Microalgae Market Projected to Reach $3.08 Billion by 2030
A new market research report projects that the microalgae market will reach $3.08 billion by 2030, at a compound annual growth rate of 9.4% during 2023 to 2030. The growth is driven by the growing popularity of health and wellness, the dietary supplements industry, natural food colors, increasing vegetarianism, the nutraceuticals market, and the rising demand for microalgae-sourced products. The report highlights the rising demand for phycocyanin and the increasing use of microalgae by biorefineries as market growth opportunities. The growing adoption of photobioreactors is a key trend in the market.
Growing Nutraceuticals Industry to Drive Microalgae Market
The nutraceuticals market is expected to grow from $209.0 billion in 2017 to $373.0 billion in 2025, driven by the increasing popularity of natural nutraceuticals, which are cheaper and more widely available than prescription
drugs. In 2020, the nutritional supplements industry experienced its highest growth since 1997, with an estimated 12.1% increase. Consumers are demanding natural alternatives, driving demand for functional foods and drinks. The nutraceuticals market in India is expected to reach $18 billion by 2025.
Chlorella, a scientifically researched algae, is a popular health food supplement in Japan, consumed by over 30% of the population. It boosts the immune system, reduces chronic health problems, and reduces side effects of medications. The growing nutraceuticals industry is expected to drive demand for microalgae and drive market growth.
Key Findings in the Global Microalgae Market Study
Spirulina segment to dominate the microalgae market in 2023
In 2023, the Spirulina segment is expected to account for the largest share of the global microalgae market, driven by the rising health and wellness trends, the dietary supplements industry, demand for natural food colors, increasing vegetarianism, and investments from color houses. The Haematococcus pluvialis segment is projected to have the highest growth rate, driven by the increasing demand for natural astaxanthin for nutraceuticals, natural food colorants, and clean-label products.
Ponds segment to dominate the production technique market in 2023
In 2023, the ponds segment is expected to account for the largest share of the microalgae market based on production technique, due to the presence of key players and the lower investment and operational costs of open ponds. The photobioreactors segment is expected to grow at a faster rate, driven by the increasing investment in R&D and technological advancements.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key strategic developments adopted by leading market participants in the industry over the past 3-4 years. The key players profiled in the global microalgae market research report are Fuqing King Dnarmsa
Spirulina Co., Ltd. (China), Earthrise Nutritionals, LLC, (U.S.), E.I.D. - PARRY (INDIA) LIMITED (a subsidiary of M/s. Ambadi Investments Limited) (India), Cyanotech Corporation (U.S.), C.B.N. Bio-engineering Co., Ltd (China),
YUNNAN GREEN A BIOLOGICAL PROJECT CO., LTD. (Yunnan Spirin Biotechnology Co. Ltd) (China), Jiangshan COMP SPIRULINA CO., LTD.
(China), Inner Mongolia Rejuve Biotech Co., Ltd. (China), Zhejiang Binmei Biotechnology Co., Ltd. (China), Bluetec Naturals CO., LTD. (China), Taiwan
Chlorella Manufacturing Company(TCMC) (Taiwan), Sun Chlorella corporation
(Japan), Roquette Klötze GmbH & Co. KG (Germany), Gong Bih Enterprise Co., Ltd. (Taiwan), Yaeyama Shokusan Co., Ltd. (Euglena Co Ltd) (Japan),
Vedan Biotechnology Corporation (Taiwan), AlgoSource (France), Tianjin
Norland Biotech CO., LTD (China), Phycom BV (Netherlands), Allmicroalgae
Natural Products S.A. (Portugal), Aliga Microalgae (Denmark), Taiwan Wilson
Enterprise Inc. (Taiwan), Daesang Corporation (Korea), Algalimento SL (Spain), Seagrass Tech Private Limited (India), Plankton Australia Pty Limited (Australia), Hangzhou Ouqi Food Co., Ltd. (China), and Shaanxi Rebecca BioTech Co., Ltd (China).
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