In November 2019, Algarithm Launched a Program for Enhancing the Awareness Regarding the Kappamega3 Product, which Comprises of Omega-3 DHA Oil Derived from Microalgae

Microalgae cultivation is done on large-scale for the production of high-quality dietary products. Microalgae are exploited for its high protein content, which has fulfilled the unmet diet demand of growing population. Along with dietary components, microalgae comprises several other bio-active components with anti-oxidative, anti-carcinogenic and anti-hypertensive properties. Microalgae are utilized from thousands of years due to its high dietary content.     

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Global Microalgae Market is expected to reach USD 2,706.94 million by 2030 from USD 1,587.29 million in 2022 growing with a substantial CAGR of 6.90% in the forecast period of 2023 to 2030. Increasing concerns about greenhouse gas emissions have accelerated the adoption of renewable energy sources, a popular one being microalgae. Increasing R&D investments in microalgae production along with rising demand of alternative source of food due to increased worldwide population has driven the growth of the market. High cost of extraction of essential components from algal biomass and adverse impact of climatic variations on microalgae production restrain the market growth.            

Microalgae Market

The increasing awareness among consumers about health benefits of algae products across the world will drive the market's growth rate

The increasing trend of plant-based food and rising health related issues has increased the chances of microalgae based product to dominate the market with its nutrition rich products serving the demand of consumers in various domains of life ranging from human food to animal feed and nutrition to biofuel. Thus, the increasing awareness among consumers about health benefits of algae products acts as driver for the growth of the global microalgae market.

Report Scope and Market Segmentation

Report Metric

Details

Forecast Period

2023 to 2030

Base Year

2022

Historic Years

2021 (Customizable to 2015 - 2020)

Quantitative Units

Revenue in USD Million, Volumes in Units, Pricing in USD

Segments Covered

Product Type (Dunaliella Salina, Spirulina, Chlorella and Others), Microalgae Strain (Haematococcus Pluvialis, Phaeodactylum Tricornutum, Porphyridium Cruentum, Nannochloropsis and Others), Category (Organic and Inorganic), Form (Powder/Dry and Liquid), Grade (Food Grade, Feed Grade, Fuel Grade, Cosmetics Grade and Others), Application (Food and Beverage, Dietary Supplements, Pharmaceuticals, Cosmetics and Personal Care, Bio-Fuel, Inks, Animal Feed and Others), Distribution Channel (Indirect and Direct)

Countries Covered

U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA)

Market Players Covered

Cellana Inc. (U.S.), DSM (Netherlands), Biofuels Digest (U.S.), Corbion (Netherlands),  Algarithm (U.S.), Cyanotech Corporation (U.S.), Henry Lamotte Oils GmbH (U.S.), Algaecytes (U.K.), Australian Spirulina (Australia), Algatech LTD (Israel), Lyxia (U.S.), BASF SE (Germany), Kuehnle AgroSystems Inc. (U.S.), ALGISYS Biosciences Inc. (U.S.), euglena Co., Ltd. (Japan) among others             

Data Points Covered in the Report

In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework

Segment Analysis:

The microalgae market is categorized into seven notable segments which are based on the product type, microalgae strain, category, form, grade, application, and distribution channel.

  • On the basis of product type, the microalgae market is segmented into dunaliella salin, spirulina, chlorella, and others. In 2022, spirulina segment is expected to dominate the market and is expected to reach USD 1,286.12 million by 2030 due to higher production rate and consumption demand. Moreover, spirulina is the most widely cultivated microalgae and have numerous potential uses in field of cosmetic, food, ink and others.
  • On the basis of microalgae strain, the microalgae market is segmented into haematococcus pluvialis, phaeodactylum tricornutum, porphyridium cruentum, nannochloropsis, and others. In 2022, haematococcus pluvialis segment is expected to dominate the market and is expected to reach USD 948.85 million by 2030 because this microalgae is considered as most effective and the products are mainly developed and marketed using this strain.
  • On the basis of category, the microalgae market is segmented into organic and inorganic. In 2022, organic segment is expected to dominate the market and is expected to reach USD 2,044.79 million by 2030 due to ease of availability of organic nutrients for microalgae growth and less complexity associated with conventional microalgae production.
  • On the basis of form, the microalgae market is segmented into powder/dry and liquid. In 2022, powder/dry segment is expected to dominate the market and is expected to reach USD 1,911.98 million by 2030 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. In 2022, food grade segment is expected to dominate the market and is expected to reach USD 1,465.85 million by 2030 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. In 2022, dietary supplements segment is expected to dominate the market and is expected to reach USD 1,474.34 million by 2030 because now a days increase in infectious diseases people are more concerned about their diet and to maintain the immune system strong in order to fight against the various diseases.

The dietary supplements segment will dominate the application segment of the microalgae market

The dietary supplements segment will emerge as the dominating segment application segment. This is because of the growing number of dietary supplements in the market especially in the developing economies. Further, growth and expansion of research development services on a global scale will further bolster the growth of this segment.

  • On the basis of distribution channel, the microalgae market is segmented into direct and indirect. In 2022, direct segment is expected to dominate the market and is expected to reach USD 1,807.79 million by 2030 as it provides high quality microalgae products at an efficient cost.

The direct segment will dominate the distribution channel segment of the microalgae market

The direct segment will emerge as the dominating segment under distribution channel. This is because of the growing number of infrastructural development activities in the market especially in the developing economies. Further, growth and expansion of the healthcare industry all around the globe will further bolster the growth of this segment.

Major Players         

Data Bridge Market Research recognizes the following companies as the market players in market: Cellana Inc. (U.S.), DSM (Netherlands), Biofuels Digest (U.S.), Corbion (Netherlands),  Algarithm (U.S.), Cyanotech Corporation (U.S.), Henry Lamotte Oils GmbH (U.S.), Algaecytes (U.K.), Australian Spirulina (Australia), Algatech LTD (Israel), Lyxia (U.S.), BASF SE (Germany), Kuehnle AgroSystems Inc. (U.S.), ALGISYS Biosciences Inc. (U.S.), euglena Co., Ltd. (Japan).

Microalgae Market

Market Development

  • In October 2020, Cyanotech Corporation launched BioAstin derived for microalgae. The product launched is efficient for treating cardiovascular, immune, skin, eye, and joint health, and offers recovery from exercise. The purity of product eliminates the need of unnatural encapsulation material. This initiative boosted the company’s product portfolio and helped it to penetrate its root in microalgae market.
  • In November 2019, Algarithm launched its new softgel and capsule private labeling program. Though this program launch the company has enhanced awareness regarding kappamega3 product which contains omega-3 DHA oil derived from microalgae. This program launch allowed the company to strengthen its root in microalgae market.
  • In February 2019, Algatech LTD had launched a new product, the whole-algae AstraPure Arava. The product name was decided on the basis of the desert where the microalgae were grown. The microalgae strain used in the production was Haematococcus pluvialis. This product contains the high amount of nutrition as compared to AstraPure Astaxanthin. It also contains fibres, proteins, vitamins, phospholipids that make this product unique. This product launch helped the company to increase their product portfolio.

Regional Analysis

Geographically, the countries covered in the market report are U.S., Canada, Mexico in North America, Germany, Sweden, Poland, Denmark, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Rest of South America as a part of South America, UAE, Saudi Arabia, Oman, Qatar, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).

As per Data Bridge Market Research analysis:

North America is the dominant region in microalgae market during the forecast period 2023 to 2030

North America region is expected to grow with the highest growth rate in the forecast period due to the organic cultivation are ecofriendly and economical for the production.

Asia-Pacific is estimated to be the fastest-growing region in microalgae market the forecast period 2023 to 2030

Asia-Pacific is dominating the market due to government initiatives raising awareness towards ecofriendly products.    

COVID-19 Impact

According to trade organizations in the nutritional products sector, the rise of the end-user consumption of microalgae has allegedly been negatively impacted by severe harm to the worldwide supply chain for functional foods and dietary supplements. Due to logistical and shipping challenges, the sale of microalgae in the first quarter of 2020 was considerably delayed. Along the entire value chain, there were disruptions in the raw material supply for culture medium, manufacture, packaging, and biomass delivery. 2020 saw the onset of the COVID-19 pandemic's effects on this market in China, one of the world's major producers and consumers of microalgae species.

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