What Has Been The Evolution of the Microalgae Market in Recent Years?
The microalgae market has seen considerable growth due to a variety of factors.
• The market for microalgae has been witnessing robust growth in the last few years. The market, which was worth $1.11 billion in 2024, is projected to increase to $1.19 billion in 2025, indicating a compound annual growth rate (CAGR) of 7.6%. Factors contributing to the growth during this historical period include the progress made in research and development, a rise in environmental consciousness, the recognized nutritional and health advantages of microalgae, government backing and favorable policies, and an expansion in the application areas.
What Are the Future Growth Projections for the Microalgae Market?
The Microalgae market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the microalgae market is predicted to experience significant expansion in the upcoming years. This market is projected to inflate to $1.59 billion by 2029, with a compound annual growth rate (CAGR) of 7.5%.
This projected growth in the forecast period can be ascribed to various reasons such as mitigating climate change, increasing population and ensuring food security, applications in bioremediation, the entry of new startups and SMEs into the market, as well as global collaborations for research. Key trends expected during the forecast period incorporate the adoption of genetic engineering techniques, usage in wastewater treatment, market expansion in the cosmetics and personal care sector, discovery of new microalgae species, and cooperative efforts in research.
What Are The Core Factors Supporting Growth In The Microalgae Market?
The continuous growth of the microalgae market is anticipated to be driven by the burgeoning demand for functional foods. These nutritional foods offer health-related benefits surpassing those of ordinary nutrition. The popularity of these superfoods is spurred on by greater health consciousness, an increasing emphasis on pre-emptive healthcare, and a shared desire for ingredients with natural origins that are known for specific health-boosting attributes like enhancing immunity and promoting heart health. Microalgae amplify the health advantages of these superfoods as it is packed with essential nutrients including omega-3 fatty acids, proteins, antioxidant compounds, and a wealth of vitamins, thereby promoting heart health, shielding immunity, and enhancing overall well-being. For example, Canadian government figures from August 2023, reveal that the retail sales of health and wellness foods and drinks in India skyrocketed to an impressive $15.7 billion in 2023. This was a marked rise from the $11.2 billion sales recorded in the previous year. Thus, the rising demand for functional foods is a key contributor to the expansion of the microalgae market.
What Are The Major Segments Within The Global Microalgae Market?
The microalgae market covered in this report is segmented –
1) By Type: Spirulina, Chlorella, Dunaliella Salina, Haematococcus Pluvialis, Other Microalgae
2) By Distribution Channel: Business Channel, Consumer Channel
3) By Applications: Food And Beverage, Dietary Supplements, Pharmaceuticals, Cosmetics And Personal Care, Bio-Fuel, Inks, Animal Feed, Other Applications
Subsegments:
1) By Spirulina: Arthrospira Platensis, Arthrospira Maxima
2) By Chlorella: Chlorella Vulgaris, Chlorella Pyrenoidosa
3) By Dunaliella Salina: High Beta-Carotene Strains, Other Strains
4) By Haematococcus Pluvialis: Astaxanthin-Producing Strains, Other Strains
5) By Other Microalgae: Nannochloropsis, Scenedesmus, Aphanizomenon Flos-Aquae, Other Specialty Strains
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Which Trends Are Expected To Transform The Microalgae Market?
The rise of technological innovations is becoming a prominent trend within the microalgae market. Major firms within this sector are focusing on the development of new technologies to retain their market dominance. For instance, Corbion, a Dutch food company, released an advanced DHA product derived from microalgae called AlgaPrime DHA in September 2023. This product offers a sustainable source of omega-3 fatty acids, taken from algae, and is primarily used in feed for farm-raised salmon. This innovative move lessens dependence on oils sourced from the ocean, thus favoring environmental sustainability and improving the nutritional content of food items.
Who Are the Key Players In The Microalgae Market?
Major companies operating in the microalgae market include:
• Cyanotech Corporation
• Algatech
• Cellana
• Brevel
• Checkerspot
• microTERRA
• Industrial Phycology
• Ittinsect
• Provectus Algae
• Phycom
• Viridos
• ALGAMA
• Arborea
• Kuehnle AgroSystems
• Inc.
• ALGBIO
• Revyve
• MiAlgae
• Algenol Biofuels
• AquaBioTech Group
• Algaeventure Systems
• Algae Floating Systems
• Inc.
• Algae Biosciences Corporation
• AlgaeLink N.V.
• Blue Marble Energy
• Solazyme
• Inc.
• Sapphire Energy
• Heliae Development LLC
• Seambiotic
• Algorhythm
• EcoPRT
• and Algal Scientific
What Is The Most Dominant Region In The Microalgae Market?
North America was the largest region in the microalgae market share in 2024. The regions covered in the microalgae market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
