Microalgae Global Market Report 2024

Description

Microalgae Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on microalgae market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for microalgae? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The microalgae market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

1) By Type: Spirulina; Chlorella; Dunaliella Salina; Haematococcus Pluvialis; Other Microalgae
2) By Distribution Channel: Business Channel; Consumer Channel
3) By Applications: Food and Beverage; Dietary Supplements; Pharmaceuticals; Cosmetics and Personal Care; Bio-Fuel; Inks; Animal Feed; Other Applications
Companies Mentioned: Thermo Fisher Scientific Inc.; Albany Molecular Research Inc.; Charles River Laboratories International Inc.; Laboratory Corporation of America Holdings; Domainex Ltd.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Microalgae, comprised of individual specialized single cells utilizing chromophores for energy, represent small eukaryotic organisms. They fall under the category of unicellular algae, distinguished by their single-cell composition.

The primary varieties of microalgae include spirulina, chlorella, dunaliella salina, haematococcus pluvialis, among others. Spirulina, a form of blue-green algae, thrives in warm, alkaline freshwater environments. Their distribution involves business and consumer channels, finding applications in diverse sectors such as food and beverage, dietary supplements, pharmaceuticals, cosmetics, bio-fuel, inks, animal feed, and more.

The microalgae market research report is one of a series of new reports from The Business Research Company that provides microalgae market statistics, including microalgae industry global market size, regional shares, competitors with microalgae market share, detailed microalgae market segments, market trends, and opportunities, and any further data you may need to thrive in the microalgae industry. This microalgae market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The microalgae market size has grown strongly in recent years. It will grow from $1.03 billion in 2023 to $1.11 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The expansion during the previous period can be credited to advancements in research and development, increased environmental consciousness, the recognized nutritional and health advantages, governmental backing and regulations, and the widened range of applications.

The microalgae market size is expected to see strong growth in the next few years. It will grow to $1.48 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The projected expansion in the upcoming period can be linked to efforts in climate change alleviation, population surge with a focus on food security, the application of bioremediation, the emergence of startups and SMEs in the market, and global partnerships for research. Key trends anticipated during this period involve the incorporation of genetic engineering methodologies, the use of microalgae in wastewater treatment, expanding market presence in cosmetics and personal care sectors, exploration of new microalgae species, and fostering collaborations and alliances in research endeavors.

The anticipated surge in the microalgae market stems from the growing demand for functional foods. These foods, offering health benefits beyond basic nutrition, support optimal physiological functions and lower the risk of chronic ailments. Spirulina and chlorella, nutrient-rich microalgae containing antioxidants, enhance nutritional profiles in functional foods. This aligns with wellness trends, showcasing diverse applications across various food products. For instance, the Institute of Food Technologists reported a 6.8% increase in functional food and beverage sales, reaching $83 billion in the United States in 2021, highlighting the driving force behind microalgae market growth.

The projected rise in the microalgae market is propelled by the increasing demand for plant-based protein. Microalgae like spirulina and chlorella offer sustainable protein sources, appealing to consumers shifting toward plant-based diets due to health, environmental, and ethical considerations. Their nutritional content, amino acid profiles, and adaptability in food products position them as valuable protein alternatives. For instance, the Good Food Institute noted an eight percent growth in global plant-based meat and seafood sales, reaching $6.1 billion in revenue in 2022, along with a seven percent increase in sales of plant-based milk, cheese, and yogurt, totaling $21.6 billion globally in the same year, showcasing the pivotal role of plant-based protein in driving microalgae market growth.

A prominent trend shaping the microalgae market involves technological advancements pursued by major industry players. Companies are focused on innovation to maintain market standing. For example, Polaris introduced Omegavie DHA 800 algae oil in June 2021, leveraging Qualitysilver technology from microalgae high in vitamins, proteins, pigments, and enzymes. This high-potency DHA product offers at least 800 mg/g of DHA, accompanied by a patented sensory product line ensuring optimal flavor and quality for consumption.

Leading companies in the microalgae market are establishing fully-integrated biorefineries to gain a competitive edge. These facilities integrate diverse biomass conversion processes to produce bio-based products, fuels, and chemicals. For instance, Microphyt launched SCALE, a fully-integrated microalgae biorefinery in July 2021, supported by a €15 million grant. Utilizing CAMARGUE technology, SCALE aims to sustainably produce natural specialty ingredients while promoting sustainability and renewable energy integration. The project targets EU climate goals, aiming for €1 billion in finished goods revenues by 2025, marking a significant stride in Microphyt's commitment to sustainable microalgae-based ingredients.

In September 2022, Aliga Microalgae, a Danish food-tech firm, completed the acquisition of Duplaco B.V., a chlorella microalgae production company based in the Netherlands, for an undisclosed sum. This strategic move positions Aliga to drive innovation within the food ingredients sector and significantly scale up its manufacturing capacity for chlorella algae products.

Major companies operating in the microalgae market report are Thermo Fisher Scientific Inc., Albany Molecular Research Inc., Charles River Laboratories International Inc., Laboratory Corporation of America Holdings, Domainex Ltd., GenScript Biotech Corporation, Pharmaceutical Product Development LLC, Advinus Therapeutics Pvt. Ltd., Jubilant Biosys Ltd., Evotec AG, Syngene International Ltd., Bayer AG, Merck KGaA, Ubiquigent Ltd., Eurofins Scientific SE, AppTec Laboratory Services Inc., GVK Biosciences Private Limited, Aurigene Discovery Technologies Limited, Viva Biotech Holdings, Pharmaron Beijing Co. Ltd., Selcia Limited, Concept Life Sciences Group Limited, BioDuro LLC, ChemPartner Corporation, Aptuit LLC, Sygnature Discovery Limited, Peak Proteins Ltd., SRI International, BioAscent Discovery Limited, Sai Life Sciences Limited, Promega Corporation, MedChemExpress LLC, Aragen Bioscience Inc., WuXi STA, BioNTech SE, Moderna Inc., Gilead Sciences Inc., Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals Inc., Amgen Inc., Bristol-Myers Squibb Company

North America was the largest region in the microalgae market share in 2023. The regions covered in the microalgae market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the microalgae market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The microalgae market consists of sales of crypthecodinium, schizachyrium, and nannochloropsis species. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Product Code: r12869

1. Executive Summary

2. Microalgae Market Characteristics

3. Microalgae Market Trends And Strategies

4. Microalgae Market - Macro Economic Scenario

4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market

5. Global Microalgae Market Size and Growth

5.1. Global Microalgae Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Microalgae Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Microalgae Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Microalgae Market Segmentation

6.1. Global Microalgae Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Spirulina
Chlorella
Dunaliella Salina
Haematococcus Pluvialis
Other Microalgae
6.2. Global Microalgae Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Business Channel
Consumer Channel
6.3. Global Microalgae Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Food and Beverage
Dietary Supplements
Pharmaceuticals
Cosmetics and Personal Care
Bio-Fuel
Inks
Animal Feed
Other Applications

7. Microalgae Market Regional And Country Analysis

7.1. Global Microalgae Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Microalgae Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Microalgae Market

8.1. Asia-Pacific Microalgae Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Microalgae Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Microalgae Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Microalgae Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Microalgae Market

9.1. China Microalgae Market Overview
9.2. China Microalgae Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Microalgae Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Microalgae Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Microalgae Market

10.1. India Microalgae Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Microalgae Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Microalgae Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Microalgae Market

11.1. Japan Microalgae Market Overview
11.2. Japan Microalgae Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Microalgae Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan Microalgae Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Microalgae Market

12.1. Australia Microalgae Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Microalgae Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Microalgae Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Microalgae Market

13.1. Indonesia Microalgae Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Microalgae Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Microalgae Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Microalgae Market

14.1. South Korea Microalgae Market Overview
14.2. South Korea Microalgae Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Microalgae Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea Microalgae Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Microalgae Market

15.1. Western Europe Microalgae Market Overview
15.2. Western Europe Microalgae Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Microalgae Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Microalgae Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Microalgae Market

16.1. UK Microalgae Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Microalgae Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Microalgae Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Microalgae Market

17.1. Germany Microalgae Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Microalgae Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Microalgae Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Microalgae Market

18.1. France Microalgae Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France Microalgae Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France Microalgae Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Microalgae Market

19.1. Italy Microalgae Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy Microalgae Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy Microalgae Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Microalgae Market

20.1. Spain Microalgae Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain Microalgae Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain Microalgae Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Microalgae Market

21.1. Eastern Europe Microalgae Market Overview
21.2. Eastern Europe Microalgae Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Microalgae Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Microalgae Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Microalgae Market

22.1. Russia Microalgae Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Microalgae Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Microalgae Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Microalgae Market

23.1. North America Microalgae Market Overview
23.2. North America Microalgae Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Microalgae Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Microalgae Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Microalgae Market

24.1. USA Microalgae Market Overview
24.2. USA Microalgae Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Microalgae Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Microalgae Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Microalgae Market

25.1. Canada Microalgae Market Overview
25.2. Canada Microalgae Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Microalgae Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Microalgae Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Microalgae Market

26.1. South America Microalgae Market Overview
26.2. South America Microalgae Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Microalgae Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Microalgae Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Microalgae Market

27.1. Brazil Microalgae Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Microalgae Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Microalgae Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Microalgae Market

28.1. Middle East Microalgae Market Overview
28.2. Middle East Microalgae Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Microalgae Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Microalgae Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Microalgae Market

29.1. Africa Microalgae Market Overview
29.2. Africa Microalgae Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Microalgae Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Microalgae Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Microalgae Market Competitive Landscape And Company Profiles

30.1. Microalgae Market Competitive Landscape
30.2. Microalgae Market Company Profiles
- 30.2.1. Thermo Fisher Scientific Inc.
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. Albany Molecular Research Inc.
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. Charles River Laboratories International Inc.
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. Laboratory Corporation of America Holdings
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. Domainex Ltd.
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Global Microalgae Market Competitive Benchmarking

32. Global Microalgae Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Microalgae Market

34. Microalgae Market Future Outlook and Potential Analysis

34.1 Microalgae Market In 2028 - Countries Offering Most New Opportunities
34.2 Microalgae Market In 2028 - Segments Offering Most New Opportunities
34.3 Microalgae Market In 2028 - Growth Strategies
- 34.3.1 Market Trend Based Strategies
- 34.3.2 Competitor Strategies

35. Appendix

35.1. Abbreviations
35.2. Currencies
35.3. Historic And Forecast Inflation Rates
35.4. Research Inquiries
35.5. The Business Research Company
35.6. Copyright And Disclaimer