Microalgae Market Overview
Microalgae Market size was valued at USD 3.42 Bn. in 2023 and the total Microalgae Market size is expected to grow at a CAGR of 8.7% from 2024 to 2030, reaching nearly USD 6.13 Bn. by 2030.
Microalgae are a group of autotrophic microorganisms that live in marine, freshwater and soil ecosystems and produce organic substances in the process of photosynthesis. Thanks to their high metabolic flexibility, adaptation to various cultivation conditions as well as the possibility of rapid growth, the number of studies on their use as a source of biologically valuable products is growing rapidly. Currently, integrated technologies for the cultivation of microalgae aiming to isolate various biologically active substances from biomass to increase the profitability of algae production are being sought.
Market Forecast and Key Dynamics:
Microalgae market is boosted by an increasing need for natural food colors, rising consumption of nutraceuticals as well as dietary supplements, plus the increasing Demand of preferring microalgae-based items by shoppers and inclination towards health and wellness trends among them. This translates into opportunities for market growth among stakeholders due to an escalating need for biorefineries to obtain microalgae and an upsurge in consumption of natural astaxanthin within poultry and aquaculture feeds.
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Microalgae Market Regional Insights
According to SMR Report the North America microalgae market is growing due to the emerging demand for sustainable and eco-friendly products in a wide variety of industries. With a number of uses, which includes food, animal feed, biofuels, cosmetics, and pharmaceuticals, microalgae are microscopic plants rich in nutrients. In North America, the growing interest of consumers in the adoption of natural products and the increasing concern for sustainable and eco-friendly practices will be a key driver of market growth in the coming years. The United States has the highest share in the microalgae market in North America, while Canada will also witness significant growth potential during the forecast period.
Microalgae Market Segmentation
Based on type, The microalgae market consists of spirulina, chlorella, Dunaliella salina, Aphanizomenon Flos-Aquae, and other types. The chlorella segment will take up the most considerable portion of the microalgae market come 2023. This extended market share is due to increased health & wellness trends plus dietary supplements sector expanding use of plant-based diet plans.
Microalgae Market Key Players
DSM (Netherlands)
Euglena Co. Ltd. (Japan)
DIC CORPORATION (Japan)
Cyanotech Corporation (U.S.)
Corbion (Netherlands)
Earthrise Nutritionals, LLC (U.S.)
Inner Mongolia Rejuve Biotech Co., Ltd. (China)
Solabia Group (France)
AlgaEnergy S.A. (Spain)
Parry Nutraceuticals (India)
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Key questions answered in the Microalgae Market are:
- What is Microalgae?
- What was the Microalgae market size in 2023?
- What is the growth rate of the Microalgae Market?
- Which are the factors expected to drive the Microalgae market growth?
- What are the different segments of the Microalgae Market?
- What growth strategies are the players considering to increase their presence in Microalgae?
- What are the upcoming industry applications and trends for the Microalgae Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Microalgae Market?
- What segments are covered in the Microalgae Market?
- Who are the leading companies and what are their portfolios in Microalgae Market?
- What segments are covered in the Microalgae Market?
- Who are the key players in the Microalgae market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2024-2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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