Sales in the global microalgae market are slated to top US$ 11.4 Bn in 2022. Expanding at a healthy 8.0% CAGR, the market size is projected to total US$ 18.1 Bn by 2028.
Demand for plant-based and organic food and supplements will increase the adoption of microalgae, creating lucrative growth opportunities for market players in the forecast period ( 2022- 2028).
Rising use of microalgae proteins and ingredients in the production of pharmaceutical, nutraceutical, and aquaculture products will be a key growth driver. As aquaculture and animal feed industries are highly dependent on plant-based additives for higher nutritional value, demand for microalgae-based ingredients pet food is increasing.
Microalgae such as spirulina and chlorella are extensively used in the production of dietary supplements. Now, with rising awareness about the advantages of plant-based dietary supplements among consumers, key players are increasing the use of microalgae in the production.
As microalgae is highly rich in anti-oxidants and has anti-inflammatory properties, extensive use of microalgae-based ingredient in healthcare and wellbeing industry is expected. According to the report, healthcare sector is expected to emerge as the primary end user, followed by the food and beverage sector.
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“Increasing consumer inclination towards plant-based products and demand for organic and sustainable food proteins will create lucrative growth opportunities for leading players within food & beverage and healthcare industry.” says the Future Market Insights analyst.
Key Takeaways from Microalgae Market Survey
- In terms of application, food and beverage sector is leading the segment with market valuation expected to surpass US$ thousand 99,623.3 by 2022-end
- Application of microalgae in cosmetic industry will boost the sales, with the segment witnessing steady growth at 4.2% CAGR through 2022
- Demand for microalgae in pet food sector will lift the sales, representing nearly 7% of year-on-year growth in 2022
- In terms of species, spirulina will lead the market with over 41.7% of market share in 2022
- Japan is expected to offer lucrative growth owing to increasing investments from government and private organization in food & beverage industry
- The U.S. will lead the market growth owing to the rising demand for plant-based food and supplements in the country
Key Drivers
- Rising consumer inclination towards plant-based and sustainable food products will drive the demand
- Increasing adoption of microalgae to develop preventive healthcare and nutraceuticals food supplements will spur the sales
- Growing demand for natural and organic antioxidants is expected to provide growth opportunities for microalgae manufacturers
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Microalgae Market – Participants Insights
With increasing demand for natural and organic food products, microalgae manufacturers are focusing on developing microalgae additives to cater to the surging demand. Extensive research and development activities also are undertaken for the expansion of product portfolio.
As per Future Market Insights, presence of numerous established players in the market is resulting in intense competition. To sustain their position in the industry, key players are emphasizing on product launches and innovations.
For instance:
- In July 2022, Microphyt, a leading company in the production and marketing of microalgae-based bioactive ingredients announced the launch of SCALE, world’s first fully-integrated microalgae biorefinery to accommodate growing demand for nutrition in food & beverage, personal care, and wellness industries.
- In June 2022, Polaris announced the launch of Omegavie DHA 800, algae oil sourced from microalgae, rich in vitamins, proteins, and enzymes. The product launched in France which offers plant-based and sustainable origin for polyunsaturated fatty acids.
- In July 2020, Unilever and biotech start-up Algenuity announced their partnership to delve into the huge potential that microalgae bring in innovating future foods for Unilever’s plant-based portfolio.
Some of the leading players operating in the microalgae market profiled by Future Market Insights are:
- DIC Corporation
- Koninkliijke DSM NV
- Roquette Frères
- Sun chlorella
- Cellana LLC
- Fuji Chemical Industries Co., Ltd.
- Corbion (TerraVia Holdings)
- Yunnan Green-A-Bio-engineering Co Ltd
- Buggypower
- Cyanotech Corporation
- Algatec (Lusoamoreiras)
- BASF SE
- Parry Nutraceuticals
- KDI Ingredients.
- Sinoway Industrial Co., ltd.
- INNOBIO Corporation Limited
- Algatechnologies Ltd.
- Others
More Valuable Insights on Market
FMI, in its new report, offers an unbiased analysis of the global microalgae market, analysing forecast statistics through 2022 and beyond. The survey reveals growth projections on in microalgae market with detailed segmentation:
By Species Type:
- Spirulina
- Chlorella
- Dunaliella
- Haematococcus
- Crypthecodinium
- Schizochytrium
- Euglena
- Nannochloropsis
- Phaedactylum
- Others
By Source:
- Marine Water
- Fresh Water
By End-Use Application:
- Food and Beverages Sector
- Health and Medical Sector
- Animal Feed Sector
- Pet Food Sector
- Cosmetics and Personal Care Sector
- Fertilizers Sector
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa (MEA)
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Key Questions Covered in the Microalgae Market Report
- The report offers detailed insights into microalgae demand outlook for 2022- 2028
- The market study also highlights projected sales growth for microalgae market between 2022 and 2028
- Microalgae market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Microalgae market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
About FMI
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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