The global freshwater microalgae market valued at US$ 658.7 million in 2023, is projected to surpass US$ 1,605.0 million by 2033. Predicted to grow at a 9.3% CAGR from 2023 to 2033, Spirulina spp. sales are expected to stay high due to its nutritional value. Increased utilization across pet food, food and beverage, and healthcare sectors will drive market growth.
According to Future Market Insights (FMI), the freshwater microalgae market is expected to have a global value of US$ 658.7 million by 2023. It is anticipated to surpass a valuation of US$ 1,605.0 million by the end of 2033.
Over the following ten years, from 2023 to 2033, the demand for freshwater microalgae is predicted to grow at a CAGR of 9.3% worldwide.It’s expected that sales would remain very high due to Spirulina spp.’s great nutritional value.
The expanding application of freshwater microalgae in the pet food, food and beverage, and healthcare sectors is one of the major factors expected to propel the global industry.
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A recently released report by Future Market Insights (FMI) indicates a promising future for the global freshwater microalgae market, forecasting a valuation of $1,605.0 million by 2033. The market, currently valued at $658.7 million in 2023, is anticipated to witness a robust Compound Annual Growth Rate (CAGR) of 9.3% from 2023 to 2033. Spirulina spp., renowned for its exceptional nutritional value, is expected to sustain high sales, driven by increased utilization across various sectors.
Key Drivers and Trends
- Nutritional Value Boosts Spirulina Sales: Spirulina spp. is projected to lead the market due to its nutritional richness, contributing to a significant market share. The strain’s popularity is expected to drive growth in pet food, food and beverage, and healthcare applications.
- Increasing Utilization Across Diverse Sectors: The growing adoption of freshwater microalgae in the pet food, food and beverage, and healthcare industries is a key driver of market expansion. Shifting consumer trends toward plant-based foods and functional foods are influencing the demand for freshwater microalgae products.
- Rising Consumer Interest in Plant-Based and Environmentally Friendly Alternatives: Consumer preferences for plant-based and environmentally friendly alternatives in food, beverages, and personal care products are boosting the incorporation of freshwater microalgae in various offerings, fostering market growth.
- Health and Environmental Benefits of Microalgae: Microalgae are rich sources of protein, fatty acids, and bioactive compounds, providing potential health benefits. This has led to increased usage in the production of pharmaceutical, aquaculture, and nutraceutical products, further driving market growth.
- Government Initiatives for Standardized Cultivation: Government initiatives aimed at standardizing freshwater microalgae cultivation are acting as catalysts for market growth. These efforts are expected to support the industry’s expansion.
Key Takeaways
- Market Valuation Projection: The global freshwater microalgae market is expected to surpass $1,605.0 million by 2033.
- CAGR Forecast: Anticipated growth at a CAGR of 9.3% from 2023 to 2033 indicates robust market expansion.
- Leading Species: Spirulina Spp. is projected to thrive, contributing to a substantial market share.
- End Use Application: The food and beverage segment is anticipated to hold a significant share in the global market.
- Regional Dominance: Europe is expected to retain dominance with a value share of 7% by 2033.
- North American Market Share: North America is projected to hold approximately 1% share of the global market by 2033.
- US Market Value: The freshwater microalgae market in the United States is projected to reach $338.2 million by 2033.
- Demand in China: Freshwater microalgae demand in the Chinese market is set to rise at a CAGR of 4% through 2033.
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The demand for freshwater microalgae and products derived from microalgae is influenced by shifting consumer trends and preferences. This includes growing preference for plant-based foods and rising popularity of functional foods.
Today, consumers are showing a keen interest in plant-based and environmentally friendly alternatives in food, beverages, and personal care products. This is prompting companies to use freshwater microalgae in their products which will continue to boost the market.
Market expansion is further sparked by consumer awareness of the advantages microalgae have for the environment and their health.
Microalgae are rich sources of protein, fatty acids, and bioactive compounds. Hence, they provide various potential health benefits which are fueling their sales.
Growing usage of microalgae as ingredients in the production of pharmaceutical, aquaculture, and nutraceutical products will boost the global freshwater microalgae industry.
The government’s expanding efforts to standardize freshwater microalgae cultivation will act as a catalyst triggering the freshwater microalgae market growth.
Key Takeaways from the Freshwater Microalgae Report:
- The global freshwater microalgae marketis expected to reach a valuation of US$ 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.
“The market for freshwater microalgae is expanding as a result of rising interest in environmentally friendly, plant-based food sources as well as growing public awareness. Its expansion is having an effect on the world by giving the food, cosmetics, pharmaceutical, and biofuel sectors a nourishing and adaptable ingredient. It also helps to sequester carbon.” – says a lead analyst at Future Market Insights (FMI)
Conclusion: The freshwater microalgae market is poised for substantial growth, fueled by rising consumer awareness, government initiatives, and the versatile applications of microalgae in various industries. Spirulina’s exceptional nutritional value positions it as a key driver, contributing to the market’s steady expansion over the forecast period.
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.
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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