Microalgae based Products Market size was valued at USD 13.25 Billion in 2023 and the total Microalgae based Products revenue is expected to grow at a CAGR of 8.2% from 2024 to 2030, reaching nearly USD 23.01 Billion by 2030.
Microalgae Based Products Market Overview:
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Market Drivers and Trends:
- Growing Demand for Nutritional Supplements: Microalgae, rich in proteins, omega-3 fatty acids, and antioxidants, is increasingly used in functional foods, dietary supplements, and animal feed.
- Sustainability Focus: The rising global focus on reducing carbon footprints is accelerating the use of microalgae in biofuel production and bioplastics.
- Emerging Applications in Cosmetics: Microalgae is gaining traction in the cosmetic industry due to its anti-aging, moisturizing, and antioxidant properties, making it a sought-after ingredient in skincare products.
- Biopharmaceutical Growth: The pharmaceutical industry is leveraging microalgae’s potential to produce bioactive compounds for drug development and vaccines.
Mergers and Acquisitions Reshaping the Industry:
Asia-Pacific:
- Vietnam: Leading Vietnamese biotech company, GreenBio Algae, has acquired a controlling stake in local spirulina producer Algaevie. This strategic acquisition aims to boost microalgae-based supplement production for the growing Southeast Asian market.
- Thailand: Thailand’s AquaNutrient Ltd. recently merged with a Japanese firm, BioMaritech, to develop advanced algae-based feed products for aquaculture. The partnership will improve product quality and expand distribution across Asia.
- Singapore: Singapore-based Algene Bio acquired the algae cultivation technology division of Korea’s GreenOcean Co. This move strengthens Algene’s position in producing high-grade microalgae for the pharmaceutical and cosmetics sectors.
East Asia:
- Japan: Japanese conglomerate Hitachi Zosen entered a partnership with ChloroLife Biotech to develop microalgae biofuels. The collaboration focuses on increasing efficiency and scaling production to meet Japan’s renewable energy goals.
- South Korea: South Korea’s leading algae producer, BlueLife, has partnered with LG Chem to explore applications of microalgae in bioplastics and renewable materials.
United States and Europe:
- United States: In a landmark deal, US-based microalgae company Cyanotech acquired AlgaLabs Inc., expanding its production capabilities for nutraceuticals and aquaculture feed. The acquisition positions Cyanotech as a leader in the North American market.
- Europe: Dutch company DSM entered into a strategic partnership with a French biotech startup to enhance the production of microalgae-based proteins for the plant-based food market. This collaboration supports Europe’s increasing demand for sustainable protein alternatives.
Key Market Developments by Region:
- Vietnam and Thailand: The governments of Vietnam and Thailand are actively promoting microalgae cultivation through grants and subsidies, aiming to boost regional aquaculture and sustainable energy projects.
- Japan and South Korea: Japan is leveraging its technological expertise to increase efficiency in microalgae production for biofuels, while South Korea focuses on integrating microalgae into its bioplastics and renewable energy sectors.
- United States: With the rising popularity of plant-based products, US companies are scaling up investments in microalgae farms and technologies. The country also leads in research for microalgae-based biofuels.
- European Union: The EU is investing heavily in microalgae R&D, with a focus on alternative proteins, sustainable packaging, and pharmaceutical applications.
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Microalgae Based Products Market Segmentation:
by Species Type
Spirulina
Chlorella
Dunaliella Salina
Others
In 2023, the Spirulina category dominated the global Microalgae-based Products market, accounting for 38% of the total. The segment is predicted to increase at an 8.5% CAGR and continue its dominance during the projection period. Because of its unique properties, such as a high protein, vitamin, mineral, and antioxidant content, spirulina is widely used in natural and organic food products such as anti-inflammatory, sports nutrition products, animal feed, and dietary supplements, which is driving a significant increase in demand for spirulina and thus driving segment growth. Their capacity to deliver nourishing vitamins, protein, copper, critical amino acids, carotenoids, and iron fuels the segment’s growth.
by Category
Inorganic
Organic
by Application
Food and Beverages
Animal feed
Cosmetics
Others
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Microalgae Based Products Market Key Players:
1. Fuqing King Dnarmsa Spirulina Co., Ltd. (China)
2. Earthrise Nutritionals, LLC, (U.S.)
3. E.I.D. – PARRY LIMITED (INDIA)
4. Cyanotech Corporation (U.S.)
5. C.B.N. Bio-engineering Co.Ltd (China)
6. YUNNAN GREEN A BIOLOGICAL PROJECT CO., LTD. (Yunnan Spirin
7. Biotechnology Co. Ltd (China)
8. Jiangshan COMP SPIRULINA CO., LTD. (China)
9. Inner Mongolia Rejuve Biotech Co., Ltd. (China)
10. Zhejiang Binmei BiotechnologyCo., Ltd. (China)
11. Bluetec Naturals CO., LTD. (China)
12. Taiwan Chlorella Manufacturing Company(TCMC) (Taiwan)
13. Sun Chlorella Corporation (Japan)
14. Roquette Klötze GmbH & Co. KG (Germany)
15. Gong Bih Enterprise Co., Ltd.(Taiwan)
16. Yaeyama Shokusan Co., Ltd. (Euglena Co Ltd) (Japan)
17. VedanBiotechnology Corporation (Taiwan)
18. AlgoSource (France)
19. Tianjin Norland Biotech CO., LTD (China)
20. Phycom BV (Netherlands)
21. AllMicroalgae based Products Natural Products S.A. (Portugal)
22. Aliga Microalgae based Products (Denmark)
23. Taiwan Wilson Enterprise Inc. (Taiwan)
24. Daesang Corporation (Korea)
25. Algalimento SL (Spain)
26. Seagrass Tech Private Limited (India)
27. Plankton Australia Pty Limited (Australia)
28. Hangzhou Ouqi Food Co., Ltd. (China)
29. Shaanxi Rebecca Bio-Tech Co., Ltd (China)
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Microalgae Based Products Market Regional Insights :
The size and trends in the Microalgae Based Products market in each of the following regions are thoroughly examined in this research: North America (which includes the United States, Canada, and Mexico); Europe (which includes France, Spain, Germany, Italy, and other European countries); Asia-Pacific (which includes China, Japan, India, Australia, South Korea, ASEAN countries, and others APAC countries); South America (which includes Argentina, Brazil, and other South American countries); and Middle East and Africa (which includes South Africa, Egypt, and other MEA countries).
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Leading Players and Innovations:
- DSM (Netherlands): A leader in nutritional and bioscience solutions, DSM continues to innovate in microalgae-based proteins and omega-3 supplements.
- Cyanotech Corporation (USA): Known for its high-quality spirulina and astaxanthin production, Cyanotech’s recent acquisition expands its footprint in the North American market.
- Algatech (Israel): Specializing in natural astaxanthin production, Algatech is expanding into new markets with innovative cultivation techniques.
- BlueBioTech (Germany): BlueBioTech focuses on producing sustainable microalgae products for the food, cosmetic, and pharmaceutical industries.
- Hitachi Zosen (Japan): A major player in biofuels, Hitachi Zosen is collaborating with biotech firms to optimize microalgae’s role in Japan’s renewable energy sector.
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