Microalgae Market Size, Share, Trends, & Forecast 2032

Microalgae Market Size

According to a report from Zion Market Research, the global Microalgae Market was valued at USD 4.01 Billion in 2023 and is projected to hit USD 7.31 Billion by 2032, with a compound annual growth rate (CAGR) of 6.9% during the forecast period 2024-2032.

This report explores market strengths, weakness, opportunities, and threats. It also provides valuable insights into the market's growth drivers, challenges, and the future prospects that may emerge in the Microalgae Market industry over the next decade.

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Microalgae Market: Overview

Microalgae have become a dictum in recent years owing to its extensive use in nutraceutical, renewable energy, and bio-pharmaceutical industries. Furthermore, microalgae are sustainable & renewable and form a cost-effective source of biofuel and bioactive therapeutic products. Apart from this, a large number of microalgae species have been researched for their beneficial features such as biological & pharmacological qualities. Reportedly, these microorganisms can be used as biofuels and are best alternative to liquid fossil fuels in terms of cost, sustainability, and pollution. In addition to this, these algae can convert atmospheric carbon dioxide into lipids, bioactive metabolites, and carbohydrates.

Furthermore, microalgae have ability of transforming solar energy to chemical energy through carbon dioxide fixation. They are key components of food chain of aquatic ecosystems and are consumed as food & medicines by humans. Its growing use in health supplements, cosmetics, and pharmaceuticals along with its slew of applications in wastewater treatment has made it most sought for product. Apart from this, microalgae produce a large number of bio-products such as vitamins, lipids, polysaccharides, pigments, anti-oxidants, and bioactive compounds. Large-scale focus on bio-refinery due to growing interest in microalgae as renewable & sustainable raw material for biofuel production will enlarge application of microalgae across spectrum of industries in near future. Breakthroughs in genetic engineering are likely to improve growth potential of renewable bio-products, thereby enhancing scope of use of microalgae in near future.

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Microalgae Market: Growth Drivers

Microalgae comprises of high proportion of carbohydrates including cellulose, glycogen, agar, and starch that can be easily converted into fermentable sugars form through manufacture of bioethanol. Moreover, bioethanol production through microalgae can facilitate production of biofuels that can be used as sustainable fuels in vehicles. Also, this will help in reducing GHG emissions in atmosphere, thereby contributing substantially towards green environment. This, in turn, will drive growth of microalgae market in years ahead. Apart from this, humungous demand for microalgae in pet foods, fertilizers, and healthcare sectors will open new vistas of growth for microalgae market in foreseeable future. Rise in microalgae cultivation is projected to account majorly towards sustainable biomass production along with producing cost-efficient products having high value.

Furthermore, massive use of algal products in functional foods & beverages as a result of their anti-oxidative features will offer new avenues of growth for microalgae market in upcoming years. In addition to this, microalgae in presence of sunlight & stress conditions convert carbon dioxide into microalgae biomass that is utilized directly in human food, dietary supplements, and animal fodder. Moreover, microalgae biomass is a rich source of biofuels like vegetable oil, biodiesel, bio-char, bio syngas, and bioethanol. Apart from this, biomass is also a key source of valuable bioactive compounds and bio-products including anti-oxidants, vitamins, antimicrobial drugs, coloring agents, poly-unsaturated fatty acids, and anticancer medicines. All these major uses of microalgae will quill growth of microalgae market in years to come. 

In addition to this, microalgae strains including Arthrospira, Aphanizomenon flos-aquae, and Chlorella are cultivated for their commercial use due to high protein contents and health benefits. Apart from this, these products possess significant biological effects such as anti-hyperlipidemia and anti-hyperglycemia that help in controlling obesity and regulating serum glucose level in diabetics. Additionally, microalgae sterols provide beneficial health effects such as anticancer, hypo-cholesterolemia, and anti-inflammation. Apart from this, they provide great relief to patients affected due to Parkinson disease. Apparently, microalgae possess high nutritive value and significant enzymatic effects. Antimicrobial, antibacterial, and antifungal features of microalgae have enhanced their use in plants for increasing crop yield & reducing food spoilage as green microalgae referred as Chlorella retards development of bacteria that are harmful to plants. All these aforementioned factors are predicted to chart a profitable roadmap for microalgae market in coming years.

Microalgae Market: Report Scope

Microalgae Market: Regional Analysis

European Microalgae Market To Register Massive Growth By 2032

Growth of Microalgae market in Europe over forecast timeframe can be credited to large scale extraction and harvesting of microalgae in countries such as Spain, Belgium, France, Italy, Germany, Sweden, UK, Denmark, and Austria. Apart from this, improved microalgae research & marketing activities in Europe will culminate into humungous growth of microalgae market in continent over forecasting period. Additionally, purified polyunsaturated fatty acids derived from microalgae strain referred as Arthrospira are blended with infant milk formulas and this product is used in European nations for promoting good health in infants.

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This, in turn, will enlarge scope of microalgae industry in Europe over the coming timespan. Massive use of microalgae-based products in manufacturing of foods in large number of European countries will translate into bulbous growth of microalgae business in Europe.  In addition to this, interest in microalgae-based food products have been increasing among European consumers in recent years. Hence, it is projected that microalgae market in Europe is likely to expand prominently in forthcoming years.

Microalgae Market: Competitive Space

The global Microalgae market profiles key players such as:

• Algatech LTD
• Cellana Inc
• BASF SE
• Heliae Development, LLC
• E.I.D. - Parry (India) Limited
• DSM
• ALGENOL
• BIOPROCESS ALGAE, LLC
• Shaanxi Rebecca Bio-Tech Co., Ltd
• Corbion, Kuehnle AgroSystems Inc
• ALGISYS LLC
• Algarithm
• Cyanotech Corporation
• Duplaco B.V.
• Henry Lamotte Oils GmbH
• Algaecytes
• AlgaEnergy
• AlgoSource
• Australian Spirulina
• Lyxia
• Corbion
• euglena Co., Ltd
• AstaReal AB

The global microalgae Market is segmented as follows:

By Distribution Channel

• Consumer Channel
• Service Channel
• Industrial Channel

By Type

• Spirulina
• Dunaliella Salina
• Haematococcus Pluvialis
• Chlorella

By Application

• Nutraceuticals
• Food & Beverages
• Cosmetics
• Animal Feed

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa