The global microalgae market was valued at $977.3 million in 2020, and is projected to reach $1,485.1 million by 2028, registering a CAGR of 5.4%. North America was the highest revenue contributor in 2020, and is estimated to be dominant throughout the forecast period. Asia-Pacific is estimated grow at a significant CAGR of 6.7%. North America and Europe collectively accounted for a hefty contribution in the global microalgae market share in 2020.
Microalgae is a microscopic algae which is usually found in marine water and fresh water. The microalgae is a rich source of minerals and nutrition such as vitamin A, B1, B2, C, E, protein, iron and magnesium. Due to these properties the microalgae is used commercially in various industries such as dietary supplement, food/feed, pharmaceutal, cosmetic and biofuels. The application of microalgae products in these industry leads to the surge in the awareness of microalgae products among the customers.
The microalgae market is subject to stable growth in the coming years. The growth of the market can be attributed to growing application of algal protein in dietary supplements and food industry. Moreover, algal protein is not considered an animal protein source, hence is perfect for consumption among the vegan population. Furthermore, microalgae has multiple applications which includes cosmetics, and feed industry.
Both feed and cosmetic industry has experience a surge in growth in the recent decade which has increased the demand of such products on a global level and as a resulted in an increase in the demand for microalgae. Thus, the abovementioned factors act as the key driving forces of the Microalgae market. However, the uncertainties in climatic conditions leading to problems in algae production act as the restraint, hindering the market growth. On the contrary, breakthroughs in microalgae production technology and growing adoption of microalgae in fortified food sector is expected to provide opportunities for growth for the microalgae market in the coming years.
The outbreak of the COVID-19 pandemic has marginally affected the microalgae market. People are restricted to stay at their homes to stop the further spread of the diseases. Governments have been forced to introduce and maintain social and mobility restrictions in an attempt to control spread of the disease. In this context, the microalgae production went on a temporarily halt and the production units were shut for a temporarily period of time. Furthermore, due to the lockdown, the disruption in supply chain also affected the microalgae business. However, the demand for microalgae during the lockdown has increased. This can be attributed to the fact that consumers all around the world have started investing in dietary supplements and fortified food to stay healthy.
The Microalgae market has been segmented based on the type, application and region. Based on type, the Microalgae market is divided into spirulina, chlorella, dunaliella salina, and aphanizomenon flos-aquae. In addition, the report segments the market on the basis of application which includes dietary supplements, food/feed, pharmaceutical, cosmetic, bio fuel and others. Furthermore, it includes the revenue generated from the sales of Microalgae across North America (U.S., Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea and rest of Asia-Pacific), and LAMEA (Latin America, Middle East and Africa).
Based on microalgae market analysis by type, the market is segmented into spirulina, chlorella, dunaliella salina, and aphanizomenon flos-aquae. In which the spirulina is the largest contributor to the market growth. The growth attributes to the fact that it is efficient for the production of dietary supplements, due to properties such as phycocyanins, anti-oxidant, phenolics and anti-inflammation. These properties makes spirulina an ideal ingredient in the production of dietary supplements and edibles.
By Type
Spirulina was the dominant market segment.
Based on microalgae market forecast by application, market is fragmented into dietary supplements, food/feed, pharmaceutal, cosmetic, and others. Among these application the dietary supplements share the largest market share. This is because the microalgae is rich in nutrition such as protein, vitamin and minerals. The presence of these nutrition makes microalgae ideal for the production pills, powders and capsules. Furthermore, the microalgae products are gaining traction in healthcare and nutrition industries due to these factors.
By Application
Food/Feed was the dominanat market.
Region wise, North America dominated the microalgae market size in 2020, and is expected to sustain its dominance throughout the forecast period. The key factors driving microalgae market growth in the region include rise in awareness of nutritional values of microalgae in cosmetic, dietary supplements and food/feed industries. Also, the rise in disposable income and health and wellness contributes to the market growth.
By Region
North America was the dominanat regional market.
The players operating in the global microalgae market have adopted various developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include include Algenol Biotech, Cellana Inc., Cyanotech Corporation, DIC Corporation, E.I.D Parry ltd, Fuqing King Dnarmsa Spirulina Co. Ltd., Kent BioEnergy Corporation, Taau Australia Pty Ltd., Holdings, Inc. and Astareal AB.
Key Benefits For Stakeholders
- The report provides a quantitative analysis of the current microalgae market trends, estimations, and dynamics of the market size from 2020 to 2028 to identify the prevailing opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth analysis and the market size and segmentation assist to determine the prevailing microalgae market opportunities.
- The major countries in each region are mapped according to their revenue contribution to the market.
- The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the microalgae industry.
Key Market Segments
By Type
- Spirulina
- Chlorella
- Dunaliella Salina
- Aphanizomenon Flos-Aquae
By Application
- Dietary supplements
- Food/Feed
- Pharmaceutical
- Cosmetic
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Microalgae Market Report Highlights
| Aspects | Details |
 By TYPE |
|
 By APPLICATION |
|
 By Region |
|
 Key Market Players | CYANOTECH CORPORATION, FUQING KING DNARMSA SPIRULINA CO., LTD., ASTAREAL AB, CELLANA, INC., NECTON SA, BIOPROCESS ALGAE LLC, DIC CORPORATION, ROYAL DSM OCEAN NUTRITION, TERRAVIA HOLDINGS, INC., ALGENOL BIOTECH |
Analyst Review
According to the CXOs, the microalgae market is subject to steady growth in the coming years. Growth of the microalgae market is attributed to growing application of algal protein in dietary supplements and food industry, coupled with increase in adoption of nutraceuticals among general populous. However, uncertainties in climatic conditions leading to problems in algae production act as a restraint for the market growth. On the contrary, breakthroughs in microalgae production technology and rise in adoption of microalgae in the fortified food sector is expected to provide opportunities for growth for the microalgae market in the coming years.
The global microalgae market was valued at $977.3 million in 2020, and is projected to reach $1,485.1 million by 2028.
The global microalgae market is expected to grow at a CAGR of 5.4% through 2021-2028.
The sample for the report can be acquired from the official allied market research website.
The forecast period for the report is 2021-2028
The Microalgae market has been segmented based on the type, application and region.
The key players profiled in this report include include Algenol Biotech, Cellana Inc., Cyanotech Corporation, DIC Corporation, E.I.D Parry ltd, Fuqing King Dnarmsa Spirulina Co. Ltd., Kent BioEnergy Corporation, Taau Australia Pty Ltd., Holdings, Inc. and Astareal AB.
Based on application, market is fragmented into dietary supplements, food/feed, pharmaceutal, cosmetic, and others.
The outbreak of the COVID-19 pandemic has marginally affected the microalgae market. People are restricted to stay at their homes to stop the further spread of the diseases.
The microalgae industry post the pandemic is expected to grow significantly.
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