The microalgae market is projected to reach a valuation of USD 11.8 billion in 2023 and is expected to grow to USD 25.4 billion by 2033, reflecting a compound annual growth rate (CAGR) of 8% during the forecast period.
The rising use of marine microalgae ingredients and proteins in aquaculture, pharmaceuticals, and nutraceuticals is set to drive market sales. Additionally, increasing government initiatives to standardize microalgae cultivation processes are anticipated to significantly boost growth.
How End-use Industries Propel the Global Market?
Various end-use industries are providing momentum to the global market in several ways. Key revenue pockets for the market are:
- Food and Beverages: The manufacturers in the food and beverages sector are increasing the adoption of microalgae to provide omega-3 fatty acids, protein, and other nutrition in food. These manufacturers produce functional foods, energy bars, and other high-nutrient supplements to drive market growth.
- Cosmetics: The cosmetic sector produces skin and hair care products, including shampoos, creams, lotions, serums, and other products. The rising demand for microalgae in the cosmetic sector to develop antioxidant and anti-aging properties is surging the market size.
- Pharmaceuticals and Nutraceuticals: The adoption of microalgae is rising due to its bioactive components that promote health benefits. The manufacturers in these sectors are developing dietary supplements and produce drugs, and nutraceutical products are influencing the market growth.
- Agriculture and Aquaculture: The pet food sector produces a source of feed for agriculture and aquaculture livestock and aquatic life, respectively. Microalgae is also widely used for fertilizers in agriculture.
- Biofuels: The adoption of microalgae in producing biofuels is rapidly growing the global market revenue. Microalgae are widely used to produce bioethanol and biodiesel.
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
Most key players in the global market are focusing on expanding their product portfolios, particularly in the pet food sector. They are investing in research and development to introduce innovative products. Additionally, some companies are working on developing novel photobioreactor microalgae additives to meet the growing consumer demand for organic products worldwide.
Recent Developments in this Market are:
- In 2021, Corbion announced its partnership with Nestle. This partnership took place to develop microalgae-based products by adding plant-based ingredients.
- In 2021, AlgaEnergy announced its partnership with FARMHANNONG to develop nutrient products by adopting microalgae in the Korean market.
- In 2021, Cyanotech announced its newly launched product BioAstin Hawaiian Astaxanthin. This product develops to improve the immune system and promote a healthy lifestyle.
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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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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