The freshwater microalgae market valued at US$ 658.7 million in 2023, is projected to exceed US$ 1,605.0 million by 2033, growing at a robust 9.3% CAGR. Spirulina species, renowned for their nutritional richness, drive high sales. The market expansion is fueled by increased utilization in pet food, food and beverage, and healthcare industries.
The global freshwater microalgae market estimated to be worth US$ 658.7 million in 2023 and expected to expand at a strong 9.3% CAGR to surpass US$ 1,605.0 million by 2033. Spirulina species are notable for their remarkable nutritional content, which helps explain their high sales. The pet food, food and beverage, and healthcare industries’ increased use is fueling this market’s expansion.
Future Market Insights (FMI) estimates that the global market for freshwater microalgae will be worth US$ 658.7 million in 2023. By the end of 2033, it is projected to surpass a valuation of US$ 1,605.0 million.
Over the following ten years, from 2023 to 2033, the demand for freshwater microalgae is predicted to increase globally at a CAGR of 9.3%.It is expected that sales of Spirulina spp. will remain particularly high due to their remarkable nutritional value.
Increased use of freshwater microalgae in the pet food, food and beverage, and healthcare sectors is one of the main factors expected to fuel the global market.
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The demand for freshwater microalgae and products derived from microalgae is influenced by shifting consumer trends and preferences. This includes growing preference for plant-based foods and rising popularity of functional foods.
Today, consumers are showing a keen interest in plant-based and environmentally friendly alternatives in food, beverages, and personal care products. This is prompting companies to use freshwater microalgae in their products which will continue to boost the market.
Market expansion is further sparked by consumer awareness of the advantages microalgae have for the environment and their health.
Microalgae are rich sources of protein, fatty acids, and bioactive compounds. Hence, they provide various potential health benefits which are fueling their sales.
Growing usage of microalgae as ingredients in the production of pharmaceutical, aquaculture, and nutraceutical products will boost the global freshwater microalgae industry.
The government’s expanding efforts to standardize freshwater microalgae cultivation will act as a catalyst triggering the freshwater microalgae market growth.
Key Takeaways from the Freshwater Microalgae Report:
- The global freshwater microalgae marketis expected to reach a valuation of US$ 1,605.0 million by 2033.
- Global demand for freshwater microalgae is likely to soar at 3% CAGRover the forecast period.
- By strain type, spirulina Spp. segment is projected to thrive at a robust pace through 2033.
- Based on end use application, food & beverage segment holds a significant share of the global market.
- Europe is expected to retain its dominance in the global market with a value share of 7% by 2033.
- North America is projected to hold around 1% share of the global market by 2033.
- The United States freshwater microalgae market value is projected to reach US$ 338.2 million by 2033.
- Freshwater microalgae demand in China market is set to rise at 4% CAGR through 2033.
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Who is Winning?
Allmicroalgae, Cyanotech Corporation, Earthrise Nutritionals, Ecoduna, Fermentalg, Fujifilm Corporation, Heliae Development, LLC, Lyxia Corporation, Martek Biosciences (a division of DSM), Nutress B.V, EID Parry (Parry Nutraceuticals), Pond Technologies are key freshwater microalgae companies listed in the report.
These players are focusing on launching new products to expand their portfolios. They also employ strategies such as facility expansions, mergers, advertisements, partnerships, acquisitions, and agreements to stay relevant in the market. For instance,
- In 2019, “Spirulina Pacifica”, a new freshwater microalgae product was introduced by Cyanotech Corporation.
Get More Valuable Insights
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global freshwater microalgae market presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study incorporates compelling insights on the freshwater microalgae market based on strain type (Chlorella Spp., Spirulina Spp., Nannochloropsis, Dunaliella, Haematococcus Spp., Scenedesmus Spp., Euglena Spp., Tetraselmis Spp.) and end use application (food & beverage sector, health & medical sector, animal feed sector, biofuel production, cosmetics & personal care sector, fertilizers sector, and pet food Sector) across various regions.
About the Food & Beverage Division at Future Market Insights (FMI)
Expert analysis, actionable insights, and strategic recommendations – the Food & Beverage team at Future Market Insights (FMI) helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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