Microalgae Market Size, Share, and Trends 2024 to 2033

Microalgae Market (By Species: Spirulina, Chlorella, Dunaliella, Haematococcus, Crypthecodinium, Schizochytrium, Euglena, Nannochloropsis, Phaeydactelum, Others; By Source: Marine Water, Fresh Water; By End-use Application: Food and Beverages Sector, Health and Medical Sector, Animal Feed Sector, Pet Food Sector, Cosmetics and Personal Care Sector, Fertilizers Sector) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2024-2033

  • Last Updated : July 2024
  • Report Code : 4637
  • Category : Food and Beverages

Microalgae Market Size and Growth 

The global microalgae market size was USD 11.86 billion in 2023, calculated at USD 12.81 billion in 2024 and is expected to reach around USD 25.72 billion by 2033, expanding at a CAGR of 8.05% from 2024 to 2033. Microalgae are beneficial for humans and the ecosystem as they absorb carbon dioxide and release oxygen during photosynthesis.

Microalgae Market Size 2024 to 2033

To Access our Exclusive Data Intelligence Tool with 15000+ Database, Visit: Precedence Statistics

Microalgae Market Key Takeaways

  • North America dominated the microalgae market in 2023. 
  • By species, the spirulina segment dominated the market in 2023. 
  • By species, the chlorella segment is expected to be the fastest-growing during the forecast period. 
  • By source, the marine water segment dominated the market in 2023. 
  • By source, the freshwater segment is estimated to be the fastest-growing during the forecast period. 
  • By end-use application, the food & beverages sector segment dominated the microalgae market in 2023. 

Microalgae Market Overview

The microalgae market deals with industries for many applications, including fertilizers, cosmetics & personal care, pet food, animal feed, health & medical, and food & beverages. Microalgae are microscopic algae, also called microphytes, invisible to the naked eye. Microalgae are phytoplankton, normally found in marine and freshwater systems living in the water sediment and column. The benefits of microalgae include potential food and bioenergy sources, efficient growth, and positive health effects. Microalgae contains bioactive compounds that are helpful for positive health effects, which include cardiovascular protection, anticancer, antioxidative, anti-obesity, and antihypertensive. Microalgae may use nutrients and carbon dioxide more effectively than land plants, which allows for rapid growth. Microalgae may be harvested and cultivated for use as bioenergy or food. These factors help to the growth of the market.   

Microalgae Market Growth Factors

  • The benefits of microalgae include potential food and bioenergy sources, effective growth, and positive health effects.
  • Microalgae contains bioactive compounds that are helpful for positive health effects, which include cardiovascular protection, anticancer, antioxidative, anti-obesity, and antihypertensive.
  • Microalgae can use nutrients and carbon dioxide more effectively than land plants, which allows for rapid growth.
  • Microalgae can be harvested and cultivated for bioenergy and food use. These factors are helpful for the growth of the microalgae market.
  • Microalgae are important because of their potential for environmental sustainability and human health, which helps the growth of the market.

Microalgae Market Scope

Report Coverage Details
Market Size by 2033 USD 25.72 Billion
Market Size in 2023 USD 11.86 Billion
Market Size in 2024 USD 12.81 Billion
Market Growth Rate from 2024 to 2033 CAGR of 8.05%
Largest Market North America
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered Species, Source, End-use Application, and Regions
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa


Microalgae Market Dynamics

Driver

Rising vegetarians and preference for microalgae-sourced products

Rising vegetarianism among people leads to a preference for microalga-sourced products. Microalgae-based compounds include pigments, vitamins, enzymes, carbohydrates, lipids, and proteins. These high-value biological compounds are the source of new products that can be used as human nutrition supplements and animal feed. Microalgae are used in vitamins, biopharmaceuticals, nutraceuticals, and many other product applications.  Microalgae are economical, renewable, and sustainable sources of food ingredients, biofuels, and bioactive medicinal products. Microalgae bioactive compounds have positive health effects, including cardiovascular protection, anticancer, antioxidative, anti-obesity, and antihypertensive. Consumers' interest in health and wellness trends helps to the growth of the market. These factors help to the growth of the microalgae market.

Restraint

Safety issues and scale-up issues

Commercialization of microalgae-based products in a cost-effective manner may be a challenge for the growth of the market. Some microalgae can be high in nucleic acids, and excessive consumption of these compounds can lead to health problems like kidney stones and gout. Some microalgae bacteria produce toxins, mainly cyanobacteria. These toxins can be harmful to the health and survival of aquatic animals because of toxins accumulation, oxygen depletion, and bacterial growth. Microalgae cultivation involves many variables that make it complex. Lab-scale to commercial-scale production of microalgae is difficult due to large-scale cultivation yield being less than expected in the laboratory. These factors can restrict the growth of the microalgae market.

Opportunity

Future scope of the microalgae

The production of microalgae-based biodiesel encourages potential applications in many industries, including agriculture, transportation, and energy. To overcome the challenges of addressing low sensory scores and disrupting stubborn cell walls and to improve sustainability, researchers focus on new applications, low-cost cultivation strategies, and efficient protein purification. Investment in bioengineering of microalgae has a high potential to enhance economic processes, regulatory issues, risk assessment, and biosafety. To increase the sales volume of microalgae-based products, raising awareness and educating consumers about the benefits of microalgae is essential. Government initiatives and investment in R&D for microalgae-based product development lead to the growth of the market. These factors help to the growth of the microalgae market.

Species Insights

The spirulina segment dominated the market in 2023. Spirulina products forms include liquid, tablets, capsules, and powders. Spirulina microalgae have many benefits, including helping to control blood sugar levels, it also helps to improve endurance and muscle strength, effective against iron deficiency in children and anemia in pregnant women, improving allergic rhinitis symptoms, reducing blood pressure, anti-cancer properties, protecting LDL cholesterol from oxidative damage, can lower cholesterol or triglyceride levels and blood pressure, have powerful anti-inflammatory and antioxidant properties, helpful in gut health, weight loss, reduce allergies, support mental health, immune system support, help to reduce risk of cardiovascular disease, easily digestible, and rich in many nutrients like iron, copper, niacin, riboflavin, thiamin, etc. These factors helped the growth of the spirulina segment and contributed to the growth of the microalgae market.

The chlorella segment is expected to be the fastest-growing during the forecast period. Chlorella microalgae is available in the form of extract, capsule, or dark green color powder at many health food stores. We can take it as a supplement or add it to juices, smoothies, and many savory and sweet recipes. Chlorella is a nutrient-dense freshwater microalgae. It is a good source of healthy fats like Omega-3 and has a higher level of minerals and vitamins. Chlorella is a good source of magnesium, phosphorous, iron, zinc, and vitamin A. It is also an excellent source of vitamin B, such as folate (B9), riboflavin (B2), and thiamine (B1). It may also help to reduce the risk of some types of cancer. The potential health benefits of chlorella include clearing harmful toxins from our bodies, supporting the heart by controlling cholesterol, triglyceride, and blood pressure, helping to reduce the risk of chronic illness, supporting the immune system, and its anti-inflammatory properties help to manage respiratory health conditions like COPD (chronic obstructive pulmonary arteries disease) or asthma. It also helps to reduce shortness of breath, wheezing, or coughing. Chlorella can help to reduce the symptoms of premenstrual syndrome, improve digestion, support liver health, promote eye health, improve aerobic endurance, act as antioxidants, help to improve the immune system, bind to heavy metals, and help to detox the body, and is very nutritious. These factors help to the growth of the chlorella segment and contribute to the growth of the microalgae market.

Source Insights

The marine water segment dominated the market in 2023. Marine microalgae have many benefits for sustainable development. The benefits of marine microalgae include the absorption of carbon dioxide at the time of photosynthesis, which helps reduce greenhouse gas emissions. Microalgae may be used as a renewable energy source, which has the potential to produce biofuels like biodiesel, which may help to reduce dependence on fossil fuels. Marine microalgae act as a primary source of nutrition to support aquatic food chains and marine creatures. Their cultivation can help to improve food security. Marine microalgae can help treat wastewater by removing pollutants and nutrients and improving water quality. Developing marine microalgae-based industries can stimulate economic growth and create jobs. These factors help to the growth of the marine water segment and contribute to the growth of the microalgae market.

The freshwater segment is estimated to be the fastest-growing during the forecast period. Freshwater microalgae have many benefits for human health and sustainability. The advantages of freshwater microalgae include its ability to help reduce greenhouse gases by absorbing carbon dioxide and releasing oxygen during photosynthesis. These microalgae are rich in omega-3 fatty acids, vitamins, pigments, essential amino acids, carbohydrates, and proteins. They act as an ideal sustainable aquatic feed that supports fish and shellfish growth in the aquaculture systems. Freshwater microalgae, including chlorella, have potential health benefits that help to reduce sugar levels and blood cholesterol and improve the immune system. The properties of microalgae include antioxidant, anticancer, antifungal, antibacterial, and anti-inflammatory. These factors help the growth of the freshwater segment and contribute to the growth of the microalgae market.

End-use Application Insights

The food & beverages sector segment dominated the microalgae market in 2023. Microalgae are rich in protein, bioactives, antioxidants, small molecules, lipids, and prebiotics, which have health benefits. The microalgae may be used for the development of feeds, functional foods, pharmaceuticals, and cosmeceuticals. Several microalgae species are used for health benefits like improving the nutritional constitution of the body and strengthening the immune system. Microalgae are used in food and beverages because they provide health-beneficial properties, including immune-enhancing, anti-oxidants, and anti-inflammatory, and their role against many diseases like hypertension, cardiovascular metabolism, and atherosclerosis. Microalgae offers many benefits, including applications in the food and beverages industry due to nutritional composition, functional food and animal feeds, environmental friendliness, and legislation and regulatory aspects. These factors help to the growth of the food & beverages sector and contribute to the growth of the microalgae market.

Regional Insights

North America dominated the microalgae market in 2023, and it is estimated to be the fastest-growing during the forecast period. Rising awareness of nutritional values of microalgae in the food & beverages industry, dietary supplements, and cosmetic industries driving the growth of the market in the North American region.  It is anticipated that the market size in Northern America will rise due to the growing demand for Chlorella sp. applications in personal care and medicine. Furthermore, a number of encouraging businesses have made statements on the manufacture of biodiesel from algae, which highlights candidates for further research and the possible applications of these in the fuel industry. In the United States, ExxonMobil and Solix Biofuels reported generating 1500 gallons and 5000–8000 gallons annually, respectively.

  • In April 2024, in the United States market, the first microalgae-based fat or oil was launched. Daniel Humm is thrilled with both the performance and sustainability of the dish. This liquid, with a very high smoke point and a neutral taste, reaching 280°C, is rich in omega-9 and omega-3, eco-friendly, and low in saturated fats.

Microalgae Market Companies

  • Bristol Myers Squibb Company
  • Amgen Inc.
  • Regeneron Pharmaceuticals Inc
  • Vertex Pharmaceuticals Incorporated
  • Gilead Sciences Inc.
  • Moderna Inc. 
  • BioNTech SE
  • WuXi STA
  • Aragen Bioscience Inc.
  • MedChemExpress LLC
  • Promega Corporation
  • Sai Life Sciences Limited
  • BioAscent Discovery Limited
  • SRI International
  • Peak Protein Ltd.
  • Sygnature Discovery Limited
  • Aptuit LLC
  • ChemPartener Corporation
  • BioDuro LLC
  • Concept Life Sciences Group Limited
  • Selcia Limited
  • Pharmaron Beijing Co. Ltd
  • Viva Biotech Holdings
  • Bayer AG
  • Aurigene Discovery Technology Limited
  • GVK Biosciences Private Limited
  • Eurofins Scientific SE
  • Merck KGaA
  • Evotec AG 
  • Jubilant Biosys Ltd
  • Advinus Therapeutics Pvt Ltd.
  • Pharmaceutical Product Development LLC
  • Domainex Ltd.

Recent Developments

  • In April 2023, an omega-3 rich microalgae powder, the latest product, NaturAlgae, which may be used as a nutritious feed ingredient, was launched by the Scottish biotech company MiAlgae for use in aquafeed or used as a pet food and fish feed ingredients.  
  • In September 2023, a new 2-in-1 firming complex that restructures and nourishes the skin from within was launched by a Spanish company specializing in sustainable biotechnology, Algaktiv.
  • In November 2023, a new product, crispy seaweed sticks, was launched by a French producer of algae, microalgae, and seaweed-based food innovations, ZALG. ZALG, based in Brittani, used locally grown microalgae and seaweed to develop healthy and sustainable plant-based foods.  
  • In June 2024, the first commercial plant for microalgae protein supply was launched by Microalgae Protein Company, Brevel Ltd. The new facility covers an impressive 2500 square meters and can produce hundreds of tons of microalgae protein powder to help grow global alternative protein space. 

Segments Covered in the Report

By Species

  • Spirulina
  • Chlorella
  • Dunaliella
  • Haematococcus
  • Crypthecodinium
  • Schizochytrium
  • Euglena
  • Nannochloropsis
  • Phaeydactelum
  • Others

By Source

  • Marine Water
  • Fresh Water

By End-use Application

  • Food and Beverages Sector
  • Health and Medical Sector
  • Animal Feed Sector
  • Pet Food Sector
  • Cosmetics and Personal Care Sector
  • Fertilizers Sector

By Geography

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • Middle East & Africa

Frequently Asked Questions

The global microalgae market size is expected to increase USD 25.72 billion by 2033 from USD 11.86 billion in 2023.

The global microalgae market will register growth rate of 8.05% between 2024 and 2033.

The major players operating in the microalgae market are Bristol Myers Squibb Company, Amgen Inc., Regeneron Pharmaceuticals Inc, Vertex Pharmaceuticals Incorporated, Gilead Sciences Inc., Moderna Inc. BioNTech SE, WuXi STA, Aragen Bioscience Inc., MedChemExpress LLC, Promega Corporation, Sai Life Sciences Limited, BioAscent Discovery Limited, SRI International, Peak Protein Ltd., Sygnature Discovery Limited, Aptuit LLC, ChemPartener Corporation, BioDuro LLC, Concept Life Sciences Group Limited, Selcia Limited, Pharmaron Beijing Co. Ltd, Viva Biotech Holdings, and Others.

The driving factors of the microalgae market are the Rising vegetarians and preference for microalgae-sourced products.

North America region will lead the global microalgae market during the forecast period 2024 to 2033.

Proceed To Buy

USD 5400
USD 3800
USD 2100
USD 2100
USD 7500

Ask For Sample

No cookie-cutter, only authentic analysis – take the 1st step to become a Precedence Research client