Microalgae Market Size - By Type, By Category, By Grade, By Application, By Distribution Channel, By Form- Regional Outlook, Competitive Strategies and Segment Forecasts to 2030

Global Microalgae Market Overview:

According to SPER Market Research, the Global Microalgae Market is estimated to reach USD 1.81 billion by 2030 with a CAGR of 7.4%.

Microalgae, commonly known as single-celled algae, are tiny forms of algae. The term "macrophytes" is also used to describe them. They can survive either individually or in colonies. These little organisms can photosynthesize in both freshwater and saltwater. According on their species, they can range in size from a few micrometres to hundreds of micrometres, with different shapes and sizes. The main function of microalgae is the production of algal biomass from water, carbon dioxide, and sunshine. Vitamins A, B1, B2, C, E, protein, iron, and magnesium are among the nutrients and minerals found in abundance in microalgae. These qualities allow for the commercial application of microalgae in a variety of fields, including biofuels, pharmaceuticals, food & feed, and cosmetics. The use of microalgae products in various industries results in a rise in consumer awareness of these items.

The increasing use of algal protein in food and dietary supplements is responsible for the market's expansion. Furthermore, as algal protein is not regarded as an animal protein source, it is ideal for intake by vegans. strict laws prohibiting the use of artificial colours and flavours, rising levels of malnutrition, increased demand for products made from spirulina, particularly Omega-3 fatty acids, growing spirulina use in aquaculture, increasing investments from renowned colour companies, and spirulina used in aquaculture are all contributing factors. The growing market for microalgae benefits from the increase in investment in algae production. In order to advance their strategy for generating renewable energy and reducing their carbon footprint, many leading microalgae enterprises are expanding in the UK. n the past ten years, the feed and cosmetics industries have both seen rapid growth, which has increased demand for both goods globally and raised the price of microalgae. The ageing population, increasing consumer awareness of preventative healthcare, the rise of the self-directed consumer (self-diagnosis over health practitioner diagnosis), channel proliferation (various marketing techniques and E-Commerce), and the transition from ingredient-focused messaging to broader brand positioning are all contributing factors to the growth of the dietary supplement industry (grouping supplements together solely to form a healthy benefits package). Globally, the price and sales of nutritional, herbal, and vitamin products are significantly increasing.

The market is segmented on the basis of type, category, grade, application, distribution channel and form. On the basis of type, the market growth is mostly attributed to spirulina. The reason for the rise is that it produces dietary supplements effectively since it has qualities like phycocyanins, antioxidants, phenolics, and anti-inflammation.On the basis of application, the dietary supplements hold the biggest market share in this application. This is due to the microalgae's abundance of nutrients like protein, vitamins, and minerals. Microalgae are perfect for the manufacturing of pills, powders, and capsules since they contain these nutrients.

The components used to produce microalgae or biofuels derived from microalgae are more expensive, which can obstruct the expansion of the microalgae industry as small businesses consider entering the microalgae market for production. Climate uncertainty is a major restraint on the market's growth.

Impact of COVID-19 on the Global Microalgae Market

COVID-19 had a positive impact on the global microalgae market. Production of microalgae momentarily ceased, and the production facilities were shut down for a while. However, throughout the lockdown, there has been a rise in demand for microalgae. This is because customers all over the world have started spending money on dietary supplements and food that has been fortified in order to stay healthy.

Scope of the Report

Market size available for years 2019-2030

Base year considered 2021

Forecast period 2022-2030

Segments covered By Type, By Category, By Grade, By Application, By Distribution Channel, By Form

Geographies covered: North America, Europe, Asia Pacific, Latin America, Middle East and Africa

Companies Covered Algarithm, Algaecytes, Algenol Biotech, Bioprocess Algae Llc, Cellana Inc, Cyanotech Corporation, Dic Corporation, Euglena Co., Fuqing King Dnarmsa Spirulina Co., Ltd., Henry Lamotte Oils GmbH, Lyxia, Necton SA, Royal Dsm Ocean Nutrition, Terravia Holdings Inc.

Global Microalgae Market Segmentation:

By Type: Based on the Type, Global Microalgae Market is segmented as; Spirulina, Chlorella, Dunaliella Salina, Aphanizomenon, Others.

By Category: Based on the Category, Global Microalgae Market is segmented as; Organic and Inorganic.

By Grade: Based on the Grade, Global Microalgae Market is segmented as; Feed Grade, Fuel Grade, Food Grade, Others.

By Application: Based on the Application, Global Microalgae Market is segmented as; Pharmaceuticals, Cosmetics, Bio-Fuel, Food/ Feed, Inks, Others.

By Distribution Channel: Based on theDistribution Channel, Global Microalgae Market is segmented as; Direct

and Indirect.

By Form: Based on the Form, Global Microalgae Market is segmented as; Liquid and Powder/Dry

By Region: Throughout the projected period, North America is anticipated to continue to lead the microalgae market. Increased knowledge of the nutritional benefits of microalgae in the cosmetic, dietary supplement, and food/feed industries are the key drivers fueling the growth of the microalgae market in the area. Additionally, the industry is growing as a result of rising disposable income and improvements in health and fitness.