Microalgae Market to Reach $1.77 Billion by 2028 - Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®

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Mar 14, 2022, 10:00 ET

REDDING, Calif., March 14, 2022 /PRNewswire/ -- According to a new market research report titled, "Microalgae Market by Distribution Channel (Consumer Channel, Business Channel), Type (Spirulina, Chlorella, Dunaliella Salina, Haematococcus Pluvialis), Application (Nutraceuticals, Food & Beverages, Animal Feed, Cosmetics) - Global Forecast to 2028", published by Meticulous Research® in association with EABA, the microalgae market is expected to reach $1.77 billion by 2028, at a CAGR of 10.3% during the forecast period 2021 to 2028.

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Gaining popularity as a promising nutrient source, microalgae impart high nutrition and comprise high-value compounds including pigments, fatty acids, and anti-oxidants. Nowadays, microalgae biorefinery systems have been extensively studied from resources, energy expenditure, biofuel production potential, and high-added value products. The genus Spirulina stands out among the microalgae of commercial importance. It accounts for over 30% of biomass produced globally because of high protein concentration and carotenoid and phycocyanin content. In addition, Spirulina cultivation reduces greenhouse gases.

Biorefining is a process by which biomass is converted into value-added products and energy sustainably. The success of a biorefinery depends largely on the raw material selected and the technologies/processes involved in obtaining the added-value products. Microalgae are considered one such raw material that can be exploited economically. Microalgae, unlike terrestrial plants, lack highly resistant cell wall components with no stem or roots, making the degradation easier for exploitation of added-value products. The method employed for the technical realization of this concept is to produce high added-value products with residual biomass valorization in fuel.

Microalgae have received much interest as a biofuel feedstock in response to the uprising energy crisis, climate change, and depletion of natural sources. The key factor for the economic feasibility of microalgae biofuels is maximizing the algal biomass with a reduction of operational and maintenance costs. It has been stated that the economic viability of algal fuels needs at least more than ten years of R&D to achieve a stable position. By 2022, US Renewable Fuels Standard (RFS) is estimated to obtain 36 billion gallons of microalgae-based fuels. Although the algal biofuels are not yet economically feasible, many companies in the U.S., Europe, and other regions of the world are producing algal fuels commercially.

Thus, microalgae are projected as living-cell factories with simple growth requirements due to their efficient sunlight utilization. Their potential for energy and production of added-value products is widely recognized. Microalgae's versatility and huge potential could support a microalgae biorefinery and microalgae-based bioeconomy, opening up a huge opportunity in the global algae industry.

The Impact of COVID-19 on the Microalgae Market

The COVID-19 pandemic adversely hit many economies around the world. Government measures to combat the COVID-19 pandemic, such as nationwide lockdowns and quarantines, negatively impacted many industries. Most manufacturers of food products in the F&B sector have felt the brunt of the pandemic. Social distancing, self-isolation, and city-wide lockdowns have forced the closures of many establishments in various countries worldwide.

The pandemic strained consumer F&B product manufacturers due to reduced consumption and disrupted supply chains. The F&B sector witnessed a minor decline due to the imposed lockdowns. This scenario negatively impacted the confectionery industry. In addition, government bodies passed various rules and regulations on purchasing essential goods. According to trade organizations in the nutritional products industry, there has been a significant impact on the global supply chain for functional foods and dietary supplements, which has, in turn, lowered the consumption of microalgal biomass among end-users impacting the growth of this market.

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In the algae industry, a major slowdown in microalgae sales was witnessed in the first quarter of 2020 due to disruptions in logistics and transportation. The market also witnessed interruptions in the entire value chain from raw materials supply for culture media to production, packaging, and biomass distribution.

The effects of the COVID-19 pandemic on this market were felt in China starting 2020, as the country is one of the world's largest producers and one of the leading consumers of microalgal species. In China, factory closures, microalgae processing facilities operating at reduced capacities, and restrictions on importing and exporting algae biomass strongly impacted the microalgae market. Similarly, due to the countrywide lockdowns in India, many commercial microalgae production and processing facilities were shut down or were operating at reduced capacities, leading to substantial losses in domestic microalgal production.

Growing Nutraceuticals Industry Fuels the Growth of the Microalgae Market

The aging population with increased consumer awareness for preventative healthcare, the rise of the self-directed consumer (self-diagnosis over health practitioner diagnosis), channel proliferation (variety of marketing techniques and E-Commerce), and shift from ingredient-focused messaging to broader brand positioning (grouping of supplements together to form a healthy benefits package) are the key factors driving the growth of the supplements industry. Globally, the value and sales of the vitamins, minerals, and nutritional and herbal supplements (VMHS) show consistent and constant growth.

According to the Association for Packaging and Processing Technologies, the total global market for nutraceuticals is expected to grow from about USD 209 billion in 2017 to USD 373 billion in 2025. This growth is mainly due to the increasing popularity of natural nutraceuticals, causing considerable growth of botanical dietary supplements, such as chlorella. Low cost compared to prescription drugs and easy availability are factors expected to augment their demand over the next 7-8 years.

Microalgae Market Overview

The microalgae market is segmented on the basis of distribution channel (consumer channel, business channel), type (spirulina, chlorella, dunaliella salina, haematococcus pluvialis, and other microalgae), application (nutraceuticals, food & beverages, animal feed, cosmetics, and Others), and geography. The study also evaluates industry competitors and analyzes the market at a regional and country level.

Based on distribution channel, the microalgae market is mainly segmented into B2C and B2B channels. The B2B segment accounted for the largest share of the overall microalgae market in 2021. The large share of this segment is mainly attributed to the direct bulk purchasing of microalgae by manufacturers from various industries, such as nutraceuticals, food & beverage, and animal feed for further product development.

Based on type, spirulina accounted for the largest share of the overall microalgae market in 2021, owing to the rising health & wellness trends and dietary supplements industry; rising demand for natural food colors; growing vegetarianism; stringent regulations regarding the inclusion of synthetic colors and flavors; growing malnutrition; increasing preference for Spirulina-sourced products, especially Omega-3 fatty acids; growing use of Spirulina in aquaculture; increasing investments from leading color houses; and growing number of products that include spirulina as an ingredient.

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Based on application, the microalgae market is mainly divided into nutraceuticals, food and beverages, cosmetics, animal feed, and others. The nutraceuticals segment accounted for the largest share of the overall microalgae market in 2021, due to the growing nutraceuticals sector, rising health concerns of the aging population in various countries, growing desire for natural alternatives to traditional pharmaceutical products, and increased awareness among consumers on the link between nutrition and health.

Geographically, North America accounted for the largest share of the global microalgae market in 2021, followed by Asia-Pacific and Europe. The large share of this region is mainly attributed to the huge consumption of health supplements, strict regulations against the use of synthetic colors, growth of subsidiary industries like cosmetics and biofertilizers, increasing preference for natural protein sources, and presence of key algae biomass manufacturers with huge production capacities, especially in the U.S. However, Europe is expected to witness significant growth during the forecast period, mainly due to the increased adoption of microalgae, especially spirulina and chlorella, in the manufacturing of therapeutic & nutritional products, growing reluctance towards the usage of synthetic colors, rising demand for natural blue colorants, and investments from leading color stakeholders in the phycocyanin space.

In 2021, Germany accounted for the largest share of the microalgae market in Europe. Consumers in Germany are health-conscious, sensitive to environmental issues, and willing to pay higher prices for more natural, less processed, and environment-friendly products. The German consumers' attraction to health and wellness products is owing to government education programs, media advertisements featuring healthy lifestyles, and growing body consciousness. This rise in health awareness has stimulated consumer interest in healthy foods and related products, compelling food processors to consider marketing food and drinks on health platforms as a means of differentiation. This trend has resulted in the increasing usage of products in health food products, which proportionally boosts the consumption of the microalgae-derived product by the end-use industries.

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

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97 – Tables
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Scope of the Report:

Microalgae Market, by Distribution Channel

Business Channel
Consumer Channel

Microalgae Market, by Type

Spirulina
Chlorella
Dunaliella Salina
Haematococcus Pluvialis
Other Microalgae

Microalgae Market, by Application

Nutraceuticals
Food and Beverages
Animal Feed
Cosmetics
Other Applications

Microalgae Market, by Geography

North America

U.S.

Canada

Europe
Germany
France
U.K.
Italy
Spain
Rest of Europe (RoE)

Asia-Pacific (APAC)

China
India
Japan
Australia
Rest of APAC (RoAPAC)

Latin America

Brazil
Mexico
Rest of Latin America (RoLATAM)

Middle East & Africa

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