The global microalgae market is anticipated to create a lucrative growth opportunity within the global landscape by exhibiting a healthy CAGR of around 8.0% throughout the projection period from 2022 to 2028.
The market is slated to top at around US$ 11.4 Bn in 2022 and is projected to total around US$ 18.1 Bn by 2028. According to historical estimations, the global microalgae market recorded a CAGR of around 7.30% from 2013 to 2021, which predicts Future Market Insights.
Increasing usage of marine microalgae ingredients and proteins utilized in the production of aquaculture, pharmaceutical, and nutraceutical products is anticipated to drive sales in the market. Rising government initiatives in order to standardize the cultivation process of microalgae are predicted to be a key factor propelling the growth.
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The growing use of algae photobioreactors as a source of bulk proteins is expected to push growth in the market. Such proteins play a dominant role in meeting global needs as they have numerous beneficial properties, as compared to other protein sources.
Rapid technological advancements help to develop new strains that are expected to enhance energy efficiency and handle high salinity. Attributing to these factors, the global microalgae market is likely to boost sales over the assessment period.
The urgent need for the early detection of contaminants is predicted to create new growth opportunities for novel photobioreactor microalgae producers. Chlorella is known as one of the most common species of algae photobioreactors that offer high-quality proteins. These species consist of amino acid compositions that are known to be very similar to conventional protein sources, such as soybeans and eggs.
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Key Takeaways
- Marine microalgae have the ability to act as a gentle clarifying agent and are excessively utilized in shampoos effectively removing excess sebum along with the residue of styling products is set to fuel its demand. It also helps in preventing hair loss by reducing the irritation which is often caused by bacterial infections on the scalp.
- This element is predicted to boost hair development by giving it excessive volume and lustrous shine. Attributing to the presence of trace elements, minerals, and vitamins, microalgae help to restore and strengthen hair. The incorporation of chlorella in hair care products is estimated to surge as it improves the level of keratin and strengthens hair roots.
- An increasing trend of humanization of pets has been witnessed over the projection period which is leading to the high demand for healthy food pet owners, thereby propelling the usage of algae photobioreactors in the pet food industry. The demand for high-quality premium pet food is expected to augment sales at a fast pace.
- Algae photobioreactor consists of substantial amounts of vitamins E, C, and A, as well as Beta-carotene, which makes it an ideal ingredient in pet food. It helps in boosting the pet’s appetite and make its immune system stronger, unlike regular foods available in the market.
- Several reputed manufacturers in the industry are expected to conduct elaborate research activities in order to improve the protein bioavailability from whole microalgae by utilizing pre-treatments that inhibit degradation by disturbing cell walls. The requirement of land is also less for the development of microalgae proteins, unlike animal-based proteins.
Competitive Landscape
The majority of the key market players operating in the global microalgae market are focusing on expanding their existing product portfolios, especially within the pet food ingredients domain. In order to do so, they are heavily investing in research and development activities in order to launch cutting-edge products. Meanwhile, a few other key players are aiming to create novel photobioreactor microalgae additives with the increasing demand for organic products from consumers worldwide.
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More Insights into the Microalgae Market
Surging government and private investments for increased production of energy systems based on biomass to address the vulnerable energy supply situation is likely to drive the Japanese market. As per FMI, Japan’s microalgae market is expected to account for about 4.0% of the share in 2022.
Owing to the ongoing expansion of the aerospace and defense industry in the U.S. is expected to augment the market over the forthcoming years. The North American microalgae market is predicted to account for 1.4% of the total market share in 2022, as estimated by FMI.
Microalgae Market by Category
Species Type:
- Spirulina
- Chlorella
- Dunaliella
- Haematococcus
- Crypthecodinium
- Schizochytrium
- Euglena
- Nannochloropsis
- Phaedactylum
- Others
Source:
- Marine Water
- Fresh Water
End Use Application:
- Food and Beverages Sector
- Health and Medical Sector
- Animal Feed Sector
- Pet Food Sector
- Cosmetics and Personal Care Sector
- Fertilizers Sector
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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