Microalgae based Products Market Size to Hit USD 23.01 Billion by 2030 | According to MMR

Microalgae Products Market Projected to Expand Expeditiously

Microalgae Based Products Market Size was valued at USD 13.25 billion in 2023 and it is expected to reach nearly USD 23.01 billion by 2030, at a CAGR of 8.2% between 2023 and 2030.

Drivers of Growth & Opportunities in the Market

First it is the high demand for sustainable and renewable products that is driving growth of microalgae-based products market. Microalgae are promising microorganisms with a strong potential to convert into diverse products like biofuels, food, feed and nutraceuticals. Microalgae hold promise for biodiesel production because of their desirable growth characteristics, and also for sustainable production of biodiesel from their triacylglycerides (TAGs). Furthermore, growing health and wellness awareness has increased the consumption of protein, vitamin, and antioxidant-rich supplements derived from microalgae. Each step in this process called metabolic engineering has its basic principles and expressions to track innovations between industries of bioactive compounds synthesised through microalgae.

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Segmentation Analysis

By Market Research Future:Microalgae based products market is segmented into type of species, application and region.

By Species Type: This segment of the market includes Spirulina, Chlorella, Dunaliella, and Nannochloris. In 2023, the Spirulina segment accounted for 38% of the market share and will continue to be the largest revenue-generating segment, with a CAGR of 8.5% during the forecast period. The high protein content and health benefits of spirulina are the primary reason its product is widely used in dietary supplements and functional foods.

By Application: Application of microalgae products is which includes food and beverages, nutraceuticals, pharmaceuticals, cosmetics, animal feed. Research Firm Reports that increasing use of microalgae as a nutrient-dense component in health supplements, beverage and dietary products are propelling growth of food and beverage sector. Microalgae are used in cosmetics industry due to their antioxidant potential, and are used in skincare and anti-aging products [10]. Microalgae is also used in the animal feed segment as it has high nutritional value which improves livestock health and development.

Regional Insights

United States: Growing market in U.S. due to increasing health benefit awareness of microalgae-based supplements and functional foods among consumers. Moreover, market growth is accelerated due to the presence of key industry players and advancements in cultivation technologies.

Germany: The demand for sustainable and green products in Germany has caused the higher adoption of microalgae in various uses including biofuels and nutraceuticals. Increasing expenditure on clean and renewable energy sources from directives is projected to promote market growth in the upcoming years.

China: The need for sustainable food and energy sources has grown due to rapid industrialisation and urbanisation. Increased production of health supplements due to government initiatives regarding renewable energy projects and high market demand for health supplement products through microalgae-based products are the some of the factors driving growth for this market.

India: With India's growing middle class and rising health consciousness, consumption of dietary supplements is on the rise, including microalgae derived dietary supplements. Algae cultivation opportunities arise due to the favorable climate in the country that is expected to drive the market.

Japan: The Japanese environment of budding advanced technology and stress on research and development is standing out the country in the microalgae-based products market. The rising interest of the country in functional food and nutraceuticals is anticipated to augment demand for ingredients derived from microalgae.

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Competitor Analysis

In the microalgae-based products market, the competition landscape is quite fragmented as the key players are focusing more on innovation and sustainability. Notable companies include:

DIC Corporation: One of the largest Spirulina producers in the world, offering a variety of microalgae-based solutions for food and nutraceutical applications.

Cyanotech Corporation— Cultivates and produces high-value microalgae products including astaxanthin and Spirulina

Algaetech International: Specializes in microalgae-based products with a strong emphasis on sustainability, specifically targeting nutraceuticals, cosmetics, and biofuels.

E.I.D. Parry (India) Limited: cultivates microalgae on a large scale for nutraceutical ingredients like Spirulina and Chlorella.

Fuji Chemical Industries Co., Ltd., which produces astaxanthin from microalgae for the nutraceutical and cosmetic industries.

The companies would be investing in R&D to improve the product offerings with increasing turbines due to rising demand for sustainable, low-cost, and high-quality products.

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Conclusion

Environmental awareness and the need and desire for sustainable and natural products that promote health, strong immune systems, coupled with a growing disgust, under the COVID-19 pandemic, for chemically/pesticide-saturated products make for a perfect storm fueling the increased output of consumers in seeking microalgae-based products. With industries and consumers alike continuing to seekout sustainable practices and food with nutritional benefits, microalgae's unique versatility and sustainable nature can make it a leading player in the future of many application areas.

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