Size of Microalgae Market to Grow at 4.5% CAGR and Reach $4996.8 Million by 2027: Brandessence Market Research

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Brandessence Market Research And Consulting Private Limited

May 15, 2023, 06:35 ET

LONDON, May 15, 2023 /PRNewswire/ -- Microalgae may be small in size, but they are undoubtedly mighty organisms that have fascinated both scientists and enthusiasts alike. These tiny powerhouses have the unique ability to produce a wide range of valuable compounds, such as omega-3 fatty acids, antioxidants, and pigments that are used in various industries like food and cosmetics. Their unique properties have the potential to revolutionize various industries and contribute to a greener, more sustainable future. With their ability to produce valuable compounds and convert carbon dioxide into biomass, microalgae are indeed tiny, but mighty organisms that are worthy of admiration and study.

Key Takeaways

  • Global Microalgae Market is anticipated to expand with a CAGR of 4.5% over 2022-2029.
  • The wide array of health benefits offered by microalgae, booming nutraceutical sector, and rising health cognizance of the masses are spurring industry growth.
  • In terms of application, the food and feed industry segment are slated to register high returns due to the nutrient rich profile of microalgae.
  • Asia Pacific is presently leading the market owing to the growing population and increasing demand for sustainable and healthy sources of nutrition.

The Global Microalgae Market was worth USD 3671.8 million in 2020 and is anticipated to amass a valuation of USD 4996.8 million by 2027, registering a CAGR of 4.5% over the assessment timeline of 2022-2029.

Microalgae are referred to as the type of single-celled organisms that are found in aquatic environments such as oceans, lakes, and ponds. They are so tiny that it is difficult to see them with naked eye and hence are microscopic in nature. They are photosynthetic and can range in size from a few microns to several hundred microns. These algae are equipped with the ability to convert sunlight, carbon dioxide, and nutrients into organic matter and oxygen through photosynthesis. Microalgae have gained attention in recent years due to their potential as a source of renewable energy, food, and high-value compounds such as pigments, antioxidants, and omega-3 fatty acids.

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Elaborating the key trends and dynamics of Global Microalgae Market

The wide array of health benefits offered by microalgae, booming nutraceutical sector, and rising health cognizance of the masses are primarily augmenting the outlook of this business vertical. Furthermore, rising R&D activities in the field, growing veganism trends, along with escalating demand for natural food colors are adding momentum to the progression of this industry sphere. Besides, rising prevalence of lifestyle and chronic ailments, growing utilization of microalgae in the manufacturing of various pharmaceutical products, coupled with emergence of numerous players in this industry are creating lucrative opportunities for this marketplace to prosper.

Major Growth Drivers

Growing health cognizance- Due to the increased prevalence of chronic and lifestyle-based disorders, people have become highly concerned about the health and wellness. Microalgae is being used in a wide array of food products and dietary supplements to their nutrient rich profile. They are enriched with mega-3 fatty acids, phycocyanin, and chlorophyll. These compounds have been shown to have various health benefits, including improved cardiovascular health, enhanced immune function, and antioxidant properties This in turn is stimulating the overall industry dynamics.

Rising usage in cosmetics industry- Microalgae is also known to offer numerous skin and hair benefits. This has increased the adoption in the cosmetics sector. They are a rich source of pigments, antioxidants, and other high-value compounds. They have antioxidant and anti-inflammatory properties that can benefit the skin. This is creating an upward trend in the market.

Challenges

Stringent regulatory standards- This industry faces strict regulatory challenges related to safety, environmental impact, and intellectual property.  It has to be ensured that microalgae-based biofuels must comply with fuel standards set by regulatory bodies, and microalgae-based food and feed products must meet safety and quality standards. Also, the potential environmental impact of large-scale microalgae cultivation, such as nutrient runoff and water pollution, must be addressed. Additionally, the lack of clear intellectual property rights for microalgae strains and their genetic information can make it difficult for companies to invest in research and development.

Microalgae Market- Competitive Landscape

The prominent players defining the competitive terrain of the Global Microalgae Market are E.I.D.- Parry (India) Limited, Taau Australia Pvt. Ltd., Cyanotech Corporation, Algae.Tec Limited, DIC Corporation, Cellana LLC, Fuqing King Dnarmsa Spirulina Co. Ltd., and TerraVia Holdings Inc.

Segmental Assessment

By product, spirulina segment is reckoned to amplify significantly due to the growing demand for natural and sustainable sources of nutrition and the increasing popularity of plant-based diets

Based on distribution channel, the online sales segment is likely to garner substantial returns over 2022-2029 owing to the rising internet penetration and convenience of doorstep delivery associated with it.

In terms of application, the food and feed industry segment are slated to register high returns over the estimated timeframe. This is ascribed to the nutrient rich profile of microalgae.

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Geographical Analysis & Landscape

Asia Pacific Microalgae Market

Asia-Pacific region is the largest market for microalgae, accounting for a significant share of the global market. The region has a high demand for microalgae-based products, particularly in the food and feed industries, due to the growing population and increasing demand for sustainable and healthy sources of nutrition. Also, the increasing investment in research and development and favourable government policies supporting the growth of the microalgae industry are further driving the growth of the market in the region.

MEA

Middle East & Africa is anticipated to account for a high-volume share over 2022-2029. This is attributable to the increasing demand for sustainable and renewable energy sources, including microalgae-based biofuels. Also, the growing awareness of the health and wellness benefits of microalgae-based products, such as supplements and functional foods, is further driving the growth of the market in the region.

Major Developments in Microalgae Market

Acquisitions

In 2020, Israeli company, Innovasea, acquired Blue Lagoon Group, a microalgae production company based in Iceland. The acquisition will enable Innovasea to expand its portfolio of sustainable aquaculture technologies.

In 2021, U.S.-based company, Corbion, acquired Granotec do Brazil, a leading producer of functional blends for the Brazilian bakery industry. Granotec's portfolio includes a range of microalgae-based functional ingredients that are used to improve the nutritional content and shelf life of bakery products

Partnership

In 2021, Algae Holland and Kemin Industries formed a partnership to jointly develop and market microalgae-based products for the animal nutrition and health markets.

Porter's Five Forces Analysis

Threat of new entrants: The threat of new entrants is moderate in the microalgae market. While the high capital costs and technical expertise required for microalgae cultivation pose significant barriers to entry, the increasing demand for microalgae-based products is attracting new players to the market.

Bargaining power of suppliers: The bargaining power of suppliers is moderate in the microalgae market. The limited availability of high-quality microalgae strains and the complex cultivation process give suppliers some bargaining power over buyers.

Bargaining power of buyers: The bargaining power of buyers is moderate to high in the microalgae market. With multiple suppliers and a relatively high degree of substitutability between different microalgae species, buyers have some leverage to negotiate prices and quality.

Threat of substitutes: The threat of substitutes is low in the microalgae market. While there are some plant-based and synthetic alternatives to microalgae-based products, microalgae offer unique nutritional and functional properties that cannot be easily replicated by other sources.

Competitive rivalry: Competitive rivalry is high in the microalgae market, with numerous companies competing for market share in different segments. The market is fragmented, with several small and medium-sized players operating alongside large multinational corporations. The intense competition drives innovation and new product development in the market.

On Special Requirement Acute Repetitive Seizures Market Report is also available for below region:

North America

  • U.S, Canada

Europe

  • Germany, France, U.K., Italy, Spain, Sweden, Netherlands, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

  • South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

  • Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

  • Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

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