The microalgae market is estimated to secure a valuation of US$ 11.8 billion in 2023 and is predicted to reach US$ 25.4 billion by 2033. The market is capturing a CAGR of 8% during the forecast period.
The surging usage of marine microalgae ingredients and proteins in the production of aquaculture, pharmaceutical, and nutraceutical products is set to drive sales in the market. Increasing government initiatives to standardize the cultivation process of microalgae is expected to be a key factor propelling the growth.
Rapid technological advancements to develop new strains that enhance energy efficiency and handle high salinity boost the market further. The vital need for the early detection of contaminants is anticipated to create new growth opportunities for novel photobioreactor microalgae producers.
Microalgae Market, 2018 to 2022 Historical Sales, Compared to 2023 to 2033 Future Outlook
The market registered a valuation of US$ 10.1 billion in 2018 and is estimated to capture a valuation of US$ 11.4 billion. The market secured a CAGR of 2.4% between 2018 and 2022.
Growing usage of algae photobioreactor as a source of bulk proteins is likely to push the growth in the market. These proteins play a key role in meeting global needs as they have numerous beneficial properties compared to other protein sources.
Arthrospira and chlorella are the most common species of algae photobioreactors that provide high-quality proteins. These species contain amino acid compositions similar to conventional protein sources, such as soybeans and eggs.
Many renowned manufacturers are expected to conduct elaborate research to improve the protein bioavailability from whole microalgae. It is done by utilizing pre-treatments that inhibit degradation by disturbing cell walls. Unlike animal-based proteins, the land requirement is also less for developing microalgae proteins
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Comparative Analysis of Adjacent Markets
Microalgae Market:
| Attributes | Microalgae Market |
| CAGR (2023 to 2033) | 8% |
| Value (2023) | US$ 11.8 billion |
| Value (2033) | US$ 25.4 billion |
| Trends | Rising demand for renewable and sustainable sources of energy and increasing demand for functional foods. |
| Opportunities | Growing research and development activities, increasing demand for aquaculture, and rising cosmetic industry. |
Microalgae-based Products Market:
| Attributes | Microalgae-based Products Market |
| CAGR (2023 to 2033) | 7.9% |
| Value (2023) | US$ 1.88 billion |
| Value (2033) | US$ 4.02 billion |
| Trends | Growing demand for nutritional and functional food products, growing awareness of health, and focus on sustainability. |
| Opportunities | Innovation of advanced technologies, research and development activities, focus on reducing environmental pollution, and growing cosmetic sector. |
Personal Care and Cosmetics Microalgae Market:
| Attributes | Personal Care and Cosmetics Microalgae Market |
| CAGR (2023 to 2033) | 3.6% |
| Value (2023) | US$ 54.3 billion |
| Value (2033) | US$ 77.34 billion |
| Trends | Rising demand for skincare and haircare products, increasing demand for vegan products, and gluten-free products. |
| Opportunities | Growing oral care products, demand for vegan cosmetic products, rising huge investments, government initiatives, and key players. |
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How can Manufacturers Expand the Global Market?
Manufacturers can expand the market in several ways. The various end-use industries, such as cosmetics, agriculture, and pharmaceuticals, drive the global market. A few ways can expand the global market are:
- Increase Productivity: Manufacturers can expand the market by investing their million dollars in research and development activities. They offer affordable products to attract consumers by growing their microalgae-based production.
- Sustainable and Healthy Ingredients: Manufacturers are developing sustainable and eco-friendly microalgae rich in nutrient value. They also promote their sustainable products as a better health alternative to their consumers.
- Educate Customers: Many consumers are unknown about the benefits of microalgae. The manufacturers educate these consumers. Educating customers, raising awareness, and promoting microalgae-based products to increase sales volume.
- Collaborations: Manufacturers collaborate with several end-use industries to reach their relevant consumers. They develop advanced and sustainable products for various industries, such as food and beverages, cosmetics, etc.
Competition Landscape
Most of the key players in the global market are focusing on broadening their existing product portfolios, especially in the pet food domain. To do so, they invest in research and development activities to launch cutting-edge products. Meanwhile, a few other key players are aiming to create novel photobioreactor microalgae additives with the increasing demand for organic products from consumers worldwide.
Other Prominent Players Working in the Global Market
- Lonza
- Eastman Chemical Company
- Daicel Corporation
- Laxmi Organic Industries Ltd.
- Mitsubishi Chemical Co., Ltd.
- Zhangjiagang Hope Chemicals Co., Ltd.
- Nantong Acetic Acid Chemical Co., Ltd.
- Ningbo Wanglong Technology Co.
- Jubilant Life Sciences Ltd.
- Toronto Research Chemicals
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Recent Developments in the Market:
In January 2022, Yemoja Ltd., a startup company that developed advanced ingredients from microalgae and further announced its plan to create red microalgae for plant-based steaks and burgers. Ounje, its new brand, resembles the red juices of animal meat without the requirement of artificial colors. The patented microalgal heme substitute congeals and browns like natural meat juices if cooked, apart from delivering the initial red pigment to plant-based meats.
In January 2022, Bharathidasan University based in Tamil Nadu signed a memorandum of understanding (MoU) with ZIGMA Global Environ Solutions for initiating a joint project worth Rs. 8.05 lakh on ‘microalgae-based bioremediation of municipal solid waste leachate.’ This project might include the usage of extremophilic microalgae to recover the municipal solid waste leachate that might otherwise seep down deep below, thereby spoiling the groundwater and soil.
Microalgae Market By Category
Species Type:
- Spirulina
- Chlorella
- Dunaliella
- Haematococcus
- Crypthecodinium
- Schizochytrium
- Euglena
- Nannochloropsis
- Phaedactylum
- Others
Source:
- Marine Water
- Fresh Water
End Use Application:
- Food and Beverages Sector
- Health and Medical Sector
- Animal Feed Sector
- Pet Food Sector
- Cosmetics and Personal Care Sector
- Fertilizers Sector
Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East and Africa
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