According to Future Market Insights (FMI), the worldwide freshwater microalgae market is valued at USd 658.7 million in 2023. It is anticipated to cross a valuation of USD 1,605.0 million by the end of 2033.
Over the next decade (2023 to 2033), global freshwater microalgae demand is likely to increase at a CAGR of 9.3%. Sales are expected to remain particularly high for Spirulina spp. due to its high nutritional content.
The rising usage of freshwater microalgae across food & beverage, pet food, and healthcare sectors is a prominent factor expected to boost the global market.
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The demand for freshwater microalgae and products derived from microalgae is influenced by shifting consumer trends and preferences. This includes a growing preference for plant-based foods and the rising popularity of functional foods.
Today, consumers are showing a keen interest in plant-based and environmentally friendly alternatives in food, beverages, and personal care products. This is prompting companies to use freshwater microalgae in their products which will continue to boost the market.
Market expansion is further sparked by consumer awareness of the advantages microalgae have for the environment and their health.
Microalgae are rich sources of protein, fatty acids, and bioactive compounds. Hence, they provide various potential health benefits which are fueling their sales.
Growing usage of microalgae as ingredients in the production of pharmaceutical, aquaculture, and nutraceutical products will boost the global freshwater microalgae industry.
The government’s expanding efforts to standardize freshwater microalgae cultivation will act as a catalyst triggering the freshwater microalgae market growth.
Key Takeaways from this Report:
- The global freshwater microalgae market is expected to reach a valuation of US$ 1,605.0 million by 2033.
- Global demand for freshwater microalgae is likely to soar at 9.3% CAGR over the forecast period.
- By strain type, spirulina Spp. segment is projected to thrive at a robust pace through 2033.
- Based on end-use applications, the food & beverage segment holds a significant share of the global market.
- Europe is expected to retain its dominance in the global market with a value share of 33.7% by 2033.
- North America is projected to hold around 24.1% share of the global market by 2033.
- The United States freshwater microalgae market value is projected to reach US$ 338.2 million by 2033.
- Freshwater microalgae demand in China market is set to rise at 7.4% CAGR through 2033.
Competitive Landscape
Freshwater microalgae are integral to a variety of products, such as food items, cosmetics, and animal feed. Consequently, many established and emerging companies are investing in the freshwater microalgae market.
Some companies focus on cultivating and processing freshwater microalgae, while others innovate by developing new products that leverage its unique properties. This has led to the introduction of a diverse range of freshwater microalgae-based products, including snacks and skincare items.
Leading producers are increasingly investing in freshwater microalgae-based products to cater to the growing demand for plant-based alternatives.
Additionally, many companies in the freshwater microalgae sector are pursuing strategies such as mergers, facility expansions, partnerships, and collaborations to boost their profitability.
Recent developments:
- In 2019, Cyanotech Corporation launched a new freshwater microalgae product called Spirulina Pacifica. This product is rich in antioxidants, vitamins, and minerals and is known for its potential health benefits.
- In 2022, a well-known company Tianjin Norland Biotech Co., Ltd. built a new scientific and advanced algal breeding & selection laboratory to ensure breeding of excellent algal species scientifically for better quality.
- In 2019, Algama, a French company, launched Springwave, a beverage made from freshwater microalgae spirulina. It is a rich source of protein, vitamins, and minerals.
- In July 2022, Allmicroalgae showcased its microalgae-based solutions of Chlorella and Spirulina, and other natural food & nutraceutical solutions at BIOFACH.
- In 2021, Fermentalg announced development of a new super-nutritious algal protein concentrate, called KALVEA Plus, for aquafeed applications.
Key Companies Profiled
Allmicroalgae; Cyanotech Corporation; Earthrise Nutritionals; Ecoduna; Fermentalg; Fujifilm Corporation; Heliae Development, LLC; Lyxia Corporation; Martek Biosciences (a division of DSM); Nutress B.V; EID Parry (Parry Nutraceuticals); Pond Technologies; Roquette Klötze GmbH & Co. KG; Solazyme (now known as TerraVia); Solix Ingredients; Symbiosis LLC; Synthetic Genomics, Inc.; Tianjin Norland Biotech Co., Ltd.; Yunnan Green A Bio-engineering Co., Ltd.; Taiwan Chlorella Manufacturing Company (TCMC); AlgaEnergy; Seambiotic Ltd.; Necton SA; Fuqing King Dnarmsa Spirulina Co., Ltd.; C.B.N. Bio-engineering Co., Ltd; Algenol; Shaivaa Algaetech; Bluetec Naturals Co., Ltd; Zhejiang Binmei Biotechnology Co., Ltd
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Key Segmentation:
By Strain Type:
- Chlorella spp.
- Spirulina spp.
- Nannochloropsis
- Dunaliella
- Haematococcus Spp.
- Scenedesmus spp.
- Euglena spp.
- Tetraselmis spp.
By End Use Application:
- Food & Beverage Sector
- Health & Medical Sector
- Animal Feed Sector
- Biofuel Production
- Cosmetics & Personal Care Sector
- Fertilizers Sector
- Pet Food Sector
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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