The chlorella market is projected to increase to US$ 206.9 million in 2023. The market is anticipated to develop at a strong CAGR of 7.9% between 2023 and 2033, achieving a valuation of US$ 444.6 million by 2033 due to the rise in the number of vegan populations globally and the growing need for alternatives to animal-based products.
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Chlorella, a chlorophyll-based microalga, is widely consumed as a dietary supplement due to its rich nutrient profile (vitamins, minerals, amino acids, and antioxidants). Chlorella, with its high nutritional value and potential health benefits, offers:
An excellent plant-based complete protein source
Potential detoxification to aid in the removal of heavy metals from the body
Aid to strengthen immunity and increase antibody production
Chlorella, aside from its medicinal and nutritional value, is also expected to seek growth opportunities in the:
Cosmetics and personal care industry due to the growing demand for sustainable chemical-free products.
The animal feed industry, as a supplement to the livestock.
Food and beverage industry, as a healthy nutritional ingredient.
The production cost of consumable chlorella is relatively very high, hindering the growth of the chlorella industry. Other factors like delays in shipping, problems related to the supply chain and distribution, and shortage of raw materials hamper the smooth functioning of the market., and this hinders the growth of the chlorella market. Other factors like delays in shipping, problems related to the supply chain and distribution, and shortage of raw materials hamper the smooth functioning of the market.
Key Takeaways:
The United States market currently holds a global share of 31.2% in the chlorella industry.
India is expected to continue having steady growth at 9.4% in the forecast period.
The market in Germany experienced a healthy growth share with a value of 9.0% in 2022.
The United Kingdom’s chlorella industry is likely to grow at a CAGR of 7.5% during the projected period.
In 2022, Japan held 3.5% of shares in the global chlorella industry.
The revenue generation in the market is expected to increase from US$ 199.0 million in 2022 to about US$ 444.6 million by 2033.
Australia’s chlorella market was estimated to have a global share of about 1.4% in 2022.
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Competition Landscape:
The innovation and development by the major players in the market by developing unique cultivation methods and strategies are expected to help the demand grow in the forecasted period. The chlorella market is becoming highly competitive with the rapid increase in demand for nutrient-rich products. Many companies compete to actively participate in the ever-changing trends and stay relevant in the market scenario. in the ever-changing trends and to stay relevant in the market scenario.
Some prominent players in the chlorella industry are:
Cyanotech Corporation
FEBICO (Far East Bio-Tec Co., Ltd.)
Sun Chlorella Corporation
Yaeyama Chlorella
Taiwan Chlorella Manufacturing Company (TCMC)
Roquette Klötze GmbH & Co. KG
Algorigin
Earthrise Nutritionals LLC
Nutraceutical Corporation
Echlorial
Recent Developments in the Market:
In March 2023, ProFuture’s researchers present the latest findings, which look like a promising protein source using microalgae from volcanic hot springs.
Sun Chlorella renews its products – Sun Eleuthero Extract and Astarella in February 2023.
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