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Microalgae Market (By Species: Spirulina, Chlorella, Dunaliella, Haematococcus, Crypthecodinium, Schizochytrium, Euglena, Nannochloropsis, Phaeydactelum, Others; By Source: Marine Water, Fresh Water; By End-use Application: Food and Beverages Sector, Health and Medical Sector, Animal Feed Sector, Pet Food Sector, Cosmetics and Personal Care Sector, Fertilizers Sector) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2024-2033
The global microalgae market size was USD 11.86 billion in 2023, calculated at USD 12.81 billion in 2024 and is expected to reach around USD 25.72 billion by 2033, expanding at a CAGR of 8.05% from 2024 to 2033. Microalgae are beneficial for humans and the ecosystem as they absorb carbon dioxide and release oxygen during photosynthesis.
The microalgae market deals with industries for many applications, including fertilizers, cosmetics & personal care, pet food, animal feed, health & medical, and food & beverages. Microalgae are microscopic algae, also called microphytes, invisible to the naked eye. Microalgae are phytoplankton, normally found in marine and freshwater systems living in the water sediment and column. The benefits of microalgae include potential food and bioenergy sources, efficient growth, and positive health effects. Microalgae contains bioactive compounds that are helpful for positive health effects, which include cardiovascular protection, anticancer, antioxidative, anti-obesity, and antihypertensive. Microalgae may use nutrients and carbon dioxide more effectively than land plants, which allows for rapid growth. Microalgae may be harvested and cultivated for use as bioenergy or food. These factors help to the growth of the market.
| Report Coverage | Details |
| Market Size by 2033 | USD 25.72 Billion |
| Market Size in 2023 | USD 11.86 Billion |
| Market Size in 2024 | USD 12.81 Billion |
| Market Growth Rate from 2024 to 2033 | CAGR of 8.05% |
| Largest Market | North America |
| Base Year | 2023 |
| Forecast Period | 2024 to 2033 |
| Segments Covered | Species, Source, End-use Application, and Regions |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Rising vegetarians and preference for microalgae-sourced products
Rising vegetarianism among people leads to a preference for microalga-sourced products. Microalgae-based compounds include pigments, vitamins, enzymes, carbohydrates, lipids, and proteins. These high-value biological compounds are the source of new products that can be used as human nutrition supplements and animal feed. Microalgae are used in vitamins, biopharmaceuticals, nutraceuticals, and many other product applications. Microalgae are economical, renewable, and sustainable sources of food ingredients, biofuels, and bioactive medicinal products. Microalgae bioactive compounds have positive health effects, including cardiovascular protection, anticancer, antioxidative, anti-obesity, and antihypertensive. Consumers' interest in health and wellness trends helps to the growth of the market. These factors help to the growth of the microalgae market.
Safety issues and scale-up issues
Commercialization of microalgae-based products in a cost-effective manner may be a challenge for the growth of the market. Some microalgae can be high in nucleic acids, and excessive consumption of these compounds can lead to health problems like kidney stones and gout. Some microalgae bacteria produce toxins, mainly cyanobacteria. These toxins can be harmful to the health and survival of aquatic animals because of toxins accumulation, oxygen depletion, and bacterial growth. Microalgae cultivation involves many variables that make it complex. Lab-scale to commercial-scale production of microalgae is difficult due to large-scale cultivation yield being less than expected in the laboratory. These factors can restrict the growth of the microalgae market.
Future scope of the microalgae
The production of microalgae-based biodiesel encourages potential applications in many industries, including agriculture, transportation, and energy. To overcome the challenges of addressing low sensory scores and disrupting stubborn cell walls and to improve sustainability, researchers focus on new applications, low-cost cultivation strategies, and efficient protein purification. Investment in bioengineering of microalgae has a high potential to enhance economic processes, regulatory issues, risk assessment, and biosafety. To increase the sales volume of microalgae-based products, raising awareness and educating consumers about the benefits of microalgae is essential. Government initiatives and investment in R&D for microalgae-based product development lead to the growth of the market. These factors help to the growth of the microalgae market.
The spirulina segment dominated the market in 2023. Spirulina products forms include liquid, tablets, capsules, and powders. Spirulina microalgae have many benefits, including helping to control blood sugar levels, it also helps to improve endurance and muscle strength, effective against iron deficiency in children and anemia in pregnant women, improving allergic rhinitis symptoms, reducing blood pressure, anti-cancer properties, protecting LDL cholesterol from oxidative damage, can lower cholesterol or triglyceride levels and blood pressure, have powerful anti-inflammatory and antioxidant properties, helpful in gut health, weight loss, reduce allergies, support mental health, immune system support, help to reduce risk of cardiovascular disease, easily digestible, and rich in many nutrients like iron, copper, niacin, riboflavin, thiamin, etc. These factors helped the growth of the spirulina segment and contributed to the growth of the microalgae market.
The chlorella segment is expected to be the fastest-growing during the forecast period. Chlorella microalgae is available in the form of extract, capsule, or dark green color powder at many health food stores. We can take it as a supplement or add it to juices, smoothies, and many savory and sweet recipes. Chlorella is a nutrient-dense freshwater microalgae. It is a good source of healthy fats like Omega-3 and has a higher level of minerals and vitamins. Chlorella is a good source of magnesium, phosphorous, iron, zinc, and vitamin A. It is also an excellent source of vitamin B, such as folate (B9), riboflavin (B2), and thiamine (B1). It may also help to reduce the risk of some types of cancer. The potential health benefits of chlorella include clearing harmful toxins from our bodies, supporting the heart by controlling cholesterol, triglyceride, and blood pressure, helping to reduce the risk of chronic illness, supporting the immune system, and its anti-inflammatory properties help to manage respiratory health conditions like COPD (chronic obstructive pulmonary arteries disease) or asthma. It also helps to reduce shortness of breath, wheezing, or coughing. Chlorella can help to reduce the symptoms of premenstrual syndrome, improve digestion, support liver health, promote eye health, improve aerobic endurance, act as antioxidants, help to improve the immune system, bind to heavy metals, and help to detox the body, and is very nutritious. These factors help to the growth of the chlorella segment and contribute to the growth of the microalgae market.
The marine water segment dominated the market in 2023. Marine microalgae have many benefits for sustainable development. The benefits of marine microalgae include the absorption of carbon dioxide at the time of photosynthesis, which helps reduce greenhouse gas emissions. Microalgae may be used as a renewable energy source, which has the potential to produce biofuels like biodiesel, which may help to reduce dependence on fossil fuels. Marine microalgae act as a primary source of nutrition to support aquatic food chains and marine creatures. Their cultivation can help to improve food security. Marine microalgae can help treat wastewater by removing pollutants and nutrients and improving water quality. Developing marine microalgae-based industries can stimulate economic growth and create jobs. These factors help to the growth of the marine water segment and contribute to the growth of the microalgae market.
The freshwater segment is estimated to be the fastest-growing during the forecast period. Freshwater microalgae have many benefits for human health and sustainability. The advantages of freshwater microalgae include its ability to help reduce greenhouse gases by absorbing carbon dioxide and releasing oxygen during photosynthesis. These microalgae are rich in omega-3 fatty acids, vitamins, pigments, essential amino acids, carbohydrates, and proteins. They act as an ideal sustainable aquatic feed that supports fish and shellfish growth in the aquaculture systems. Freshwater microalgae, including chlorella, have potential health benefits that help to reduce sugar levels and blood cholesterol and improve the immune system. The properties of microalgae include antioxidant, anticancer, antifungal, antibacterial, and anti-inflammatory. These factors help the growth of the freshwater segment and contribute to the growth of the microalgae market.
The food & beverages sector segment dominated the microalgae market in 2023. Microalgae are rich in protein, bioactives, antioxidants, small molecules, lipids, and prebiotics, which have health benefits. The microalgae may be used for the development of feeds, functional foods, pharmaceuticals, and cosmeceuticals. Several microalgae species are used for health benefits like improving the nutritional constitution of the body and strengthening the immune system. Microalgae are used in food and beverages because they provide health-beneficial properties, including immune-enhancing, anti-oxidants, and anti-inflammatory, and their role against many diseases like hypertension, cardiovascular metabolism, and atherosclerosis. Microalgae offers many benefits, including applications in the food and beverages industry due to nutritional composition, functional food and animal feeds, environmental friendliness, and legislation and regulatory aspects. These factors help to the growth of the food & beverages sector and contribute to the growth of the microalgae market.
North America dominated the microalgae market in 2023, and it is estimated to be the fastest-growing during the forecast period. Rising awareness of nutritional values of microalgae in the food & beverages industry, dietary supplements, and cosmetic industries driving the growth of the market in the North American region. It is anticipated that the market size in Northern America will rise due to the growing demand for Chlorella sp. applications in personal care and medicine. Furthermore, a number of encouraging businesses have made statements on the manufacture of biodiesel from algae, which highlights candidates for further research and the possible applications of these in the fuel industry. In the United States, ExxonMobil and Solix Biofuels reported generating 1500 gallons and 5000–8000 gallons annually, respectively.
By Species
By Source
By End-use Application
By Geography
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April 2023