The microalgae market is estimated to capture a valuation of USD 11.8 billion in 2023. The market is projected to reach a valuation of USD 25.4 billion with a CAGR of 8% during the forecast period.
The growing adoption of marine microalgae ingredients and proteins in aquaculture, pharmaceuticals, and nutraceuticals is poised to bolster market sales. Government efforts to streamline microalgae cultivation processes are anticipated to drive growth significantly.
Continual technological innovations aimed at developing resilient strains for improved energy efficiency and high salinity tolerance are further catalyzing market expansion. Additionally, the increasing demand for early contaminant detection is expected to open new avenues for innovative photobioreactor microalgae producers.
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Key Takeaways:
- The microalgae market is predicted to register a CAGR of 8% with a valuation of US$ 11.8 billion in 2033.
- In the historic period, the market captured a valuation of US$ 10.1 billion with a CAGR of 2.4% in 2018.
- The United States is estimated to lead the global market by securing a share of 25.7% by 2033.
- Germany is significantly growing the global market size by capturing a share of 5.3% during the forecast period.
- With a share of 3%, Japan is anticipated to drive the global market during the forecast period.
- Australia is projected to capture a share of 2.8% in the global market by 2033.
Competition Landscape
Many leading companies in the global market are expanding their product offerings, particularly within the pet food sector. They are investing heavily in research and development to introduce advanced products. Simultaneously, some key players are concentrating on developing innovative photobioreactor microalgae additives to meet the growing consumer demand for organic products worldwide.
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
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.
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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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