The microalgae market, valued at USD 11.8 billion in 2023, is projected to reach USD 25.4 billion by 2033, with an 8% CAGR over the forecast period.
The growing use of marine microalgae in aquaculture, pharmaceuticals, and nutraceuticals is expected to drive market growth. Additionally, increasing government efforts to standardize microalgae cultivation practices will further fuel expansion.
Technological advancements, including the development of new strains for improved energy efficiency and high salinity tolerance, are also contributing to market growth. Moreover, the rising need for early contaminant detection is anticipated to create new opportunities for innovative photobioreactor microalgae producers.
How End-use Industries Propel the Global Market?
Various end-use industries are providing momentum to the global market in several ways. Key revenue pockets for the market are:
- Food and Beverages: The manufacturers in the food and beverages sector are increasing the adoption of microalgae to provide omega-3 fatty acids, protein, and other nutrition in food. These manufacturers produce functional foods, energy bars, and other high-nutrient supplements to drive market growth.
- Cosmetics: The cosmetic sector produces skin and hair care products, including shampoos, creams, lotions, serums, and other products. The rising demand for microalgae in the cosmetic sector to develop antioxidant and anti-aging properties is surging the market size.
- Pharmaceuticals and Nutraceuticals: The adoption of microalgae is rising due to its bioactive components that promote health benefits. The manufacturers in these sectors are developing dietary supplements and produce drugs, and nutraceutical products are influencing the market growth.
- Agriculture and Aquaculture: The pet food sector produces a source of feed for agriculture and aquaculture livestock and aquatic life, respectively. Microalgae is also widely used for fertilizers in agriculture.
- Biofuels: The adoption of microalgae in producing biofuels is rapidly growing the global market revenue. Microalgae are widely used to produce bioethanol and biodiesel.
Key Takeaways:
- The microalgae market is predicted to register a CAGR of 8% with a valuation of US$ 11.8 Billion in 2033.
- In the historic period, the market captured a valuation of US$ 10.1 Billion with a CAGR of 2.4% in 2018.
- The United States is estimated to lead the global market by securing a share of 25.7% by 2033.
- Germany is significantly growing the global market size by capturing a share of 5.3% during the forecast period.
- With a share of 3%, Japan is anticipated to drive the global market during the forecast period.
- Australia is projected to capture a share of 2.8% in the global market by 2033.
Competition Landscape
Many leading players in the global market are concentrating on expanding their product portfolios, particularly within the pet food sector. They are investing heavily in research and development to introduce innovative products. Additionally, some key players are focusing on developing novel photobioreactor microalgae additives in response to the growing consumer demand for organic products.
Recent Developments in the Market:
In January 2022, Yemoja Ltd., a startup company that developed advanced ingredients from microalgae and further announced its plan to create red microalgae for plant-based steaks and burgers. Ounje, its new brand, resembles the red juices of animal meat without the requirement of artificial colors. The patented microalgal heme substitute congeals and browns like natural meat juices if cooked, apart from delivering the initial red pigment to plant-based meats.
In January 2022, Bharathidasan University based in Tamil Nadu signed a memorandum of understanding (MoU) with ZIGMA Global Environ Solutions for initiating a joint project worth Rs. 8.05 lakh on ‘microalgae-based bioremediation of municipal solid waste leachate.’ This project might include the usage of extremophilic microalgae to recover the municipal solid waste leachate that might otherwise seep down deep below, thereby spoiling the groundwater and soil.
Major Key Players
- Lonza
- Eastman Chemical Company
- Daicel Corporation
- Laxmi Organic Industries Ltd.
- Mitsubishi Chemical Co., Ltd.
- Zhangjiagang Hope Chemicals Co., Ltd.
- Nantong Acetic Acid Chemical Co., Ltd.
- Ningbo Wanglong Technology Co.
- Jubilant Life Sciences Ltd.
- Toronto Research Chemicals
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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
Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East and Africa
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