The Global Microalgae Market Is Expected To Grow At A CAGR Of 6.9%

The global Microalgae market size was valued USD 4.01 billion in 2023 and is expected to rise to USD 7.31 billion by 2032 at a CAGR of 6.9%.

In addition to this, microalgae find lucrative application in live feed & food in aquaculture activities. Apart from this, rise in health consciousness coupled with surging demand for nutritional supplements will create new growth avenues for microalgae market in assessment period. In addition to this, microalgae is viewed as key food ingredient source that can benefit infants, children, and adult health along with boosting immune systems of elderly population. Escalating demand for microalgae for producing biomass to derive huge proportion of renewable energy and massive utilization of microalgae in farming activities to obtain huge crop yield as a result of its anti-fungal, anti-microbe and anti-bacterial properties will result in humungous growth of microalgae market in ensuing years. Biomass of microalgae is being promoted immensely owing to its nutritive features. With presence of large proportion of fibers, proteins, enzymes, and carbohydrates, microalgae has become a key food component in countries such as China and South Korea. Furthermore, the product is also natural food colorant in snack, convenience foods, pasta, and beverages.

Demand For Improving Quality Of Dietary Supplements To Drive Market Trends

Growth of microalgae market over forecast timeline can be attributed to massive demand for nutritive dietary supplements. Apart from this, microalgae are a major source of renewable nutrition and hence there is rising interest towards algae-based food supplements in whole biomass form such as purified derivations comprising carotenoids and omega-3 fatty acids as well as Arthrospira & Chlorella. Reportedly, Arthrospira is a source of high quality protein and has high nutritive value. Moreover, it exhibits anticancer, anti-inflammatory, antiviral, and antioxidant features. All these aforementioned factors will steer growth of microalgae market in forecasting years.

In addition to this, microalgae are utilized in food supplements of human & animal nutrition. With massive product usage in functional foods & nutraceuticals owing to health benefits offered by it, the microalgae market is likely to gain traction over coming years.

Europe To Make Notable Contributions Towards Regional Market Growth By 2032

Expansion of microalgae market in Europe over forecast timespan can be credited to EU’s strategy for creating bio economy in Europe resulting in massive use of microalgae in myriad industries. Apart from this, humongous demand for microalgae-based food products in Europe will drive regional market trends. Reportedly, in European countries, animal-based protein diet is consumed in larger quantities in comparison to plant-based protein diet. Nonetheless, growing awareness pertaining to health & environmental issues due to intake of meat along with growing compassion for animals has proliferated demand for plant-based foods in Europe. This is predicted to result into massive product penetration in food & beverages sector in continent, thereby inflating size of microalgae market in Europe.

Furthermore, a large number of new players are trying to enter the business as microalgae industry is estimated to witness geometric growth within next couple of years. However, presently only a few key players are impacting growth of microalgae market and they include  AlgaEnergy, Algatech LTD, Cyanotech Corporation, euglena Co., Ltd., Cellana Inc., BASF SE, Heliae Development, LLC, E.I.D. - Parry (India) Limited, DSM, ALGENOL, BIOPROCESS ALGAE, LLC., Corbion,  Australian Spirulina,  Shaanxi Rebecca Bio-Tech Co., Ltd , Corbion, AlgoSource, Kuehnle AgroSystems Inc.,  ALGISYS LLC, Algarithm, Duplaco B.V., Henry Lamotte Oils GmbH, Algaecytes, Lyxia, and AstaReal AB.

Browse the full “Microalgae Market - By Distribution Channel (Consumer Channel, Industrial Channel, And Service Channel), By Application (Nutraceuticals, Food & Beverages, Animal Feed, And Cosmetics), By Type (Spirulina, Chlorella, Dunaliella Salina, And Haematococcus Pluvialis), And By Region- Global Industry Perspective, Comprehensive Analysis, And Forecast, 2024– 2032.” Report at https://www.zionmarketresearch.com/report/microalgae-market

The report segments global microalgae market 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

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