The health and medical microalgae market is anticipated to secure a valuation of US$ 729 million in 2023 and is predicted to reach US$ 1,337 million by 2033. The market is estimated to capture a CAGR of 6% during the forecast period.
With healthcare costs doubling in recent years, consumers are turning to health supplements for pain relief, cartilage maintenance, and overall well-being. Research America reports a significant increase in medical research spending in the USA, prompting consumers to opt for dietary supplements to support a healthy lifestyle amidst rising healthcare expenses. This trend has particularly benefited the microalgae market, as microalgae are extensively used in health supplements.
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Rising Healthcare Costs Drive Demand for Health Supplements and Microalgae Market Growth
Moreover, growing awareness of animal welfare has led to a surge in the vegan and vegetarian population, with organizations and NGOs actively promoting these dietary choices. Millennials and Generation Z, in particular, are actively engaged in supporting veganism, further driving the demand for vegan-friendly nutritional supplements.
Microalgae, rich in nutrients like carotenoids, astaxanthin, and omega-3 fatty acids, are gaining popularity in health supplements due to their vegan nature and high nutritional value. As the vegan population continues to grow, the microalgae market is expected to witness significant growth, especially in the health and medical sectors.
Key Takeaways:
- The health and medical microalgae market is estimated to secure a valuation of US$ 1,337 million with a CAGR of 6% by 2033.
- In the historical period, the market secured a valuation of US$ 647.50 million with a CAGR of 3% in 2022.
- The United States is estimated to register a share of 24.3% in the global market by 2033.
- With a share of 9.9%, Germany is significantly growing the global market during the forecast period.
- Japan is anticipated to capture a share of 2.0% in the global market by 2033.
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How Key Players Upsurge the Global Market?
The number of key players in the region highly fragments the market. These players are innovating new and improved products to upsurge the global market. They are focused on consumers’ expectations and develop better products per their requirements. These players adopt several marketing tactics to uplift the global market, mergers, acquisitions, partnerships, product launches, and collaborations.
The key players are distributing their products in retail shops, online platforms, and social media channels to reach more customers. They also promote their products and educate their consumers by visiting trade shows and exhibitions.
Recent Developments in the Global Market are:
- In 2021, Sophie’s Bionutrients launched its new product provides alternative meat. It is plant-based that made from microalgae.
- In 2019, Atacama Bio Natural Products announced its newly launched product NatAxtinTM. It is made from microalgae that contain antioxidant properties and rich nutrients.
Prominent Players in the Global Market are:
- DIC Corporation
- Koninkliijke DSM NV
- Roquette Frères
- Sun chlorella
- Cellana LLC
- Fuji Chemical Industries Co., Ltd.
- Corbion (TerraVia Holdings)
- Yunnan Green-A-Bio-engineering Co Ltd
- Buggypower
- Cyanotech Corporation
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Health and Medical Microalgae Market by Category
By Species Type:
- Spirulina
- Chlorella
- Dunaliella
- Aphanizomenon
- Haematococcus
- Crypthecodinium
- Schizochytrium
- Euglena
- Nannochloropsis
- Nostoc
- Phaedactylum
- Others
By Source:
- Marine Water
- Fresh Water
By End Use Application:
- Nutraceuticals and Dietary Supplements
- Pharmaceuticals
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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