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,’ 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 tons by 2030, at a CAGR of 12.8% from 2023 to 2030.

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Microalgae are an important functional food and nutrient source due to their health benefits. They are rich in proteins, lipids, polysaccharides, dietary fiber, vitamins, trace elements, and active metabolites. The polysaccharides and glycoproteins in Spirulina have been proven to have anti-tumor, anti-pathogen, and anti-viral properties. Microalgae such as Spirulina are rich in nutrients, such as B vitamins, phycocyanin, chlorophyll, vitamin E, Omega-6 fatty acids, and minerals. Microalgae products are consumed as supplements as they enhance immunity.

Microalgae grow rapidly and can support the large-scale production of health supplements. The growth of this market is backed by the booming nutraceuticals sector, growing health concerns of the aging population worldwide, the growing need for natural alternatives to traditional pharmaceutical products, and increased consumer awareness regarding the link between nutrition and health.

The Impact of COVID-19 on the Microalgae Market

The algae industry witnessed a major drop in microalgae sales in the first quarter of 2020 due to disrupted logistics and transportation. The market also witnessed interruptions in the entire value chain, from the supply of raw materials for culture media to the production, packaging, and distribution of microalgae products.

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.

Increasing Preference for Microalgae-sourced Products

Market trends and consumers’ growing interest in natural and healthy products have encouraged researchers and the industry to develop novel products with functional ingredients. Microalgae have been recognized as a source of functional ingredients with positive health effects since these microorganisms produce polyunsaturated fatty acids, polysaccharides, natural pigments, essential minerals, vitamins, enzymes, and bioactive peptides.

Omega-3 fatty acids have anti-aging properties and offer several benefits, such as preventing heart disease and healing atherosclerosis. Linolenic acid, alpha-linolenic acid, eicosapentaenoic (EPA), and docosahexaenoic acid (DHA) are natural omega-3 fatty acids. Usually, these omega-3 fatty acids are derived from fish oil, but indications suggest that omega-3 fatty acids in fish oil come from zooplankton, which consumes spirulina. Thus, microalgae are one of the best sources of omega-3 fatty acids. Algal PUFA production is more economical than biofuel production; hence several large-scale producers are now focusing on nutritional PUFA production instead of biofuel production. Spirulina is one of the most prominent microalgae due to its high production of long-chain polyunsaturated fatty acids, phenolic compounds, volatile compounds, sterols, proteins, amino acids, peptides, vitamins, polysaccharides, and pigments. It contains 15.8% lipids and 4.9% omega-3 fatty acids.

Due to shortcomings of fish-derived oil, including undesirable taste & odor, diminishing supplies, chemical processing methods, and the presence of contaminants, such as mercury, dioxins, and polychlorinated biphenyls, omega-3 fatty acids are now being produced using microalgae (spirulina), as it offers non-polluted omega-3 fatty acids.

In November 2016, Cellana, Inc. and PIVEG, Inc. signed a letter of intent for the joint development and commercialization of Omega-3 oils and other high-value applications of microalgae biomass. DSM and Evonik announced a joint development agreement for producing omega-3 fatty acids from natural marine microalgae for animal nutrition applications. Also, the omega-3 fatty acids in spirulina platensis prevent the accumulation of cholesterol in the body. DIC Corporation, a wholly owned subsidiary of DIC Lifetec Co., Ltd., which manufactures and sells health foods (notably edible blue-green algae spirulina), signed a sales agency contract with Fermentalg S.A. (France), a developer of microalgae-derived food ingredients. DIC has started marketing Fermentalg’s DHA ORIGINS-510 series of Schizochytrium sp.-derived highly concentrated docosahexaenoic acid (DHA) oils for use in dietary supplements. These factors are expected to drive the demand for spirulina across the globe.

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Nisshin Pet Food has launched 73 new products containing chlorella. Also, Tohato has launched 21 new food products containing chlorella, 16 of which are sweet biscuits/cookies, 4 are corn-based snacks, and 1 is a potato snack. The U.S.-based company, Suja Life, has launched six new juice products, three nectars, and two fruit/flavored drinks containing chlorella.

Moreover, in October 2018, The Good Spoon launched a range of vegan mayo replacing egg yolk with chlorella. The company also aims to penetrate the European market with its plant-based mayonnaise alternatives. Thus, the increasing application of chlorella in various food products is boosting the demand for chlorella in the food & beverage industry, which is expected to drive the microalgae market during the forecast period.

Based on type, in 2023, the Spirulina segment is expected to account for the largest share of the global microalgae market. The large market of this segment is mainly attributed to 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.

Based on production technique, in 2023, the ponds segment is expected to account for the largest share of the global microalgae market. The large market share of this segment is primarily attributed to the presence of a large number of key players in the pond cultivation of microalgae. Open ponds, also called raceway ponds, comparatively require lower investment, low operational and energy costs, and have the potential to produce higher biomass volumes is further expected to support the growth of this market.

Based on category, the organic segment is projected to register the highest CAGR during the forecast period of 2023–2030. 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 is 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 mainly 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, 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 to traditional pharmaceutical products, and increased consumer awareness regarding the link between nutrition and health.

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This research report analyzes major geographies and provides a comprehensive analysis of North America (the U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and RoE), Asia-Pacific (China, India, Japan, Australia, and RoAPAC), Latin America (Brazil, Mexico, and RoLATAM), and the Middle East & Africa (Egypt, Saudi Arabia, South Africa, UAE, and Rest of Middle East & Africa). In 2023, North America is expected to account for the largest share of the global microalgae market, followed by Asia-Pacific and Europe. The large share of this regional market is mainly 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.

The microalgae market is characterized by a moderately competitive scenario due to the presence of many large- and small-sized global, regional, and local players. 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).

Here are the top 10 companies operating in Microalgae Market: https://meticulousblog.org/top-10-companies-in-microalgae-market/

 

Scope of the Report:

Global Microalgae Market, by Type

·      Spirulina

·      Chlorella

·      Dunaliella Salina

·      Haematococcus Pluvialis

·      Nannochloropsis

·      Other Microalgae

 

Global Microalgae Market, by Production Technique

·      Ponds

·      Fermenters

·      Photobioreactors (PBR)

 

Global Microalgae Market, by Category

·      Inorganic

·      Organic

 

Global Microalgae Market, by Distribution Channel

·      Business Channel (B2B)

·      Consumer Channel (B2C)

 

Global Microalgae Market, by Application

·      Nutraceuticals

·      Food and Beverages

·      Animal Feed

·      Cosmetics

·      Other Applications

 

Global Microalgae Market, by Geography

·      North America

¡  U.S.

¡  Canada

·      Europe

¡  Germany

¡  France

¡  U.K.

¡  Italy

¡  Spain

¡  Rest of Europe (RoE)

·      Asia-Pacific

¡  China

¡  India

¡  Japan

¡  Australia

¡  Rest of Asia-Pacific (RoAPAC)

·      Latin America

¡  Brazil

¡  Mexico

¡  Rest of Latin America (RoLATAM)

·      Middle East and Africa

¡  Egypt

¡  Saudi Arabia

¡  South Africa

¡  UAE

¡  Rest of Middle East & Africa

 

 

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