The global microalgae market was valued at USD 728.54 million in 2023 and is projected to grow from USD 782.59 million in 2024 to USD 1,376.42 million by 2032, representing a CAGR of 7.31% during the forecast period.
Microalgae species are utilized in various sectors due to their richness in vitamins and protein. Increased research and development initiatives, along with rising food demand, are expected to drive market expansion across multiple regions.
This information is sourced from Fortune Business Insights™ in its research report titled “Microalgae Market, 2024-2032.”
List of Key Players Mentioned in the Report:
BASF SE (Germany)
Cyanotech Corporation (U.S.)
Corbion N.V. (Netherlands)
Koninklijke DSM N.V. (Netherlands)
Solabia Group (France)
The Archer-Daniels-Midland (U.S.)
Fuji Chemical Industries Co., Ltd. (AstaReal Co., Ltd.) (Japan)
Phycom (Netherlands)
Kuehnle AgroSystems Inc. (U.S.)
Valensa International (U.S.)
Information Source: https://www.fortunebusinessinsights.com/microalgae-market-110314
Segmentation:
Spirulina Segment Leads the Market Due to Extensive Production
The market is segmented by species into chlorella, spirulina, haematococcus, nannochloropsis, chlamydomonas, isochrysis, and others. The spirulina segment holds a leading market share, primarily due to its extensive production. Additionally, spirulina is a concentrated source of amino acids and fatty acids, enhancing its adoption in aquaculture.
Food Segment Expected to Grow at the Highest CAGR Due to Increasing Popularity
In terms of application, the microalgae market is divided into feed and food segments. The food segment is projected to experience the highest CAGR during the analysis period, driven by its high nutritional value and various applications in plant-based foods, noodles, bakery products, and other food items.
The microalgae market has been analyzed geographically across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage:
The report outlines the key factors driving industry growth and details the competitive landscape of the market. It offers a thorough analysis of the industry based on species, application, and geography. Additionally, the report highlights the latest trends within the global market.
Drivers and Restraints:
Soaring Product Usage in Animal Feed to Propel Industry Expansion
Microalgae are a rich source of metabolites, including lipids, carbohydrates, and proteins. The growth of the market is driven by the increasing use of these products as natural ingredients in animal diets. The rising livestock population and the growing demand for animal feed are significant factors supporting the expansion of the microalgae market. According to the Food and Agriculture Organization, livestock products represent approximately 30% of the global agricultural value.
However, stringent regulatory policies in the food sector may pose challenges to industry growth.
Regional Insights:
North America Records Major Share Fueled by Considerable Development of Poultry Farming Sector
The strong demand for functional food in Mexico, Canada, and the U.S. is expected to propel industry growth in North America. The region's microalgae market holds a dominant position in the global market, driven by significant advancements in the cattle and poultry farming sectors.
In the Asia Pacific region, there is a notable increase in demand for innovative products in the feed sector. The rising demand for microalgae supplements is a key factor contributing to the region's expansion.
Competitive Landscape:
Leading Industry Players Implement Various Strategies to Gain a Strong Foothold in the Market
Market players are employing various growth strategies, including collaborations, acquisitions, mergers, and new product development. These initiatives are designed to increase market share and solidify their presence in the industry. Notable companies in this sector include Valensa and ADM.
Key Industry Development:
July 2023 – SimpliiGood has introduced a breaded chicken cutlet analog made primarily from microalgae spirulina. This product is crafted to mimic the flavor and appearance of real chicken breast.