The global microalgae market size is expected to reach USD 1,564.9 million by 2030, according to a new study by Polaris Market Research. The report “Microalgae Market Share, Size, Trends, Industry Analysis Report, By Product Type (Dunaliella Salina, Spirulina, Chlorella, and Others), Microalgae Strain (Haematococcus Pluvialis, Phaeodactylum Tricornutum, Porphyridium Cruentum, Nannochloropsis, and Others), Grade (Food Grade, Feed Grade, Fuel Grade, Cosmetics Grade, and Others), Application, By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The global industry is driven by rising demand from the nutraceuticals industry and the rising adoption of interventions of micro-algal technology in nutritional supplements. Consumer awareness of the health benefits of microalgae-based products is growing, and there is a strong need for plant-derived proteins, which will drive industry demand in the anticipated period.
However, factors such as the availability of counterfeit or sub-quality products, as well as certain meteorological conditions suited to microalgae production, are anticipated to impede market expansion. The costs of developing microscopic algae or producing biofuel from microscopic algae are considerable, limiting the expansion of the microscopic algae business. The continuing research and feasibility studies to create novel microscopic algae applications will provide industry growth possibilities.
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The dietary supplements segment is expected to hold the largest share in the market due to the rising demand for plant-based dietary supplements. The surging demand from e-commerce platforms for plant and algae protein-based food products and beverages reflect the importance of appropriate nutrition intake in maintaining an effective immune system. Furthermore, several algal protein products are thought to help the human immune system, thereby augmenting the market's growth.
In Asia Pacific, significant market growth is projected due to the rising companies and government investment in the production of biofuels energy systems to address the region's vulnerable energy supply situation, as well as the rapidly increasing need to open new markets in the chemical, food, and feed industries. Microscopic algae-based products are being developed by companies including DENSO Corporation, All Nippon Airways, ISUZU Motors Corporation, and famous research facilities like the University of Tsukuba. Euglena, for example, has introduced microalgae-derived nutritious foods, feeds, and cosmetics.
Koninkliijke DSM NV, DIC Corporation, Yunnan Green-A-Bio-engineering Co Ltd, Roquette Frères, Fuji Chemical Industries Co., Ltd., Sun chlorella, Cellana LLC, Corbion (TerraVia Holdings), Cyanotech Corporation, Buggypower, Algatec (Lusoamoreiras), BASF SE, Parry Nutraceuticals, KDI Ingredients, INNOBIO Corporation Limited, Sinoway Industrial Co., ltd., and Algatechnologies Ltd are some of the players operating in the market.
In October 2021, Anpario released Optomega Algae, a novel omega-3 fatty acid supplement derived from microscopic algae. Optomega Algal is a dry, free-flowing powder made from algae oil that is high in long-chain omega-3 fatty acids, particularly Docosa-hexaenoic acid (DHA). Previously, in July 2021, Microphyt has launched the SCALE initiative to help with the rollout of new products. It is the world's first fully-integrated microscopic algae biorefinery. The four-year, 15-million-euro EU-funded initiative will meet the growing demand for safe and effective nutrition and wellness ingredients generated in a natural and highly sustainable manner.
Polaris Market Research has segmented the microalgae market report based on product type, microalgae strain, grade, application, and region:
Microalgae, Product Type Outlook (Revenue - USD Million, 2018 - 2030)
Microalgae, Microalgae Strain Outlook (Revenue - USD Million, 2018 - 2030)
Microalgae, Grade Outlook (Revenue - USD Million, 2018 - 2030)
Microalgae, Application Outlook (Revenue - USD Million, 2018 - 2030)
Microalgae, Regional Outlook (Revenue - USD Million, 2018 - 2030)