The global freshwater microalgae market size is estimated to reach USD 658.7 million in 2023. From 2023 to 2033, global freshwater microalgae sales are likely to surge at a robust CAGR of 9.3%. By 2033, the market value is projected to exceed USD 1,605.0 million.
Demand remains especially high for spirulina spp. in the market. This is due to high nutritional profile of this freshwater microalgae strain.
Spirulina consists of approximately 60 grams of protein per 100 grams, accounting for 60% of the whole food, making it the most protein-rich food available in the current market.
Microalgae have garnered increasing interest across various sectors. This includes food & beverage, renewable energy, environmental management, water purification, and the manufacturing of chemicals such as healthcare products, biofertilizers, & cosmetics.
Microalgae are recognized as valuable reservoirs of bioactive compounds and have demonstrated potential in various pharmaceutical and healthcare domains. They are rich sources of amino acids and offer various health benefits.
Freshwater microalgae-based products offer the same nutritional value as traditional animal-based proteins but with a small environmental footprint. As a result, their popularity is increasing rapidly which is directly impacting the market growth.
Freshwater microalgae find application as ingredients in a diverse range of food and beverage products, such as nutritional supplements, functional foods, and natural food colorants. Hence, increasing consumption of these products will eventually boost the target market.
Few of the commonly used species of freshwater microalgae include Spirulina, Scenedesmus obliquus, haematococcus pluvialis, Chlorella vulgaris, microalgae Tetraselmis, Eugene glaciris, and Nannochloropsis.
Sales in the marketplace are likely to increase as a result of the expanding use of freshwater microalgae ingredients and proteins in the production of pharmaceutical and nutraceutical goods.
Rising management efforts to standardize the cultivation of freshwater microalgae will play a key role in fostering market development during the assessment period.
Changing consumer preferences and trends will also influence the demand for microalgae and microalgae-based products. For instance, a growing interest in plant-based and sustainable alternatives in food, beverages, and personal care products drives the demand for microalgae-derived ingredients.
Consumer awareness of the environmental benefits and health advantages associated with microalgae further stimulates market growth. Overall, consumer trends and preferences, driven by a focus on plant-based, sustainable, natural, and functional products, will significantly impact the market.
Another prominent factor that will create opportunities for freshwater microalgae product manufacturers is the rising food insecurity concerns.
There has been a sharp rise in food insecurity globally in recent years. For instance, as per the World Health Organization’s latest report, about 2.3 billion people globally were severely or moderately food insecure in 2021. This in turn is creating a conducive environment for the expansion of the freshwater microalgae industry.
Rising consumption of freshwater microalgae products is expected to play a key role in addressing food insecurity problem. This is because freshwater microalgae can be utilized as alternative foods on account of their high nutritional content.
Leading companies are focusing on employing new methods and production technologies to cut their costs and reduce their waste usage footprint. This will bode well for the market.
Key Trends Listed by Future Market Insights (FMI):
| Attributes | Key Insights |
|---|---|
| Global Freshwater Microalgae Market Estimated Size (2023E) | USD 658.7 million |
| Projected Market Value (2033F) | USD 1,605.0 million |
| Value-based CAGR (2023 to 2033) | 9.3% |
| Top 3 Countries’ Value (2023) | USD 261.8 million |
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| Market Statistics | Details |
|---|---|
| Jan to Jun (H1), 2021 (A) | 6.2% |
| Jul to Dec (H2), 2021 (A) | 6.8% |
| Jan to Jun (H1), 2022 Projected (P) | 7.1% |
| Jan to Jun (H1), 2022 Outlook (O) | 6.9% |
| Jul to Dec (H2), 2022 Outlook (O) | 7.4% |
| Jul to Dec (H2), 2022 Projected (P) | 7.1% |
| Jan to Jun (H1), 2023 Projected (P) | 8.9% |
| BPS Change: H1, 2022 (O) to H1, 2022 (P) | 30 |
| BPS Change: H1, 2022 (O) to H1, 2021 (A) | 70 |
| BPS Change: H2, 2022 (O) to H2, 2022 (P) | -30 |
| BPS Change: H2, 2022 (O) to H2, 2022 (A) | 58 |
According to Future Market Insights’ (FMI) analysis, global freshwater microalgae sales grew at a CAGR of 6.8% from 2018 to 2022. For the next ten years, the worldwide market for freshwater microalgae is set to thrive at 9.3% CAGR.
Growth in the market is driven by rising usage of freshwater microalgae in a wide range of sectors including food & beverage, cosmetics, animal feed, and pharmaceutical, and biofuel production.
Freshwater microalgae contain nutrients and minerals such as polysaccharides, lipids, pigments, proteins, vitamins, bioactive compounds, antioxidants, etc. As a result, they are being increasingly incorporated into a variety of food products including superfoods and functional foods.
The interest of consumers in dietary supplements with antioxidant claims is steadily increasing. This in turn is creating high demand for freshwater microalgae and the trend is expected to continue through 2033.
Natural microalgae are preferred in various forms, including capsules, oils, soft gels, tablets, syrups, and creams, for dietary supplements. These products are gaining popularity due to the potent reactive oxygen-scavenging and antioxidant effects of microalgae.
Growing trend of veganism supported by rising demand for plant-based nutritional ingredients will foster market development during the projection period.
Regionally, Europe, Asia Pacific, and North America are expected to remain the key markets for freshwater microalgae. This is due to widening application of microalgae in food & beverage, biofuel, and pharmaceutical applications.
Government initiatives and support are also significantly contributing to the expansion of the freshwater microalgae industry in these regions.
Principal Consultant
| Regions | North America |
|---|---|
| Countries | United States |
| CAGR | 8.7% |
| BPS Analysis | 126 |
| Market Value (2033) | USD 338.2 million |
| Regions | Europe |
|---|---|
| Countries | United Kingdom |
| CAGR | 6.4% |
| BPS Analysis | -436 |
| Market Value (2033) | USD 57.3 million |
| Regions | Asia Pacific |
|---|---|
| Countries | China |
| CAGR | 7.4% |
| BPS Analysis | -395 |
| Market Value (2033) | USD 124.2 million |
| Regions | Asia Pacific |
|---|---|
| Countries | India |
| CAGR | 8.0% |
| BPS Analysis | -584 |
| Market Value (2033) | USD 48.4 million |
| Regions | Asia Pacific |
|---|---|
| Countries | Japan |
| CAGR | 9.1% |
| BPS Analysis | 224 |
| Market Value (2033) | USD 46.5 million |
Rising Demand for Natural Ingredients Fueling Freshwater Microalgae Sales in the United States
According to Future Market Insights (FMI), the United States freshwater microalgae market is expected to total a valuation of USD 338.2 million by 2033. Sales of freshwater algae in the United States market are likely to soar at 8.7% CAGR between 2023 and 2033.
Consumers across the United States are shifting their preference towards natural and organic products, as they become more aware about their own and their family’s health and well-being. This is showing positive results for the freshwater microalgae industry in the United States.
Rising awareness has led consumers to educate themselves about ingredients that are present in the medicines or the food they consume. This has resulted in a shift towards products based on natural ingredients like freshwater microalgae.
The willingness of consumers to pay a premium price for natural products has changed the dynamics of the market. Manufacturers strive to maintain the trust of their consumers, which is why they prioritize transparency in the ingredients and production processes employed for freshwater microalgae.
Wide Applicability of Freshwater Microalgae in Food & Beverage Products Driving Demand in China
China freshwater microalgae market is poised to exhibit a CAGR of 7.4% during the forecasted period. It is anticipated to cross a valuation of USD 124.2 million by 2033.
Rising applications of freshwater microalgae in numerous food products and advancements in cultivation technologies are key factors driving China market forward.
Freshwater microalgae find application as ingredients in a diverse range of food and beverage products, such as nutritional supplements, functional foods, and natural food colorants. The market for these microalgae is propelled by the growing consumer demand for healthy and sustainable food choices.
The appealing attributes of vibrant colors, nutritional richness, and functional properties make freshwater microalgae highly desirable for enhancing both the nutritional value and visual allure of various food products.
There have been significant advancements in the cultivation technologies of microalgae. This in turn is significantly affecting the expansion of freshwater microalgae industry across China.
Microalgae are microscopic algae that have diverse applications in various sectors, including biofuels, food and feed, pharmaceuticals, and wastewater treatment. Widening applications of these products are prompting companies to invest in technologies such as photobioreactors.
Photobioreactors are enclosed systems that provide controlled conditions for microalgae growth. They offer advantages such as high biomass productivity, protection from contaminants, and the ability to optimize light intensity, temperature, and nutrient supply.
Advances in photobioreactor design, such as tubular, flat-panel, and airlift photobioreactors, have improved light utilization efficiency and facilitated large-scale cultivation. This in turn is expected to foster market development in China.
Growing Usage of Spirulina spp. in the Food Sector Fueling its Demand
As per Future Market Insights (FMI), demand for spirulina spp. is expected to rise at a healthy pace during the forecast period. This is attributable to high adoption of this strain in food & beverage sector.
Spirulina spp. is a famous and highly used strain of freshwater microalgae in the food sector due to its high nutritional value and potential health benefits.
Spirulina contains higher levels of proteins, bioactive compounds, and unsaturated fatty acids compared to other strains. This makes it more suitable for human consumption as well as use as a feed supplement for aquaculture animals.
Growing demand for super supplements and other dietary goods is expected to boost growth of the target segment. This is due to rising adoption of spirulina in high-nutritional foods and supplements
Spirulina spp. grows easily in warm alkaline conditions and can tolerate harsh environmental stressors that might kill off competing species. This makes it more popular than other strains.
Food & Beverage and Health & Medical to Remain Most Lucrative Applications
Based on application, food & beverage and health & medical segments will together hold a prominent share of the global freshwater microalgae industry. This is due to rising usage of freshwater algae across these sectors.
In the food sector, microalgae are considered a superfood for their rich content of vitamins, proteins, carbohydrates, omega-3 fatty acids, antioxidants, minerals, etc. Presence of these essential nutrients is making fresh algae ideal for fortifying food products.
Freshwater microalgae ingredients such as phycocyanin and chlorophyll derivatives are also widely used as natural colorants and flavor enhancers in the food sector.
In medical & healthcare, microalgae-based bioproducts offer exciting possibilities for pharmaceutical and nutraceutical companies. Its applications include treating chronic diseases such as diabetes, cancer, and cardiovascular disease and improving brain function by protecting against oxidative damage.
With the increasing global population, conventional meat sources face challenges in meeting future demands. Algae provide a promising alternative source of environmentally sustainable, high-quality animal-free protein.
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Freshwater microalgae is a widely used component in a wide range of products, including food goods, cosmetics, and animal feed. As a result, numerous producers and new companies are investing in the freshwater microalgae market.
While certain companies specialize in the cultivation and processing of freshwater microalgae, others create novel products that benefit from their unique properties. Due to this, a variety of freshwater microalgae-based products, including snacks and skin care products, have been announced to the market.
Leading producers are also investing in products based on freshwater microalgae to meet the rising demand for plant-based alternatives.
Further, various freshwater microalgae companies are also showing interest in employing strategies such as mergers, facility expansions, partnerships, collaborations, etc. to gain profits.
Recent developments:
| Attribute | Details |
|---|---|
| Estimated Market Value (2023) | USD 658.7 million |
| Projected Market Value (2033) | USD 1,605.0 million |
| Anticipated Growth Rate (2023 to 2033) | 9.3% CAGR |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | Volume (MT) and Value (USD Million) |
| Key Regions Covered | Latin America; North America; Europe; South Asia; East Asia; Oceania; and Middle East & Africa |
| Key Countries Covered | Canada, United States, Mexico, Brazil, Chile, Peru, Argentina, Germany, France, Italy, Spain, United Kingdom, Netherlands, Belgium, Nordic, Russia, Poland, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Singapore, Australia, New Zealand, GCC Countries, South Africa, Central Africa, and others |
| Key Market Segments Covered | Strain Type, End Use Application, and Region |
| Key Companies Profiled | Allmicroalgae; Cyanotech Corporation; Earthrise Nutritionals; Ecoduna; Fermentalg; Fujifilm Corporation; Heliae Development, LLC; Lyxia Corporation; Martek Biosciences (a division of DSM); Nutress B.V; EID Parry (Parry Nutraceuticals); Pond Technologies; Roquette Klötze GmbH & Co. KG; Solazyme (now known as TerraVia); Solix Ingredients; Symbiosis LLC; Synthetic Genomics, Inc.; Tianjin Norland Biotech Co., Ltd.; Yunnan Green A Bio-engineering Co., Ltd.; Taiwan Chlorella Manufacturing Company (TCMC); AlgaEnergy; Seambiotic Ltd.; Necton SA; Fuqing King Dnarmsa Spirulina Co., Ltd.; C.B.N. Bio-engineering Co., Ltd; Algenol; Shaivaa Algaetech; Bluetec Naturals Co., Ltd; Zhejiang Binmei Biotechnology Co., Ltd |
The global freshwater microalgae market value is estimated to reach about US$ 658.7 million in 2023.
By 2033, the worldwide freshwater microalgae industry is projected to reach US$ 1,605.0 million.
Global freshwater microalgae demand is expected to increase at a CAGR of around 9.3% through 2033.
The freshwater microalgae industry registered a CAGR of 6.8% historically, from 2018 to 2022.
Europe is expected to have a prominent market share of 33.7% by the end of 2033.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market - Pricing Analysis 5. Value Chain Analysis 6. Global Market Size in Value (USD Million) and Volume (MT) Analysis 2018 to 2022 and Forecast, 2023 to 2033 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Strain Type 7.1. Chlorella Spp. 7.2. Spirulina Spp. 7.3. Nannochloropsis 7.4. Dunaliella 7.5. Haematococcus Spp. 7.6. Scenedesmus Spp. 7.7. Euglena Spp. 7.8. Tetraselmis Spp. 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use Application 8.1. Food & Beverage Sector 8.2. Health & Medical Sector 8.3. Animal Feed Sector 8.4. Biofuel Production 8.5. Cosmetics & Personal Care Sector 8.6. Fertilizers Sector 8.7. Pet Food Sector 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. East Asia 9.5. South Asia 9.6. Oceania 9.7. Middle East & Africa 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033 12. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033 14. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033 15. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033 16. Middle East & Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033 17. Country-level Market Analysis, 2023 18. Market Structure Analysis 19. Competition Analysis 19.1. Allmicroalgae 19.2. Cyanotech Corporation 19.3. Ecoduna 19.4. Fermentalg 19.5. Martek Biosciences (a division of DSM) 19.6. Nutress B.V 19.7. EID Parry (Parry Nutraceuticals) 19.8. Pond Technologies 19.9. Roquette Klötze GmbH & Co. KG 19.10. Tianjin Norland Biotech Co., Ltd. 19.11. Taiwan Chlorella Manufacturing Company 19.12. AlgaEnergy 19.13. Seambiotic Ltd. 19.14. Necton SA 19.15. Fuqing King Dnarmsa Spirulina Co., Ltd. 19.16. C.B.N. Bio-engineering Co., Ltd 19.17. Algenol 19.18. Shaivaa Algaetech 19.19. Bluetec Naturals Co.,Ltd 19.20. Zhejiang Binmei Biotechnology Co.,Ltd 19.21. Other Players (On Additional Requests) 20. Assumptions and Acronyms 21. Research Methodology
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Freshwater Microalgae Market
