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Microalgae markets are microscopic, single-celled organisms that can grow in both fresh and saltwater. They are a rich source of nutrients, including protein, vitamins, minerals, and fatty acids. Microalgae Market are also a sustainable source of food and fuel, as they can be grown with minimal land and water resources. Microalgae are classified as photosynthetic organisms, which means that they use sunlight to convert carbon dioxide and water into oxygen and energy. This process is called photosynthesis. Microalgae can grow in a wide range of conditions, including in nutrient-poor environments. This makes them a potential source of food and fuel in areas where land and water resources are limited. Microalgae are also a good source of omega-3 fatty acids, which are essential for human health.
Microalgae are simple cell structure that needs some requirement for their growth, such as light, water, carbon dioxide and nutrients such as nitrogen and phosphorus. Microalgae growth under these requirements with optimum climatic conditions can be 5-10 times more than conventional crops.
The global microalgae market is expected to gain market growth in the forecast period of 2023 to 2030. Data Bridge Market Research analyses that the market is growing with a CAGR of 6.4% in the forecast period of 2023 to 2030 and is expected to reach USD 1,394.95 million by 2030.
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Global microalgae market is growing tremendously in the North America region due to increased health concerns among consumers and the rising incidence of chronic diseases. The quality of the product of microalgae depends on various factors like algal biomass, specificity of strain and good extraction method. The different forms of microalgae, including blue-green microalgae (BGA), red microalgae and brown microalgae, are used to make useful products enriched with healthy nutrients. Increasing R&D investments in microalgae production and rising demand for an alternative food source due to the increased worldwide population have driven the market’s growth. The high cost of extraction of essential components from algal biomass and the adverse impact of climatic variations on microalgae production restrain the market growth.
Drivers
Rising awareness among consumers about wider health benefits of microalgae products
Microalgae cultivation is done on a large scale to produce high-quality dietary products. Microalgae are exploited for their high protein content, which has fulfilled the unmet diet demand of the growing population. Along with dietary components, microalgae comprises several other bio-active components with anti-oxidative, anti-carcinogenic and anti-hypertensive properties.
Development of new innovation and technology for microalgae products
Microalgae growth and its content extraction are crucial processes in dilute state cultivation. Microalgae cultivation poses several challenges because of its small size. It becomes quite problematic to grow for economic purpose and to process it into biofuels.
Market Development
- In 2022, Solabia-Algatech Nutrition, a leading supplier of natural ingredients, launched BioGlena, a 100% natural beta-glucan ingredient from whole Euglena gracilis microalgae. Beta-glucans are a type of soluble fiber that have been shown to have a number of health benefits, including supporting the immune system, reducing inflammation, and improving cholesterol levels. BioGlena is a high-purity beta-glucan ingredient that is also vegan and gluten-free. The launch of BioGlena is a significant milestone for Solabia-Algatech Nutrition, as it expands their product portfolio and positions them as a leading supplier of natural ingredients for the health and wellness market.
- In 2021, Algarithm, a leading supplier of microalgae-based ingredients, launched Aenova VegaGels, a new line of soft gel capsules that are loaded with omega-3 DHA fatty acids from microalgae. DHA is an essential fatty acid that is important for brain health, heart health, and eye health. Aenova VegaGels are a vegan and gluten-free alternative to fish oil capsules. The launch of Aenova VegaGels is a significant milestone for Algarithm, as it expands their product portfolio and positions them as a leading supplier of omega-3 DHA ingredients for the dietary supplement market.
- In 2020, Cyanotech Corporation, a leading producer of microalgae-based ingredients, launched BioAstin, a natural astaxanthin ingredient from Haematococcus pluvialis microalgae. Astaxanthin is a powerful antioxidant that has been shown to have a number of health benefits, including improving skin health, reducing inflammation, and protecting against cancer. BioAstin is a high-purity astaxanthin ingredient that is also vegan and gluten-free. The launch of BioAstin is a significant milestone for Cyanotech Corporation, as it expands their product portfolio and positions them as a leading supplier of astaxanthin ingredients for the dietary supplement market.
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Major Players
Data Bridge Market Research recognizes the following companies as the major market players: Cellana Inc. (Sweden), DSM (Netherlands), BIOPROCESS ALGAE, LLC. (U.S.), Algarithm (India), Cyanotech Corporation (U.S.), Henry Lamotte Oils GmbH (Germany), Australian Spirulina (Australia), Algatech LTD (Israel), Lyxia (U.S.), BASF SE (Germany), Corbion (Netherlands), E.I.D. – Parry Limited (India), Kuehnle AgroSystems Inc. (U.S.), ALGISYS LLC (U.S.), Euglena Co., Ltd. (Japan), Heliae Development, LLC (U.S.), AlgaEnergy (Spain), ALGENOL (U.S.) and AstaReal AB (Sweden).
Segment Analysis:
- On the basis of product type, the microalgae market is segmented into chlamydomonas, reinhardtii, dunaliella salina, haematococcus pluvialis, isochrysis, nannochloropsis, phaeodactylum tricornutum, porphyridium cruentum, chlorella, spirulina, and others. Spirulina segment is expected to dominate the market with a 26.91% market share due to higher production rates and consumption demand. Moreover, spirulina is the most widely cultivated microalgae and have numerous potential uses in the field of cosmetic, food, ink, and others.
- On the basis of category, the microalgae market is segmented into organic and inorganic. Organic segment is expected to dominate with a 63.05% market share due to the availability of organic nutrients for microalgae growth and the less complexity associated with conventional microalgae production.
- On the basis of form, the microalgae market is segmented into powder/dry and liquid. Powder/dry segment is expected to dominate the market with a 71.09% market share as the ease of getting nutritional benefits from powder/dry form of microalgae.
- On the basis of grade, the microalgae market is segmented into food grade, feed grade, fuel grade, cosmetic grade, and others. Food grade segment is expected to dominate the market with 47.13% market share due to increasing awareness among consumers about the health benefits of microalgae products.
- On the basis of application, the microalgae market is segmented into food & beverage, dietary supplements, pharmaceuticals, cosmetics & personal care, bio-fuel, inks, animal feed, and others. Dietary supplements segment is expected to dominate the market with a 26.13% % market share because now a days increase in infectious diseases people are more concerned about their diet and to maintain the immune system strong to fight against various diseases. Therefore, these products are highly manufactured from microalgal components and fulfil the required nutrient level in end products.
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