Global Microalgae Market Size expected To Reach USD 18.3 Billion By 2028

25-Apr-2022 | Facts and Factors

According to the Facts & Factors report, the global microalgae market was worth about 10.2 (USD billion) in 2021 and is predicted to grow to around 18.3 (USD billion) by 2028, with a compound annual growth rate (CAGR) of around 8.2%.

Microalgae are microscopic algae that cannot be seen with the naked eye. They are commonly found in freshwater and marine systems, where they live in both the water column and the sediment. They are unicellular species that can exist alone, in chains, or in groups. Microalgae are a rich source of protein, carbohydrates, enzymes, and other nutrients and are used in a variety of nutritional supplements and food items. Furthermore, microalgae perform photosynthesis, producing a large amount of atmospheric oxygen and utilizing carbon dioxide to grow photoautotrophically.

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Browse the full “Microalgae Market By Type of Species (Aphanizomenon Flos-Aquae, Dunaliella, Chlorella, and Spirulina), By Application (Pharmaceutical, Cosmetic, Food/Feed, Dietary Supplements, and Others), and By Region-Global and Regional Industry Trends, Competitive Intelligence, Analysis of Data, Statistical Data, and Forecast 2022-2028" report at https://www.fnfresearch.com/microalgae-market

The growing use of algae photobioreactors as a source of bulk proteins is expected to drive the global microalgae market growth. In comparison to other protein sources, these proteins play an important role in meeting global needs because they have countless beneficial properties. The most common algae photobioreactor species that can provide high-quality proteins are Arthrospira and chlorella. These species have amino acid compositions that are very similar to those found in traditional protein sources like soybeans and eggs.

Many well-known manufacturers are expected to conduct extensive research to improve the bioavailability of protein from whole microalgae by using pre-treatments that inhibit degradation by disrupting cell walls. In addition, unlike animal-based proteins, microalgae proteins require less land for development. The potential of marine microalgae to function as a gentle clarifying entity in shampoos while essentially eliminating excess sebum and styling product residue is expected to drive demand. It also aids in the prevention of hair loss by limiting the irritation caused by infections on the scalp. As pets become more humanized, there is a greater demand for nutritious foods from pet owners, propelling the use of algae photobioreactors in the pet food industry.

The demand for high-quality premium pet food is anticipated to rapidly increase sales. Algae photobioreactors contain high levels of vitamin E, C, and A, as well as beta-carotene, making them an excellent ingredient in pet food. Unlike regular pet foods on the market, it aids in increasing the pet's appetite and strengthening its immune system. However, the technical challenges of harvesting microalgae for feed and food on a large scale will limit the market growth. Another major impediment to market growth is the lack of commercialization of microalgae-based products.

The global microalgae market is segregated on the basis of the type of species, application, and region. By type of species, the market is divided into Aphanizomenon flos-aquae, Dunaliella, chlorella, and spirulina. The most significant contributor to market growth is spirulina. Its ability to produce nutritional supplements with functional properties such as anti-oxidants, phycocyanins, phenolics, and anti-inflammation has contributed to its growth. Because of these properties, spirulina is an excellent ingredient for the production of nutritional supplements and edibles.

By application, the market is divided into pharmaceutical, cosmetic, food/feed, dietary supplements, and others. Dietary supplements have the largest share of these applications. This is due to the microalgae's high nutritional value, which includes protein, vitamins, and minerals. Because of the existence of these nutrients, microalgae are perfect for the production of pills, powders, and capsules. Furthermore, as a result of these factors, microalgae products have gained traction in the healthcare and nutrition industries.

The European Union dominated the global microalgae market. The region possesses distinct structural, economic, and logistical assets that enable it to excel in microalgae research and applications. Microalgae are being marketed in Europe as a new source of useful nutrients for both animal and human consumption. European countries derived 12% of their transportation energy from renewable sources, primarily biofuels. The region consumes a significant amount of fuel due to the high demand for luxury vehicles, motorcycles, and commercial trucks. As a result, countries such as Switzerland, Germany, and the Netherlands are expected to see an increase in demand for microalgae-based products.

Report Scope

Report Attribute

Details

Market Size in 2021

USD 10.2 Billion

Projected Market Size in 2028

USD 18.3 Billion

CAGR Growth Rate

8.2% CAGR

Base Year

2021

Forecast Years

2022-2028

Key Market Players

Fuqing King Dnarmsa Spirulina Co.Ltd., Earthrise Nutritionals, LLC, E.I.D. - Parry Limited, Cyanotech Corporation, Dongtai City Spirulina Bio-Engineering Co. Ltd., Yunnan Green A Biological Project Co., Ltd., Jiangshan Comp Spirulina Co., Ltd., Inner Mongolia Rejuve Biotech Co., Ltd., Zhejiang Binmei Biotechnology Co., Ltd., Bluetec Naturals Co., Ltd., Taiwan Chlorella Manufacturing Company (TCMC), Sun Chlorella Corporation, Far East Microalgae Industries, Co., Ltd., Roquette Klötze GmbH & Co. KG, Gong Bih Enterprise Co., Ltd., Yaeyama Shokusan Co., Ltd., Vedan Biotechnology Corporation, AlgoSource, Tianjin Norland Biotech Co., Ltd, Phycom BV, Allmicroalgae Natural Products S.A., Duplaco B.V., Taiwan Wilson Enterprise Inc., Daesang Corporation, Algalimento S.L, Seagrass Tech Private Limited, Plankton Australia Pty Limited, Hangzhou OuQi Food Co., Ltd., and Shaanxi Rebecca Bio-Tech Co., Ltd., among others

Key Segment

By Type of Species, Application, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

Purchase Options

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Some of the main competitors dominating the global microalgae market are Fuqing King Dnarmsa Spirulina Co.Ltd., Earthrise Nutritionals, LLC, E.I.D. - Parry Limited, Cyanotech Corporation, Dongtai City Spirulina Bio-Engineering Co. Ltd., Yunnan Green A Biological Project Co., Ltd., Jiangshan Comp Spirulina Co., Ltd., Inner Mongolia Rejuve Biotech Co., Ltd., Zhejiang Binmei Biotechnology Co., Ltd., Bluetec Naturals Co., Ltd., Taiwan Chlorella Manufacturing Company (TCMC), Sun Chlorella Corporation, Far East Microalgae Industries, Co., Ltd., Roquette Klötze GmbH & Co. KG, Gong Bih Enterprise Co., Ltd., Yaeyama Shokusan Co., Ltd., Vedan Biotechnology Corporation, AlgoSource, Tianjin Norland Biotech Co., Ltd, Phycom BV, Allmicroalgae Natural Products S.A., Duplaco B.V., Taiwan Wilson Enterprise Inc., Daesang Corporation, Algalimento S.L, Seagrass Tech Private Limited, Plankton Australia Pty Limited, Hangzhou OuQi Food Co., Ltd., and Shaanxi Rebecca Bio-Tech Co., Ltd.

Recent Development

  • January 2022: Yemoja Ltd., a startup company that develops advanced microalgae ingredients, announced plans to develop red microalgae for plant-based burgers and steaks. Ounje, the company's new brand, resembles the red juices of animal meat without using artificial colors. Apart from providing the preliminary red pigment to plant-based meats, the patented microalgal heme replaces congeals and browns like real meat juices when cooked.
  • January 2022: Bharathidasan University in Tamil Nadu has signed agreements with ZIGMA Global Environ Solutions to launch a joint project worth Rs. 8 lakh on "microalgae-based bioremediation of municipal solid waste leachate." This project will use extremophilic microalgae to recover municipal solid waste leachate that otherwise seeps deep underground, contaminating groundwater and soil.

The global microalgae market is segmented as follows:

By Type of Species

  • Aphanizomenon Flos-Aquae
  • Dunaliella
  • Chlorella
  • Spirulina

By Application

  • Pharmaceutical
  • Cosmetic
  • Food/Feed
  • Dietary Supplements
  • Others

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic countries
      • Denmark
      • Finland
      • Iceland
      • Sweden
      • Norway
    • Benelux Reunion
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • New Zealand
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • Kuwait
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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