The Microalgae Market to Reach $2.26 Billion by 2031--Exclusive Report by Meticulous Research®

REDDING, Calif., Oct. 22, 2024 /PRNewswire/ -- According to a new market research report titled, 'Microalgae Market Size, Share, Forecast, & Trends Analysis by Type (Spirulina, Chlorella, Dunaliella Salina, Nannochloropsis), Production Technique (Ponds, Fermenters, PBR), Distribution Channel (B2B), Application (Nutraceuticals)—Global Forecast to 2031.

The microalgae market is expected to reach $2.26 billion by 2031, at a CAGR of 8.6% from 2024 to 2031. 

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The microalgae market is experiencing significant growth primarily due to increasing consumer interest in products promoting health & wellness, the expanding dietary supplements industry, rising demand for natural edible pigments from food processing units, growing vegetarianism, the flourishing nutraceuticals sector, and a high preference for products derived from microalgae. However, this market's growth is restrained by low awareness of the benefits of microalgae and the complexities associated with the processing of algal products. 

Microalgae are becoming a prevalent feedstock for biorefineries due to their economic viability, high potential for energy production, and value-added products. This is driving up demand for the natural colorant phycocyanin derived from microalgae in nutraceuticals, pharmaceuticals, and food products, which generates substantial growth opportunities for the market. 

However, the possibility of contamination during microalgae cultivation is a significant challenge to market growth. Moreover, the growing adoption of advanced production technologies, such as photobioreactors, is a prominent trend in the microalgae market.

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Key Players: 

Some of the major players studied in this report 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), 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). 

The microalgae market is segmented by type, type, production technique, category, distribution channel, application, and geography. This study also evaluates industry competitors and analyzes the market at regional and country levels. 

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Key Findings in the Microalgae Market Study: 

Among the types studied in this report, the Haematococcus pluvialis segment is expected to register the highest CAGR of 13.3% during the forecast period. This segment's rapid growth is driven by several factors, including the rising demand for natural astaxanthin in nutraceuticals, increasing interest in natural food colorants, and heightened awareness of clean-label products. Moreover, the expanding use of natural astaxanthin in poultry and aquaculture is expected to further support market growth. 

Among the production techniques studied in this report, the photobioreactors (PBR) segment is estimated to record the highest CAGR during the forecast period. The advantages of photobioreactor-based microalgae cultivation, including reduced susceptibility to species contamination, enhanced productivity, lower harvesting costs, decreased water and carbon dioxide losses, and better control over cultivation conditions like temperature and pH, are anticipated to further support the growth of this segment. 

Among the categories studied in this report, the organic microalgae segment is projected to register the highest CAGR during the forecast period, owing to the rising demand for certified organic products in the food industry and the growing need for organic growth media among microalgae manufacturers. 

Among the distribution channels studied in this report, the business-to-business channel (B2B) segment is anticipated to record the highest CAGR during the forecast period. Manufacturers from diverse industries, including nutraceuticals, food and beverage, and animal feed, are making direct bulk purchases of microalgae for further product development, which is driving the segment's rapid growth. 

Among the applications studied in this report, the food & beverages segment is expected to register the highest CAGR of 10.7% during the forecast period, owing to the growing demand for healthy and high-quality food products, the increasing adoption of functional food ingredients, and the surge in demand for organic food products. 

Among the geographies studied in this report, Europe is poised to record the highest CAGR of 9.5% during the forecast period. This growth is attributed to several factors, including the increased adoption of microalgae, particularly Spirulina and Chlorella, in the production of therapeutic and nutritional products. Additional drivers include growing reluctance to use synthetic colors, rising demand for natural blue colorants, and investments from leading color stakeholders in the phycocyanin sector. 

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Scope of the Report: 

Microalgae Market Assessment—by Type 

• Spirulina 
• Chlorella 
• Dunaliella Salina 
• Haematococcus Pluvialis 
• Nannochloropsis 
• Other Microalgae 

Microalgae Market Assessment—by Production Technique 

• Ponds  
• Fermenters 
• Photobioreactors (PBR) 

Microalgae Market Assessment—by Category 

• Inorganic
• Organic 

Microalgae Market Assessment—by Distribution Channel 

• Business Channel (B2B) 
• Consumer Channel (B2C)  

Microalgae Market—by Application 

• Nutraceuticals 
• Food and Beverages 
• Animal Feed 
• Cosmetics 
• Other Applications 

Microalgae Market Assessment—by Geography 

• North America 
  • U.S. 
  • Canada
• Europe 
  • Germany
  • France  
  • U.K.
  • Italy
  • Spain
  • Netherlands
  • Denmark
  • Sweden
  • Rest of Europe
• Asia-Pacific 
  • China 
  • India
  • Japan 
  • Australia 
  • South Korea 
  • Rest of Asia-Pacific 
• Latin America
  • Brazil 
  • Mexico 
  • Argentina
  • Rest of Latin America (RoLATAM) 
• Middle East & Africa 
  • Egypt 
  • Saudi Arabia 
  • South Africa
  • UAE 
  • Rest of Middle East & Africa 

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Microalgae Market Research Summary

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