Microalgae Market Share, Size, Trends, Industry Analysis Report, By Products Type (Dunaliella Salina, Spirulina, Chlorella, Others); By Microalgae Strain; By Application; By Region, And Segment Forecasts, 2023-2032
- Published Date:Jun-2023
- Pages: 112
- Format: PDF
- Report ID: PM2246
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global microalgae market was valued at USD 1001.9 million in 2022 and is expected to grow at a CAGR of 5.4% during the forecast period. Microalgae, with their simple cell structure, have specific growth requirements, including light, water, carbon dioxide, and essential nutrients like nitrogen and phosphorus. When provided with these requirements and optimal climatic conditions, microalgae can exhibit a growth rate that is 5-10 times higher than that of conventional crops. This remarkable growth potential, combined with the increasing utilization of microalgae proteins and components in nutraceuticals, pharmaceuticals, and aquaculture products, and the ongoing efforts to streamline microalgae cultivation methods, are expected to serve as significant catalysts for the industry's growth.
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In the coming years, advancements in technology such as synthetic biology, and automation, will play a crucial role in harnessing the immense potential of microalgae. Despite being invisible to the human eye, microalgae thrive in freshwater and marine environments, both in the water column and sediment. These single-celled organisms can exist individually, in chains or in colonies.
Microalgae, with their microscopic size, are utilized in various nutritional supplements and food products due to their abundance of carbohydrates, proteins, enzymes, and other essential nutrients. Establishing new collaborations at national and international levels and developing regulatory standards will be vital for fostering future growth in the global Microalgae Market. These measures will facilitate the exploration of synergies and ensure the sustainable utilization of microalgae's remarkable properties.
The quality of microalgae products is influenced by several factors, including algae biomass, the specific strain used, and the effectiveness of the extraction method employed. Various types of microalgae, such as brown microalgae, red microalgae, and blue-green microalgae (BGA), are utilized to create valuable products enhanced with beneficial nutrients.
Increasing research and development assets drive the growth of the market in microalgae production and the growing demand for alternative food sources to meet the needs of a rapidly expanding global population. However, challenges exist, such as the high cost of extracting essential components from algal biomass and the adverse effects of climate variations on microalgae cultivation, constraining market growth. Overcoming these challenges through technological advancements and sustainable practices will be crucial for further advances in the microalgae industry.
The COVID-19 pandemic had a notable impact on the market in China, a major global producer and consumer of microalgal species, as highlighted by the Food and Agriculture Organization (FAO). In 2020, the market faced challenges such as factory closures, reduced processing capacities in microalgae facilities, and restrictions on the import and export of algal biomass. These factors significantly affected the microalgae industry. The global market continues to navigate the challenges imposed by the pandemic, with various countries and industry players striving to adapt and recover from the disruptions caused by the health crisis.
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Industry Dynamics
Growth Drivers
The increasing demand for microalgae in pharmaceutical applications serves as a major catalyst for the growth of the microalgae market. Microalgae are highly valuable in this context due to their ability to produce bioactive compounds, including antibiotics, monoclonal antibodies, neurotoxic compounds, hepatotoxic, enzymes, subunit vaccines, hormones, and various other combinations. These bioactive compounds are challenging to synthesize chemically, making microalgae crucial contributors to the pharmaceutical and therapeutic sectors. Their unique production capabilities offer significant potential for developing novel pharmaceutical treatments and therapies.
Microalgae, with their non-toxic nature and high protein content found in a single chloroplast, offer a favorable option for vaccine delivery systems. Examples of recombinant proteins derived from microalgae include the E2 protein utilized in classical swine fever virus vaccinations and the D2-CTB fusion protein used in oral vaccines. Additionally, microalgae hold great potential as a sustainable energy source for pharmaceuticals and biofuels. The scarcity of substrate sources, coupled with higher yields and the Generally Recognized as Safe (GRAS) status of microalgae-derived substances, has contributed to the rapid growth of the microalgae industry.
The benefits of algal products extend beyond the pharmaceutical sector and impact the food industry due to their GRAS certification. As a result, the increasing demand for microalgae in various industry verticals is fueling the market's growth. The versatile applications and valuable properties of microalgae maket them a sought-after resource in multiple sectors, driving the expansion of the market.
Report Segmentation
The market is primarily segmented based on product type, microalgae strain, application, and region.
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By Product Type |
By Microalgae Strain |
By Application |
By Region |
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The spirulina segment held the largest market share in 2022
In 2022, the spirulina category held the largest market share. It is primarily due to spirulina being one of the most extensively cultivated microalgae with a wide range of health benefits. Spirulina is renowned for its brain-protective, antioxidant, and anti-inflammatory properties.
Rich in antioxidants such as Vitamins A, C, and E, Beta-carotene, and a trace of Lutein Zeaxanthin, spirulina offers protection against various diseases and illnesses. It has effectively improved HDL cholesterol levels, reducing total cholesterol (LDL cholesterol) and triglycerides (bad cholesterol). Additionally, spirulina exhibits anti-cancer effects, aids in lowering blood pressure, alleviates symptoms of allergic rhinitis, reduces anemia, and assists in blood sugar regulation.
Furthermore, microalgae, including spirulina, have shown potential in preventing diseases such as muscle rheumatoid arthritis, degeneration, and Alzheimer's. The extensive health benefits associated with microalgae consumption are expected to drive the expansion of the market, with spirulina playing a significant role in this growth.
The dietary supplements segment held the highest market share in 2022
In 2022, the dietary supplements segment of the microalgae market, holding the highest market share. It is because microalgae are abundant sources of essential nutrients such as proteins, vitamins, and minerals. The nutritional profile of microalgae makes them highly suitable for the production of pills, powders, and capsules used in dietary supplements.
The presence of these beneficial nutrients in microalgae products has contributed to their increasing popularity in the healthcare and nutrition industries. Microalgae-derived supplements are gaining traction among consumers who seek natural and nutrient-rich alternatives to support their overall health and well-being. Microalgae products' diverse range of nutritional benefits has positioned them as valuable additions to the dietary supplement market.
The North America projected to hold the largest revenue share in 2022
In 2022, North America projected to hold the largest revenue share in the global market. It can be attributed to various factors, including the region's high consumption of health supplements, strict regulations that discourage the use of synthetic colors in products, the growth of the cosmetics and bio-fertilizer industries, an increasing preference for natural protein sources, and the presence of well-established market players in the field of algae biomass, particularly in the United States. These combined factors contribute to the strong market position of North America in the microalgae industry.
Furthermore, the European Union (EU) is actively investing in the microalgae to foster renewable energy production and reduce carbon emissions. The EU has partnered with multiple projects to enhance the biofuel production framework. Increased funding from the EU for research and development in microalgae, along with the establishment of standardized methods for manufacturing and utilizing microalgae-based products and ingredients across various industries, will contribute to the growth and prosperity of the market within the EU. These initiatives underscore the EU's commitment to promoting sustainable, eco-friendly solutions by utilizing microalgae.
Competitive Insight
The major global market players include Algatec (Lusoamoreiras), Bioprocess Algae, LLC., Algatechnologies Ltd, Algarithm, BASF SE, Henry Lamotte Oils GmbH, Buggypower, Algaecytes, Cellana LLC, Australian Spirulina, Corbion (TerraVia Holdings), Algatech LTD, Cyanotech Corporation, Lyxia, Fuji Chemical Industries Co., Ltd., AstaReal AB KDI Ingredients, DIC Corporation, Koninkliijke DSM NV, INNOBIO Corporation Limited, Parry Nutraceuticals, Sinoway Industrial Co., ltd, Roquette Frères, Yunnan Green-A-Bio-engineering Co Ltd, Sun chlorella, are some of the players operating in the market.
Recent Developments
- In November 2022, Euglena Co., Ltd announced that consistent consumption of Euglena, a type of microalgae also known as Euglena in Japan, can alleviate the severity of various symptoms and prevent the onset of cold-like symptoms.
- In November 2019, Algarithm introduced a program to raise awareness about their kappamega3 product, a microalgae-derived omega-3 DHA oil. This program launch enabled the company to establish a strong foothold in the microalgae and maintain a promising position within the industry.
Microalgae Market Report Scope
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Report Attributes |
Details |
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Market size value in 2023 |
USD 1055.2 million |
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Revenue forecast in 2032 |
USD 1687.4 million |
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CAGR |
5.4% from 2023 - 2032 |
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Base year |
2022 |
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Historical data |
2019 - 2021 |
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Forecast period |
2023 - 2032 |
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Quantitative units |
Revenue in USD million and CAGR from 2023 to 2032 |
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Segments covered |
By Product Type, By Microalgae Strain, By Application, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key companies |
Algatec (Lusoamoreiras), Bioprocess Algae, LLC., Algatechnologies Ltd, Algarithm, BASF SE, Henry Lamotte Oils GmbH, Buggypower, Algaecytes, Cellana LLC, Australian Spirulina, Corbion (TerraVia Holdings), Algatech LTD, Cyanotech Corporation, Lyxia, Fuji Chemical Industries Co., Ltd., AstaReal AB KDI Ingredients, DIC Corporation, Koninkliijke DSM NV, INNOBIO Corporation Limited, Parry Nutraceuticals, Sinoway Industrial Co., ltd, Roquette Frères, Yunnan Green-A-Bio-engineering Co Ltd, Sun chlorella |
FAQ's
The Microalgae Market report covering key segments are product type, microalgae strain, application, and region.
Microalgae market Size Worth $ 1687.4 Million By 2032.
The global microalgae market expected to grow at a CAGR of 5.4% during the forecast period.
North America is leading the global market.
key driving factors in Microalgae Market are Rising Demand for Natural Food Colors
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