Redding, California - August 27, 2024
Microalgae Market to Reach $2.26 Billion by 2031
Microalgae Market Size, Share, Forecast, & Trends Analysis by Type (Spirulina, Chlorella, Dunaliella Salina, Nannochloropsis), Production Technique (Ponds, Fermenters, PBR), Distribution Channel (B2B), Application (Nutraceuticals) - Global Forecast to 2031
Meticulous Research®—a leading global market research company, published a research report titled ‘Microalgae Market—Global Opportunity Analysis and Industry Forecast (2024-2031)’. According to this latest publication from Meticulous Research®, the microalgae market is expected to reach $2.26 billion by 2031, at a CAGR of 8.6% from 2024 to 2031.
Consumer preferences for health and wellness trends, the expanding dietary supplement sector, increased demand for natural food colors, rising vegetarianism, the growing nutraceuticals industry, and a heightened preference for microalgae-sourced products are factors driving the growth of the microalgae market. However, market growth is restrained by a lack of awareness of the benefits of microalgae and the complexity associated with algal product processing.
In addition, the increasing demand for phycocyanin and microalgae among biorefineries provides considerable potential opportunities for market players. The market faces substantial challenges, including contamination risks. However, the growing adoption of new production technologies (photobioreactors) is a prominent trend in the microalgae market.
Key Players:
The microalgae market is characterized by a moderately competitive scenario due to the presence of many large- and small-sized global, regional, and local players. The key players operating in the microalgae market are Fuqing King Dnarmsa Spirulina Co., Ltd. (China), Earthrise Nutritionals, LLC, (U.S.), E.I.D. - PARRY (INDIA) LIMITED (a subsidiary of M/s. Ambadi Investments Limited) (India), Cyanotech Corporation (U.S.), C.B.N. Bio-engineering Co., Ltd (China), YUNNAN GREEN A BIOLOGICAL PROJECT CO., LTD. (Yunnan Spirin Biotechnology Co. Ltd) (China), Jiangshan COMP SPIRULINA CO., LTD. (China), Zhejiang Binmei Biotechnology Co., Ltd. (China), Bluetec Naturals CO., LTD. (China), Taiwan Chlorella Manufacturing Company(TCMC) (Taiwan), Sun Chlorella corporation (Japan), Roquette Klötze GmbH & Co. KG (Germany), Gong Bih Enterprise Co., Ltd. (Taiwan), Yaeyama Shokusan Co., Ltd. (Euglena Co Ltd) (Japan), Vedan Biotechnology Corporation (Taiwan), AlgoSource (France), Tianjin Norland Biotech CO., LTD (China), Phycom BV (Netherlands), Allmicroalgae Natural Products S.A. (Portugal), Aliga Microalgae (Denmark), Taiwan Wilson Enterprise Inc. (Taiwan), Daesang Corporation (Korea), Algalimento SL (Spain), Seagrass Tech Private Limited (India), Plankton Australia Pty Limited (Australia), Hangzhou Ouqi Food Co., Ltd. (China), and Shaanxi Rebecca Bio-Tech Co., Ltd (China).
The microalgae market is segmented by type (Spirulina, Chlorella, Dunaliella Salina, Haematococcus Pluvialis, Nannochloropsis, and other microalgae); production technique (ponds, fermenters, and photobioreactors); category (inorganic, and organic); distribution channel [business channel (B2B) and consumer channel (B2C)]; application (nutraceuticals, food & beverages, animal feed, cosmetics, and other applications); and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). This study also evaluates industry competitors and analyzes the regional and country-level markets.
By type, in 2024, the Spirulina segment is expected to account for the largest share of 50.4% of the microalgae market. This segment’s large market share is primarily driven by increasing health & wellness trends, the expanding dietary supplements industry, heightened demand for natural food colors, a rise in vegetarianism, strict regulations on synthetic colors and flavors, growing concerns about malnutrition, and a greater preference for Spirulina-sourced products, particularly Omega-3 fatty acids. Additional factors include the growing use of Spirulina in aquaculture, rising investments from leading color companies, and a growing number of products featuring Spirulina as an ingredient. However, limited awareness of Spirulina's benefits and challenges in Spirulina production are expected to partially impede the segment's growth.
By production technique, in 2024, the ponds segment is expected to account for the largest share of the microalgae market. The large market share of this segment is attributed to the presence of numerous key players involved in microalgae cultivation using open ponds. Also known as raceway ponds, these systems demand lower investment, lower operational and energy costs, and have the potential to produce higher biomass volumes. These advantages are anticipated to further bolster the growth of this market.
By category, in 2024, the inorganic microalgae segment is expected to account for a larger share of the microalgae market. This segment's significant share of the market is primarily due to the cost-effective production and high availability of microalgae produced through traditional methods.
By distribution channel, in 2024, the business channel (B2B) segment is expected to account for the larger share of the microalgae market. This segment's substantial share of the market is attributed to manufacturers in a variety of industries, including nutraceuticals, food & beverage, and animal feed, directly purchasing microalgae in bulk for future product creation.
By application, in 2024, the nutraceuticals segment is expected to account for the largest share of 53.6% of the microalgae market. This segment’s large market share is largely driven by the expanding nutraceuticals sector, increasing health concerns among the geriatric population, rising demand for natural alternatives to traditional pharmaceuticals, and heightened consumer awareness of the connection between nutrition and health.
This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S., Canada), Europe (France, Spain, Italy, Germany, U.K., and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, Argentina, and Rest of Latin America), and the Middle East & Africa.
By geography, in 2024, North America is expected to account for the largest share of 42.9% of the microalgae market, followed by Asia-Pacific and Europe. North America's microalgae market is estimated to be worth USD 545.4 million in 2024. The substantial share of this regional market can be attributed to several factors, such as high consumption of health supplements, stringent regulations limiting the use of synthetic colors, growth in related industries such as cosmetics and biofertilizers, rising preference for natural protein sources, and the presence of major algae biomass manufacturers with significant production capacities, particularly in the U.S.
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Key Questions Answered in the Report-
- What is the value of revenue generated by the sale of microalgae?
- At what rate is the global demand for microalgae projected to grow for the next five to seven years?
- What is the historical market size and growth rate for the microalgae market?
- What are the major factors impacting the growth of this market at global and regional levels?
- What are the major opportunities for existing players and new entrants in the market?
- Which type, production technique, category, distribution channel, and application segments create major traction for the manufacturers in this market?
- What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the microalgae market?
- Who are the major players in the microalgae market? What are their specific product offerings in this market?
- What recent developments have taken place in the microalgae market? What impact have these strategic developments created on the market?
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