North America Microalgae Market – Industry Trends and Forecast to 2030

North America Microalgae Market, By Type (Chlaspirulina, Chlorella, Haematococcus Pluvialis, Dunaliella Salina, Isochrysis, Phaeodactylum Tricornutum, Chlamydomonas Cruentum, Nannochloropsis And Others), Category (Organic And Inorganic), Form (Powder/Dry And Liquid), Grade (Food Grade, Feed Grade, Fuel Grade, Cosmetic Grade and Others), Application (Food & Beverage, Dietary Supplements, Pharmaceuticals, Cosmetics & Personal Care, Bio-Fuel, Inks, Animal Feed and Others), Distribution Channel (Indirect And Direct) - Industry Trends and Forecast to 2030.

North America Microalgae Market Analysis and Insights 

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.

North America 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.

The North America microalgae market facing high maintenance and operating costs and technical challenges of large-scale microalgae harvesting are the major challenges for the market's growth in the forecast years.

The North America 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 6.6% in the forecast period of 2023 to 2030 and is expected to reach USD 670.58 million by 2030, from USD 405.62 million in 2022.

Market Definition

Microalgae are microscopic algae which are also called single-celled algae. They can either live independently or in the form of colonies. These are photosynthetic micro-organisms that reside in freshwater or salty water. According to their species, they can vary in size and shape whose size ranges from micrometers to hundred micrometers. The main function of microalgae is they convert sunlight, carbon dioxide and water into algal biomass. Microalgae are used in the food, nutraceuticals, feed and cosmetic industries, as well as it is also used to make paper ink. Microalgae have been considered the most promising in biodiesel feedstock and have been known as a third-generation feedstock. Microalgae are members of the larger group of phytoplankton.

Microalgae Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail below:

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. Microalgae have been utilized for thousands of years due to their high dietary content. As new microalgae-containing products are launching, several market players are adopting initiatives to create awareness among consumers towards their innovative brands. Increasing awareness boosts product sales, which positively impacts the microalgae market growth.

• 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. The major problems associated with microalgae production are strain selection, strain improvement, inefficient quantity of sunlight present while microalgae culturing in ponds, enhanced need of removal of large water volume to obtain concentrates. These obstacles demand the appropriate technological advancements and scientific innovation for the production of microalgae and its conversion to required products. As the market players are using technologically advanced cultural methods and innovative technologies for the production formation of microalgae, it is boosting the microalgae market growth

Opportunities

• Increase in the  fund for microalgae production

The products derived from microalgae-based technologies are changing almost everything around us. The various transformations in microalgae production enhance the way of eating, introduction of biofuels for the automobile and aviation industry, production of microalgae-derived skincare products and recycling of greenhouse gases. The increased investment in microalgae products is due to their miraculous properties and ability to provide satisfactory products for every major industry. The out-sized impact on the consumer's market and providing sustainable solutions to combat North America challenges increased investments in advanced microalgae technologies aiding in its production by both the private and public sectors.

• Rise in the strategic initiatives by market players

Various strategic initiatives are implemented by market players for the production of microalgae products, which include acquisition, collaboration and expansion, among others. These initiatives allow market players to increase their company's product portfolio, leading to market expansion and increasing the product demand among customers, ultimately allowing them to earn maximum revenue. As the demand for effective and novel products derived from microalgae is increasing worldwide, these strategic initiatives are taken by top market players aimed at enhancing business operations and earning more profitability in the market.

Restraints/Challenges

• Side-effects related to microalgae products

Microalgae products are now days used due to their high nutritional value and showed promising biological results, due to which the demand has increased in the market. But these products show some adverse effects or side effects to the body. These side-effects were reported by the consumers who have used the microalgae products as their supplements for boosting immunity.

• Complications associated with microalgae production

Microalgae products are considered very efficient and their increased demand in nutraceuticals, renewable energy and biopharmaceutical industries makes them more considerable among the consumer. Microalgae are a renewable, sustainable and economical source of ingredients in bioactive medicinal plants, food and biofuels. Microalgae biofuels are the best alternative to liquid fossil fuels as they are renewable and do not cause any harm to the environment. Microalgae can convert atmospheric carbon dioxide into beneficial products such as carbohydrates, lipids and bioactive metabolites. But it is very challenging to harvest and process microalgae.

Post-COVID-19 Impact on the Microalgae Market

The COVID-19 pandemic had a great impact on the pharmaceutical and nutraceutical industries. Trade groups in the nutritional products sector claim that the North America supply chain for functional foods and dietary supplements has been significantly damaged, impacting end-user consumption of microalgae market growth. Sales of microalgae in the first quarter of 2020 were significantly delayed in the algal industry due to logistical and transportation issues. The supply of raw materials for culture medium and manufacturing, packaging and biomass delivery were all disrupted along the whole value chain. China, one of the world's main producers and consumers of microalgal species, began to experience the COVID-19 pandemic's effects on this market in 2020. However, the demand for microalgae is also increasing, with consumers consuming dietary supplements and functional food to stay healthy.

Recent Developments

• • In November 2022, euglena Co., Ltd revealed that regular consumption of the microalgae Euglena (also known as Euglena in Japan) reduces the severity of various symptoms and prevents the development of cold-like symptoms
  • In November 2019, Algarithm launched a program to enhance awareness regarding the kappamega3 product, which comprises omega-3 DHA oil derived from microalgae. This program launch allowed the company to maintain a potential position in the microalgae market

North America Microalgae Market Scope

The North America microalgae market is segmented into type, category, form, grade, application and distribution channel. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to make strategic decisions to identify core market applications.

Type

• Spirulina
• Chlorella
• Haematococcus Pluvialis
• Dunaliella Salina
• Isochrysis
• Phaeodactylum Tricornutum
• Chlamydomonas Cruentum
• Nannochloropsis
• Others

Based on type, the microalgae market is segmented into chlaspirulina, chlorella, haematococcus pluvialis, dunaliella salina, isochrysis, phaeodactylum tricornutum, chlamydomonas cruentum, nannochloropsis and others.

Category

• Organic
• Inorganic

Based on category, the microalgae market is segmented into organic and inorganic.

Form

• Powder/ Dry
• Liquid

Based on form, the microalgae market is segmented into powder/dry and liquid.

Grade

• Food Grade
• Cosmetic Grade
• Feed Grade
• Fuel Grade
• Others

Based on grade, the microalgae market is segmented into food grade, cosmetic grade, feed grade, fuel grade and others.

Application

• Dietary Supplements
• Cosmetics & Personal
• Food & Beverages

• Pharmaceuticals
• Animal Feed
• Bio-Fuel
• Inks
• Others

Based on application, the microalgae market is segmented into dietary supplements, cosmetics & personal, food & beverages, pharmaceuticals, animal feed, bio-fuel, inks and others.

Distribution Channel

• Direct
• Indirect

Based on distribution channel, the microalgae market is segmented into direct and indirect.

Microalgae Market Regional Analysis/Insights                     

The microalgae market is analysed and market size insights and trends are provided by country, type, category, form, grade, application and distribution channel.

The countries covered in this report are U.S., Mexico, and Canada.

U.S. is expected to dominate the North America microalgae market due to increasing awareness among consumers about the health benefits of microalgae products and multiple industry coverage. An increase in demand for microalgae products and an increase in research and development activities in nutraceutical industries are also expected to drive the market in the forecasted period.

The region section of the report also provides individual market-impacting factors and changes in regulations that impact the market's current and future trends. Data points, such as new and replacement sales, country demographics, disease epidemiology and import-export tariffs, are some of the major pointers used to forecast the market scenario for individual countries. In addition, the presence and availability of North America brands and their challenges faced due to high competition from local and domestic brands and the impact of sales channels are considered while providing forecast analysis of the country data.

Competitive Landscape and North America Microalgae Market Share Analysis

The microalgae market competitive landscape provides details of the competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, North America presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points are only related to the companies focusing on the North America microalgae market.

Some major players in this market are Euglena Co. Ltd., DIC CORPORATION, DSM, Cyanotech Corporation, Corbion, Far East Bio-Tec Co., Ltd., Earthrise Nutritionals, LLC, AstaReal Co., Ltd., BUGGYPOWER, Inner Mongolia Rejuve Biotech Co.,Ltd., Algatech LTD., AlgaEnergy S.A., Parry Nutraceuticals, Heliae Development, LLC, Algarithm, Necton S.A., and Yemoja Ltd., among others.