The health and medical microalgae market is estimated to capture a valuation of USD 729 million in 2023 and is projected to reach USD 1,337 million by 2033. The market is estimated to secure a CAGR of 6% from 2023 to 2033.
| Attribute | Details |
|---|---|
| Market CAGR (2023 to 2033) | 6% |
| Market Valuation (2023) | USD 729 million |
| Market Valuation (2033) | USD 1,337 million |
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Due to changing lifestyle patterns and hectic schedules, there has been a significant rise in the reported cases of lifestyle-based ailments in recent years. Consumers are taking preventative measures to mitigate the effects of such conditions.
As a result, the consumption of joint and bone health supplements is increasing. These supplements contain additives controlling blood pressure, including vitamins and amino acids. The intake of dietary supplements is rapidly rising, which benefits the microalgae market because it is an important ingredient in dietary supplements.
Healthcare costs have more than doubled in recent years, owing to increased spending on research and development activities by key healthcare and medical industry players. Increasing healthcare costs influence consumers to choose health supplements, which provide health benefits, including pain relief, minimizing cartilage breakdown, and improving overall health.
According to Research America, medical and health research expenditure in the USA increased from USD 114,386 million to USD 121,825 million in 2019 compared to the previous year. As healthcare costs continue to rise, consumers prefer dietary supplements to maintain a healthy lifestyle. The growing popularity of health supplements benefits the microalgae market as it is widely used in health supplements.
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As awareness of animal welfare rises, the number of people who are vegan or vegetarian is growing by the day. Several organizations, such as NGOs, are attempting to minimize animal slaughter. Generation Z and millennials are actively involved in these non-governmental organizations. Furthermore, these non-governmental organizations (NGOs) organize various programs to promote veganism.
Microalgae are high in nutrient content, including carotene, astaxanthin, docosahexaenoic acid, EPA, phycobilin pigments, and other carotenoids. Its use in health supplements is increasing because it is vegan and highly nutritious. The growing vegan population is boosting microalgae growth in the health and medical sector.
Microalgae products have been approved for use in the pharmaceutical and nutraceutical industries. Microalgae is a highly nutritious and rich source of various vitamins, which is why, after regulatory approval, the demand for microalgae is increasing from the pharmaceutical and nutraceutical sectors.
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As per Future Market Insights (FMI), the global market grew at a steady CAGR of 3% between 2018 and 2022. The market captured a valuation of USD 624.2 million in 2018 and USD 647.50 million in 2022.
Strong growth is on the card for the global pharmaceutical industry, especially with investment in drug development amplifying consistently. It also points towards a favourable demand outlook for microalgae in the health and medical sector.
Driven by a growing emphasis on natural ingredients in the healthcare sector, microalgae application is estimated to surge because they are a rich source of nutrients such as β-carotene, astaxanthin, docosahexaenoic acid, EPA, phycobilin pigments, and other carotenoids.
Astaxanthin has been studied to show an effective response against atherosclerosis. Consumers are seeking clean-label products. Consequently, microalgae consumption in the pharmaceutical industry is set to increase in the foreseeable future.
Microalgae sales have gained momentum in European countries and throughout the United States. This provides a lucrative opportunity for manufacturers to advertise products with trending health claims.
Consumers, particularly millennials, prefer transparency and clean label formulations. Microalgae producers for health and medical sector application are likely to capitalize on changing consumer preferences to carve a niche amid increasing competition.
Spirulina contains anti-inflammatory, antioxidant, and immune-stimulating compounds such as phycocyanin, polysaccharides, and phenolic. Furthermore, spirulina processing products are used in nutraceuticals, dietary supplements, pharmaceutics, and medicine.
Thus, spirulina is estimated to account for USD 251.8 million in 2023, with a CAGR of 4.1% during the forecast period. Spiruline is estimated to secure a share of 21.40% in the global market by 2033.
Freshwater sources of microalgae are estimated to account for nearly 80% of the market share in 2021, which is expected to grow at a CAGR of 5.3% over the forecast period to reach USD 860.1 Million in 2031.
Easy availability of raw materials, extensive artificial cultivation operations and cost benefits are key factors aiding growth.
The nutraceuticals and dietary supplements segment accounted for a maximum share of nearly 84% in 2021, which is also expected to witness a significant growth rate of CAGR of 5.3% over the forecast period.
Microalgae are gaining interest as a source of nutraceuticals and dietary supplements because they can produce a variety of biological molecules and compounds, which are beneficial to animal and human health development.
| Countries | Current Market Share 2023 |
|---|---|
| United States | 24.3% |
| Germany | 9.9% |
| Japan | 2.0% |
| Australia | 1.0% |
| Countries | Current Market CAGR 2023 |
|---|---|
| China | 6.7% |
| India | 8.9% |
| United Kingdom | 7.9% |
According to FMI, North America dominates the global demand for microalgae in the health and medical sector during the forecast period. According to recent research, the United States is expected to account for 24.3% of the global market during the forecast period.
Healthcare consumes well over 10% of the GDP in various developed countries. It is not surprising, given that the healthcare industry is a significant employer in the country. The United States spends far more on healthcare than the rest. Thus, increased spending on healthcare here is creating better opportunities for microalgae in the health and medical sector.
Rising demand for microalgae-based health and medical products in Germany captures a significant growth in the global market. According to a recent report, the demand in Germany is expected to be worth USD 29.3 million in 2023.
Manufacturers need an extensive network of suppliers and distributors of their products to accomplish this. These manufacturers are also expanding their distribution networks. However, this is primarily done by the industry's leading manufacturers. Germany is anticipated to register a share of 9.9% in the global market by 2033.
Brazil is one of the major developing countries in the world. By 2033, it is expected to account for more than 44% of the demand for microalgae in Latin America's health and medical sector.
Brazil's economy is widely regarded as one of the fast-growing economies in Latin America. The country has seen positive growth in many aspects of its economy, including consumer spending, investment, and government spending. The healthcare market is the most successful in the country, accounting for approximately 9.7% of the total GDP, creating a conducive environment for growth.
According to FMI's analysis, China is estimated to hold nearly 39% of the Asia Pacific value share in 2023. Carotenoids are becoming more popular in China owing to the large animal feed industry and increased demand for health supplements. China is securing a CAGR of 6.7% in the global market by 2033.
Furthermore, the highly established pharmaceuticals industry, which uses carotenoids and related product types to meet market demand, contributes to microalgae growth in the health and medical sector.
Older adults make up a large proportion of the population in China, and they are the most frequent users of predictive and preventive medicine. These health issues, including vision loss, are frequently associated with vitamin deficiency. So, according to FMI, as the demand for carotenoids rises globally, it is estimated to positively impact the growth of the microalgae market in China.
Japan accounted for more than 32% of the market share, with a total share of 2.0% in the global market. In Japan, consumers do not get enough antioxidants because they do not eat enough vegetables, fish and fruits.
Microalgae is a powerful antioxidant that works to supplement dietary formulations. It allows manufacturers to differentiate their products and give their antioxidant products a competitive advantage. The popularity of dietary supplements with antioxidant claims is growing Japan's healthcare and medical microalgae market.
Manufacturers of microalgae-based products can benefit from increasing the frequency of product launches to better reach consumers and meet the growing demand for microalgae products in the health and medical sector. New market participants can formulate diversified microalgae formats and incorporate them into nutraceutical products to attract a larger consumer base.
Prominent Players in the Global Market are:
Recent Developments in the Global Market are:
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD billion for Value |
| Key Countries Covered | United States, United Kingdom, Japan, India, China, Australia, Germany |
| Key Segments Covered | Species Type, Source, End Use Application, Region |
| Key Companies Profiled | DIC Corporation; Koninkliijke DSM NV; Roquette Frères; Sun chlorella; Cellana LLC; Fuji Chemical Industries Co., Ltd.; Corbion (TerraVia Holdings); Yunnan Green-A-Bio-engineering Co Ltd; Buggypower; Cyanotech Corporation; BASF SE; Parry Nutraceuticals; Beijing Gingko Group; KDI Ingredients; Algatec (Lusoamoreiras); Others |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The market is expected to secure a valuation of USD 1,337 million by 2033.
The market is estimated to be valued at USD 729 million in 2023.
The market is expected to expand at a CAGR of 6% through 2033.
Roquette Frères, Sun chlorella, and Cellana LLC are key players in the market.
The market exhibited a CAGR of 3% from 2018 to 2022.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Species Type 5.1. Spirulina 5.2. Chlorella 5.3. Dunaliella 5.4. Aphanizomenon 5.5. Haematococcus 5.6. Crypthecodinium 5.7. Schizochytrium 5.8. Euglena 5.9. Nannochloropsis 5.10. Nostoc 5.11. Phaedactylum 5.12. Others 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Source 6.1. Marine Water 6.2. Fresh Water 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use Application 7.1. Nutraceuticals and Dietary Supplements 7.2. Pharmaceuticals 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Europe 8.4. Asia Pacific 8.5. MEA 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Key Countries Market Analysis 15. Competition Analysis 16.1. DIC Corporation 16.2. Koninkliijke DSM NV 16.3. Roquette Frères 16.4. Sun chlorella 16.5. Cellana LLC 16.6. Fuji Chemical Industries Co., Ltd. 16.7. Corbion (TerraVia Holdings) 16.8. Yunnan Green-A-Bio-engineering Co Ltd 16.9. Buggypower 16.10. Cyanotech Corporation 16.11. BASF SE 16.12. Parry Nutraceuticals 16.13. Beijing Gingko Group 16.14. KDI Ingredients 16.15. Algatec 17. Assumptions & Acronyms Used 18. Research Methodology
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Health and Medical Microalgae Market
