuticals sector, growing health concerns of the ageing population in various countries, growing desire for natural alternatives to traditional pharmaceutical products, and increased consumer awareness of the link between nutrition and health are all factors contributing to this segment's large share.
 
Moreover, the Food & Beverages segment is anticipated to grow at the highest CAGR in the forecast period.  This is due to the increasing demand for microalgae-derived natural food color in confectionery products, frostings, ice cream and frozen desserts, dessert coatings and toppings, among others.
 
Microalgae Market, By Type
·       Spirulina 
·       Chlorella
·       Dunaliella Salina 
·       Haematococcus Pluvialis
·       Other
 
Microalgae Market, By Application
·       Nutraceuticals
·       Food and Beverages
·       Animal Feed
·       Cosmetics
·       Other

Microalgae Market, By Distribution Channel
·       Business Channel
·       Consumer Channel

Microalgae Regional Overview

Region-Wise, North America is predicted to have the highest share of the global microalgae market, followed by Asia-Pacific and Europe. The high consumption of health supplements, strict regulations against the use of synthetic colours, growth of subsidiary industries such as cosmetics and biofertilizers, increasing preference for natural protein sources, and the presence of key algae biomass manufacturers with large production capacities, especially in the United States, are all factors contributing to this region's large share.
 
Microalgae Market, By Geography

·       North America (US & Canada)
·       Europe (UK, Germany, France, Italy, Spain, Russia & Rest of Europe)
·       Asia-Pacific (Japan, China, India, Australia, & South Korea, & Rest of Asia-Pacific)
·       LAMEA (Brazil, Saudi Arabia, UAE & Rest of LAMEA)
  
Microalgae Market, Key Players

·       Cyanotech Corporation
·       Earthrise Nutritionals, LLC
·       Fuqing King Dnarmsa Spirulina Co.Ltd.
·       E.I.D. - Parry (India) Limited
·       Sun Chlorella Corporation
·       Dongtai City Spirulina Bio-Engineering Co. Ltd.
·       Yunnan Green A Biological Project Co., Ltd.
·       Jiangshan Comp Spirulina Co., Ltd.
·       Inner Mongolia Rejuve Biotech Co., Ltd.
·       AlgoSource

Frequently Asked Questions (FAQ) :

Q1. What are the driving factors for the Microalgae market?

Q2. What are the restraining factors for the Microalgae market?

Q3. Which segment is projected to hold the largest share in the Microalgae Market?

Q4. Which region holds the largest share in the Microalgae market?

Q5. Which are the prominent players in the Microalgae Market?