The Microalgae Market is estimated to secure a valuation of USD 11.8 billion in 2023 and is predicted to reach USD 25.4 billion by 2033. The market is capturing a CAGR of 8% during the forecast period.
The surging usage of marine microalgae ingredients and proteins in the production of aquaculture, pharmaceutical, and nutraceutical products is set to drive sales in the market. Increasing government initiatives to standardize the cultivation process of microalgae is expected to be a key factor propelling the growth.
Rapid technological advancements to develop new strains that enhance energy efficiency and handle high salinity boost the market further. The vital need for the early detection of contaminants is anticipated to create new growth opportunities for novel photobioreactor microalgae producers.
| Attributes | Details |
|---|---|
| Market CAGR (2023 to 2033) | 8% |
| Market Valuation (2023) | USD 11.8 billion |
| Market Valuation (2033) | USD 25.4 billion |
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The market registered a valuation of USD 10.1 billion in 2018 and is estimated to capture a valuation of USD 11.4 billion. The market secured a CAGR of 2.4% between 2018 and 2022.
Growing usage of algae photobioreactor as a source of bulk proteins is likely to push the growth in the market. These proteins play a key role in meeting global needs as they have numerous beneficial properties compared to other protein sources.
Arthrospira and chlorella are the most common species of algae photobioreactors that provide high-quality proteins. These species contain amino acid compositions similar to conventional protein sources, such as soybeans and eggs.
Many renowned manufacturers are expected to conduct elaborate research to improve the protein bioavailability from whole microalgae. It is done by utilizing pre-treatments that inhibit degradation by disturbing cell walls. Unlike animal-based proteins, the land requirement is also less for developing microalgae proteins
The ability of marine microalgae to act as a gentle clarifying agent in shampoos and effectively remove excess sebum and the residue of styling products is set to fuel its demand. It also helps prevent hair loss by reducing the irritation often caused by bacterial infections on the scalp. It boosts hair development by giving it a lot of volume and a lustrous sheen.
Microalgae further help restore and strengthen hair due to trace elements, minerals, and vitamins. The usage of chlorella in hair care products is estimated to surge as it improves the keratin level and strengthens hair roots.
The increasing humanization of pets is leading to the high demand for healthy foods from pet owners, thereby propelling the usage of algae photobioreactors in the pet food industry. The demand for high-quality premium pet food is expected to augment sales significantly.
Algae photobioreactor contains substantial amounts of vitamins E, C, and A and Beta-carotene, making it an ideal ingredient in pet food. It helps boost the pet’s appetite and strengthens its immune system, unlike regular foods available in the market.
| Countries | Projected Share |
|---|---|
| The United States | 25.7% |
| Germany | 5.3% |
| Japan | 3.0% |
| Australia | 2.8% |
| China | 4.5% |
| India | 14.8% |
| The United Kingdom | 5% |
Adoption of Novel Photobioreactor Microalgae to Grow in Wastewater Treatment Plants.
Increasing government and private investments in producing energy systems based on biomass to address the vulnerable energy supply situation is likely to drive Japan market. As per FMI, Japan's microalgae market accounted for about 3.0% of the share in 2022.
The country is focusing on solving its wastewater treatment issues by deploying novel photobioreactor microalgae to purify its water resources and make them fit for consumption. Many prominent companies are also expected to use microalgae in the automotive industry due to Japan's lack of fossil fuels.
Usage of Fermented Algae-based Fuel in the Aerospace Industry to Drive Growth.
The ongoing expansion of the aerospace and defense industry in the United States is projected to augment the market in the forthcoming years. The United States microalgae market is anticipated to account for a CAGR of 25.7% during the forecast period.
In November 2021, Honeywell Technology declared that its UOP Ecofining technology successfully supported the world's first jet flights using sustainable aviation fuel from algal oil. Two commercial flights combined microalgae feedstock and renewable jet fuel through Ecofining. Developing other types of fuels based on fermented algae is expected to augur well for the United States market.
Rising Number of Research Programs to Create Growth Opportunities for Microalgae Companies.
Many leading microalgae companies are investing in the United Kingdom's algae industry to accelerate their strategy of reducing their carbon footprint and generating renewable energy. The United Kingdom microalgae market is estimated to hold a CAGR of 5% during the forecast period.
In December 2021, Biotechnology and Biological Sciences Research Council, for instance, developed Algae-United Kingdom. It is a robust network supporting the community of engineers and scientists interested in or working with industrial biotechnology applications of algae.
These applications include macroalgae, microalgae, and cyanobacteria. Thus, the ongoing development of similar programs to conduct in-depth studies in this field is projected to drive the United Kingdom market.
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Renowned Microalgae Companies are Introducing Spirulina Infused Products.
Based on species type, the spirulina segment is projected to lead the global market in the assessment period. Increasing applications in dietary supplements without any special type of processing is a key factor in driving sales in this segment.
In February 2022, Ful, an Amsterdam-based provider of sustainable and nourishing food and beverages, launched its new vivid blue-colored soda infused with spirulina. The company aims to reduce the food system's carbon footprint by using algae to make a popular ingredient.
An increasing number of similar product launches by key microalgae companies across the globe is anticipated to spur sales in this segment.
Marine Microalgae are Showcasing Immense Popularity Globally.
By source, the marine water segment is likely to dominate the global market in the forthcoming years. Marine microalgae can be easily produced on unproductive and desert soil using specialized growth chambers.
The issue of land rivalry is also eliminated as food crops may not be fully grown in these areas. This type of microalgae does not require freshwater, which is considered an expensive and significantly diminishing resource.
Usage of Fermented Algae to Surge in the Food and Beverages Industry.
Based on end-use applications, the food and beverages segment is set to remain at the forefront of the global market. Growth is attributable to this industry's surging utilization of fermented algae as a food additive.
Microalgae can improve food products' aroma, flavor, texture, and taste. It provides high nutritional value. Thus, many food and beverage manufacturers are using it in salad dressings, snacks, meat, confectionery, soups, eggs, ice creams, sauces, and fish globally.
Manufacturers can expand the market in several ways. The various end-use industries, such as cosmetics, agriculture, and pharmaceuticals, drive the global market. A few ways can expand the global market are:
Most of the key players in the global market are focusing on broadening their existing product portfolios, especially in the pet food domain. To do so, they invest in research and development activities to launch cutting-edge products.
Meanwhile, a few other key players are aiming to create novel photobioreactor microalgae additives with the increasing demand for organic products from consumers worldwide.
Other Prominent Players Working in the Global Market
Recent Developments in the Market:
In January 2022, Yemoja Ltd., a startup company that developed advanced ingredients from microalgae and further announced its plan to create red microalgae for plant-based steaks and burgers. Ounje, its new brand, resembles the red juices of animal meat without the requirement of artificial colors. The patented microalgal heme substitute congeals and browns like natural meat juices if cooked, apart from delivering the initial red pigment to plant-based meats.
In January 2022, Bharathidasan University based in Tamil Nadu signed a memorandum of understanding (MoU) with ZIGMA Global Environ Solutions for initiating a joint project worth Rs. 8.05 lakh on ‘microalgae-based bioremediation of municipal solid waste leachate.’
This project might include the usage of extremophilic microalgae to recover the municipal solid waste leachate that might otherwise seep down deep below, thereby spoiling the groundwater and soil.
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD billion for Value |
| Key Countries Covered | The United States, The United Kingdom, Japan, India, China, Australia, Germany |
| Key Segments Covered | Species Type, Source, End Use, Region |
| Key Companies Profiled | Lonza; Eastman Chemical Company; Daicel Corporation; Laxmi Organic Industries Ltd.; Mitsubishi Chemical Co., Ltd.; Zhangjiagang Hope Chemicals Co., Ltd.; Nantong Acetic Acid Chemical Co., Ltd.; Ningbo Wanglong Technology Co.; Jubilant Life Sciences Ltd.; Toronto Research Chemicals |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
Limitation in digital infrastructure remains a significant challenge for service providers.
The global sales of microalgae are poised to surge at 8% CAGR through 2033.
The global market could have a value of around USD 1.8 billion in 2023.
The demand for microalgae in the United States accounted for 25.7% market share in 2022.
The overall market witnessed a growth of 2.4% from 2018 to 2022.
The use of microalgae in hair care products is expected to increase significantly through 2033.
| Market Value (2023) | USD 24 million |
|---|---|
| Market Value (2033) | USD 38.3 million |
| Market CAGR (2023 to 2033) | 5% |
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