Microalgae Market to Reach $3.08 Billion by 2030 - Exclusive Report by Meticulous Research®

According to a new market research report titled, 'Microalgae Market by Type (Spirulina, Chlorella, Dunaliella Salina, Nannochloropsis), Production Technique (Ponds, Fermenters, PBR), Distribution Channel (B2C, B2B), Application (Nutraceuticals, Food and Beverages), and Geography - Global Forecast to 2030,' published by Meticulous Research®, in terms of value, the microalgae market is projected to reach $3.08 billion by 2030, at a CAGR of 9.4% from 2023 to 2030, while in terms of volume, the market is projected to reach 100,788.0 thousand tons by 2030, at a CAGR of 12.8% from 2023 to 2030.

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Microalgae, also known as microphytes, are microscopic algae found in marine systems and freshwater. They vary in shape and size, ranging from micrometers to hundred micrometers. Microalgae convert sunlight, carbon dioxide, and water into algal biomass. They impart high nutrition and comprise high-value compounds, including pigments, fatty acids, and antioxidants and are gaining popularity as a promising nutrient source

The Impact of COVID-19 on the Microalgae Market

The effects of the COVID-19 pandemic on the microalgae market were first felt in China starting in 2020, as the country is one of the world's largest producers and consumers of microalgal species. Factory closures, microalgae processing facilities operating at reduced capacities, and restrictions on importing and exporting algae biomass in China strongly impacted the microalgae market. Moreover, the pandemic also impacted the microalgae market in many other countries, including the U.S., India, Australia, Brazil, and the EU-5 countries. Due to the countrywide lockdown in India, many commercial microalgae production and processing facilities shut down or operated at reduced capacities, leading to substantial losses in domestic microalgae production.

However, nutrition was people's top priority for maintaining good health and strengthening the immune system. As a result, there was high demand for plant & algae-based food products & beverages on e-commerce platforms. For instance, Spirulina is known for its immune-boosting and anti-viral properties, which boosted the sales of Spirulina supplements.

According to various research studies, Spirulina inhibits influenza virus replication and reduces virus-induced mortality. According to immunologists at the Davis School of Medicine, University of California, the addition of Spirulina to cultured immune system cells significantly increased the production of infection-fighting cytokines. Researchers at UC Davis School of Medicine studying the effects of Spirulina on both anemia and immune function found that Spirulina, with its rich content of flavonoids and sulfolipids, modulates the production of cytokines and with its bioactive proteins stimulates the intestinal immune system to enhance the responsiveness to vaccines and improve allergic rhinitis.

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Furthermore, the U.S. Food and Drug Administration (FDA) approved several microalgae, including Chlamydomonas reinhardtii, Dunaliella bardawil, and Chlorella species, as they have a rigid cell wall that acts as a natural encapsulation to protect the recombinant proteins from the aggressive environment of the stomach. This feature was used for the rapid production and edible targeted delivery of S-glycoprotein and soluble ACE2 for the treatment/inhibition of SARS-CoV-2. Therefore, the demand for microalgae-based products has increased since the pandemic.

Moreover, the chlorella market was positively impacted mainly due to the key role of chlorella in strengthening the immune system. Chlorella is a healthy, natural, and sustainable superfood. During the pandemic, consumers demanded food ingredients that strengthened the immune and digestive systems. Hence, microalgae/algae have been one of the superfood trends in Europe.

Thus, the demand for microalgal species, such as Spirulina and chlorella, increased during the COVID-19 pandemic due to people's increased focus on immunity and nutrition.

The global 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). The study also evaluates industry competitors and analyzes the regional and country-level markets.

Based on type, in 2023, the Spirulina segment is expected to account for the largest share of the global microalgae market. The key factors contributing to the growth of this segment are the rising health & wellness trends and dietary supplements industry; growing demand for natural food colors; increasing vegetarianism; stringent regulations regarding the inclusion of synthetic colors and flavors; growing malnutrition; increasing preference for Spirulina-sourced products, especially Omega-3 fatty acids; growing use of Spirulina in aquaculture; rising investments from leading color houses; and an increasing number of products that include Spirulina as an ingredient. However, low awareness about the benefits of Spirulina and challenges associated with Spirulina production are expected to hinder the growth of the Spirulina segment to some extent. However, the Haematococcus pluvialis segment is projected to register the highest CAGR during the forecast period of 2023-2030.

Based on production technique, in 2023, the ponds segment is expected to account for the largest share of the global microalgae market. However, the photobioreactors (PBR) segment is projected to register the highest CAGR during the forecast period of 2023-2030. The growth of this segment is attributed to the growing demand for algal biomass from the nutraceuticals, pharmaceuticals, cosmetics, food and beverage, and biofuel industries. Moreover, the several benefits of the photobioreactors microalgae cultivation system, such as lower vulnerability to species contamination; higher productivity; lower harvesting cost; reduced water and carbon dioxide losses; and easier control of the cultivation conditions such as temperature and pH, are further expected to support the growth of this market across the globe.

Based on category, the organic segment is projected to register the highest CAGR during the forecast period. The growth of this segment is attributed to the increasing demand for natural food colorants and certified organic products in the food industry. Furthermore, increasing demand for organic growth media by microalgae manufacturers are further expected to support the growth of this market across the globe.

Based on distribution channel, in 2023, the business channel (B2B) segment is expected to account for the larger share of the global microalgae market. The large market share of this segment is primarily attributed to the direct bulk purchasing of microalgae by manufacturers from various industries, such as nutraceuticals, food & beverage, and animal feed, for further product development.

Based on application, the microalgae market is segmented into nutraceuticals, food & beverages, cosmetics, animal feed, and other applications. In 2023, the nutraceuticals segment is expected to account for the largest share of the global microalgae market. The large market share of this segment is mainly attributed to the booming nutraceuticals sector, growing health concerns of the aging population worldwide, the growing need for natural alternatives for traditional pharmaceutical products, and increased consumer awareness regarding the link between nutrition and health.

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Based on geography, the microalgae market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the global microalgae market. The large share of this regional market is attributed to the huge consumption of health supplements, strict regulations against the use of synthetic colors, growth of subsidiary industries like cosmetics and biofertilizers, increasing preference for natural protein sources, and presence of key algae biomass manufacturers with huge production capacities, especially in the U.S.

However, Europe is expected to witness significant growth during the forecast period, mainly due to the increased adoption of microalgae, especially spirulina and chlorella, in the manufacturing of therapeutic & nutritional products, growing reluctance towards the usage of synthetic colors, rising demand for natural blue colorants, and investments from leading color stakeholders in the phycocyanin space.

The report includes an extensive assessment of the key strategic developments by leading market participants in the industry over the past four years (2020-2023). The microalgae market has witnessed several product launches, partnerships, agreements, and collaborations in recent years. 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), Inner Mongolia Rejuve Biotech 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).

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