Microalgae Market to Reach $3.08 billion by 2030 - Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®

Redding, Calif., Jan. 31, 2023 /PRNewswire/ -- According to a new market research report titled, 'Microalgae Market by Type (Spirulina, Chlorella, Dunaliella Salina, Nannochloropsis), Production Technique (Ponds, Fermenters, PBR), Distribution Channel (B2C, B2B), Application (Nutraceuticals, Food and Beverages), and Geography - Global Forecast to 2030,' in terms of value, the microalgae market is projected to reach $3.08 billion by 2030, at a CAGR of 9.4% from 2023 to 2030, while in terms of volume, the market is projected to reach 100,788 tons by 2030, at a CAGR of 12.8% from 2023 to 2030.

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Microalgae are an important functional food and nutrient source due to their health benefits. They are rich in proteins, lipids, polysaccharides, dietary fiber, vitamins, trace elements, and active metabolites. The polysaccharides and glycoproteins in Spirulina have been proven to have anti-tumor, anti-pathogen, and anti-viral properties. Microalgae such as Spirulina are rich in nutrients, such as B vitamins, phycocyanin, chlorophyll, vitamin E, Omega-6 fatty acids, and minerals. Microalgae products are consumed as supplements as they enhance immunity.

Microalgae grow rapidly and can support the large-scale production of health supplements. The growth of this market is backed by the booming nutraceuticals sector, growing health concerns of the aging population worldwide, the growing need for natural alternatives to traditional pharmaceutical products, and increased consumer awareness regarding the link between nutrition and health.

Increasing Preference for Microalgae-sourced Products to Drive the Growth of the Microalgae Market

Market trends and consumers' growing interest in natural and healthy products have encouraged researchers and the industry to develop novel products with functional ingredients. Microalgae have been recognized as a source of functional ingredients with positive health effects since these microorganisms produce polyunsaturated fatty acids, polysaccharides, natural pigments, essential minerals, vitamins, enzymes, and bioactive peptides.

Omega-3 fatty acids have anti-aging properties and offer several benefits, such as preventing heart disease and healing atherosclerosis. Linolenic acid, alpha-linolenic acid, eicosapentaenoic (EPA), and docosahexaenoic acid (DHA) are natural omega-3 fatty acids. Usually, these omega-3 fatty acids are derived from fish oil, but indications suggest that omega-3 fatty acids in fish oil come from zooplankton, which consumes spirulina. Thus, microalgae are one of the best sources of omega-3 fatty acids. Algal PUFA production is more economical than biofuel production; hence several large-scale producers are now focusing on nutritional PUFA production instead of biofuel production. Spirulina is one of the most prominent microalgae due to its high production of long-chain polyunsaturated fatty acids, phenolic compounds, volatile compounds, sterols, proteins, amino acids, peptides, vitamins, polysaccharides, and pigments. It contains 15.8% lipids and 4.9% omega-3 fatty acids.

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Due to shortcomings of fish-derived oil, including undesirable taste & odor, diminishing supplies, chemical processing methods, and the presence of contaminants, such as mercury, dioxins, and polychlorinated biphenyls, omega-3 fatty acids are now being produced using microalgae (spirulina), as it offers non-polluted omega-3 fatty acids.

In November 2016, Cellana, Inc. and PIVEG, Inc. signed a letter of intent for the joint development and commercialization of Omega-3 oils and other high-value applications of microalgae biomass. DSM and Evonik announced a joint development agreement for producing omega-3 fatty acids from natural marine microalgae for animal nutrition applications. Also, the omega-3 fatty acids in spirulina platensis prevent the accumulation of cholesterol in the body. DIC Corporation, a wholly owned subsidiary of DIC Lifetec Co., Ltd., which manufactures and sells health foods (notably edible blue-green algae spirulina), signed a sales agency contract with Fermentalg S.A. (France), a developer of microalgae-derived food ingredients. DIC has started marketing Fermentalg's DHA ORIGINS-510 series of Schizochytrium sp.-derived highly concentrated docosahexaenoic acid (DHA) oils for use in dietary supplements. These factors are expected to drive the demand for spirulina across the globe.

Nisshin Pet Food has launched 73 new products containing chlorella. Also, Tohato has launched 21 new food products containing chlorella, 16 of which are sweet biscuits/cookies, 4 are corn-based snacks, and 1 is a potato snack. The U.S.-based company, Suja Life, has launched six new juice products, three nectars, and two fruit/flavored drinks containing chlorella.

Moreover, in October 2018, The Good Spoon launched a range of vegan mayo replacing egg yolk with chlorella. The company also aims to penetrate the European market with its plant-based mayonnaise alternatives. Thus, the increasing application of chlorella in various food products is boosting the demand for chlorella in the food & beverage industry, which is expected to drive the microalgae market during the forecast period.

Key Findings of the Study

The global microalgae market is segmented by type (Spirulina, Chlorella, Dunaliella Salina, Haematococcus Pluvialis, Nannochloropsis, and other microalgae); production technique (ponds, fermenters, and photobioreactors); category (inorganic and organic); distribution channel [business channel (B2B) and consumer channel (B2C)]; application (nutraceuticals, food & beverages, animal feed, cosmetics, and other applications); and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the market at regional and country levels.

Based on type, in 2023, the Spirulina segment is expected to account for the largest share of the global microalgae market. However, the Haematococcus pluvialis segment is projected to register the highest CAGR during the forecast period of 2023–2030. The growth of this segment is attributed to the increasing demand for natural astaxanthin for nutraceuticals, growing demand for natural food colorants, and increasing awareness about clean-label products. Moreover, the growing use of natural astaxanthin in poultry and aquaculture is further expected to support the growth of this segment during the forecast period.

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Based on production technique, in 2023, the ponds segment is expected to account for the largest share of the global microalgae market. The large market share of this segment is primarily attributed to the presence of a large number of key players in the pond cultivation of microalgae. Open ponds, also called raceway ponds, comparatively require lower investment, low operational and energy costs, and have the potential to produce higher biomass volumes is further expected to support the growth of this market. However, the photobioreactors (PBR) segment is projected to register the highest CAGR during the forecast period of 2023–2030. The growth of this segment is attributed to the growing demand for algal biomass from the nutraceuticals, pharmaceuticals, cosmetics, food and beverage, and biofuel industries. Moreover, the several benefits of the photobioreactors microalgae cultivation system, such as lower vulnerability to species contamination; higher productivity; lower harvesting cost; reduced water and carbon dioxide losses; and easier control of the cultivation conditions such as temperature and pH, are further expected to support the growth of this market across the globe.

Based on category, the organic segment is projected to register the highest CAGR during the forecast period of 2023–2030. The growth of this segment is attributed to the increasing demand for natural food colorants and certified organic products in the food industry. Furthermore, increasing demand for organic growth media by microalgae manufacturers is further expected to support the growth of this market across the globe.

Based on distribution channel, in 2023, the business channel (B2B) segment is expected to account for the larger share of the global microalgae market. The large market 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 application, in 2023, the nutraceuticals segment is expected to account for the largest share of the global microalgae market. The large market share of this segment is mainly attributed to the booming nutraceuticals sector, growing health concerns of the aging population worldwide, the growing need for natural alternatives to traditional pharmaceutical products, and increased consumer awareness regarding the link between nutrition and health.

This research report analyzes major geographies and provides a comprehensive analysis of North America (the U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and RoE), Asia-Pacific (China, India, Japan, Australia, and RoAPAC), Latin America (Brazil, Mexico, and RoLATAM), and the Middle East & Africa (Egypt, Saudi Arabia, South Africa, UAE, and Rest of Middle East & Africa). In 2023, North America is expected to account for the largest share of the global microalgae market, followed by Asia-Pacific and Europe. 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.

The microalgae market is characterized by a moderately competitive scenario due to the presence of many large- and small-sized global, regional, and local players. The key players operating in the microalgae market are Fuqing King Dnarmsa Spirulina Co., Ltd. (China), Earthrise Nutritionals, LLC, (U.S.), E.I.D. - PARRY (INDIA) LIMITED (a subsidiary of M/s. Ambadi Investments Limited) (India), Cyanotech Corporation (U.S.), C.B.N. Bio-engineering Co., Ltd (China), YUNNAN GREEN A BIOLOGICAL PROJECT CO., LTD. (Yunnan Spirin Biotechnology 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), Roquette Klötze GmbH & Co. KG (Germany), Gong Bih Enterprise Co., Ltd. (Taiwan), Yaeyama Shokusan Co., Ltd. (Euglena Co Ltd) (Japan), Vedan Biotechnology Corporation (Taiwan), AlgoSource (France), Tianjin Norland Biotech CO., LTD (China), Phycom BV (Netherlands), Allmicroalgae Natural Products S.A. (Portugal), Aliga Microalgae (Denmark), Taiwan Wilson Enterprise Inc. (Taiwan), Daesang Corporation (Korea), Algalimento SL (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).

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Scope of the Report:

Microalgae Market, by Type

• Spirulina
• Chlorella
• Dunaliella Salina
• Haematococcus Pluvialis
• Nannochloropsis
• Other Microalgae

Microalgae Market, by Production Technique

• Ponds
• Fermenters
• Photobioreactors (PBR)

Microalgae Market, by Category

• Inorganic
• Organic

Microalgae Market, by Distribution Channel

• Business Channel (B2B)
• Consumer Channel (B2C)

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
• China
• India
• Japan
• Australia
• Rest of Asia-Pacific (RoAPAC)
• Latin America
• Brazil
• Mexico
• Rest of Latin America (RoLATAM)
• Middle East and Africa
• Egypt
• Saudi Arabia
• South Africa
• UAE
• Rest of Middle East & Africa

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