Microalgae are microscopic, photosynthetic organisms found in freshwater and marine environments that convert sunlight, carbon dioxide and nutrients into biomass. They are rich in proteins, lipids, carbohydrates, vitamins and bioactive compounds, making them valuable for applications in food, feed, biofuels, pharmaceuticals and cosmetics. The primary purpose of microalgae is to serve as a sustainable source of nutrients, bioactive compounds and bioenergy. They are used for producing health supplements, functional foods, animal feed, biofuels and environmental applications such as carbon capture and wastewater treatment.
The global microalgae market reached a value of nearly $1,107.25 million in 2024, having grown at a compound annual growth rate (CAGR) of 5.41% since 2019. The market is expected to grow from $1,107.25 million in 2024 to $1,542.28 million in 2029 at a rate of 6.85%. The market is then expected to grow at a CAGR of 6.42% from 2029 and reach $2,104.96 million in 2034.
Shift Towards Plant-Based Products
During the historic period, the microalgae market was significantly driven by the growing consumer demand for plant-based products. Microalgae, such as spirulina and chlorella, are rich in proteins, vitamins and antioxidants, making them attractive alternatives to traditional animal-derived ingredients in various applications, including food, beverages and dietary supplements. This shift aligns with the broader trend of increasing plant-based product consumption. For instance, in December 2024, according to the Plant Based Foods Institute, a US-based nonprofit organization dedicated to advancing the plant-based food industry, stated that U.S. retail market for plant-based foods reached $8.1 billion in 2024, reflecting steady consumer engagement. Approximately 59% of U.S. households purchased plant-based foods, consistent with the previous year, indicating stable adoption. These developments underscore the significant role of the plant-based movement in propelling the microalgae market during the historic period. Therefore, the microalgae market was mainly driven by the shift towards plant-based products.
Premiumization Of Spirulina In Alternative Seafood And Plant-Based Protein Products
Major companies in the microalgae market are increasingly using spirulina biomass to develop alternative seafood analogues and high-protein plant-based products that mimic conventional animal-derived foods in texture, appearance and nutritional value. These innovations focus on providing sustainable protein, reducing pressure on marine sources and meeting consumer demand for plant-based options, while also ensuring regulatory approval and leveraging the clean label / environmental credentials of spirulina. For instance, in April 2025, AlgaeCore Technologies, through its brand SimpliiGood, introduced a spirulina-based smoked salmon alternative (called Simplii Texture) that replicates the texture, look and flavor of smoked salmon, using fresh spirulina and natural pigments. By developing such alternative seafood products, companies aim to tap into the growing market of consumers concerned about overfishing and climate impact and position spirulina not just as a supplement, but as a mainstream protein source in everyday diet.
The global microalgae market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 23.59% of the total market in 2024.
Microalgae Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global microalgae market as it emerges from the COVID-19 shut down.
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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 history and forecasts market growth by geography. It places the market within the context of the wider microalgae market; and compares it with other markets.
The report covers the following chapters
- Introduction And Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type, by distribution channel and by application.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Growth Analysis And Strategic Analysis Framework- Analysis on PESTEL, end use industries, market growth rate, global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods, forecast growth contributors and total addressable market (TAM).
- Global Market Size And Growth- Global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2019-2024) (2024-2029, 2034F) and analysis for each segment by type, by distribution channel and by application in the market. Historic (2019-2024) and forecast (2024-2029) and (2029-2034) market values and growth and market share comparison by region market.
- Regional Market Size And Growth- Regional market size (2024), historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Other Major And Innovative Companies- Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers And Acquisitions- Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for microalgae providers in terms of product/service offerings geographic expansion, marketing strategies and target groups
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Type: Spirulina; Chlorella; Dunaliella Salina; Haematococcus Pluvialis; Other Microalgae
- 2) By Distribution Channel: Business Channel; Consumer Channel
- 3) By Application: Food And Beverage; Dietary Supplements; Pharmaceuticals; Cosmetics And Personal Care; Bio-Fuel; Inks; Animal Feed; Other Applications
- Companies: DSM-Firmenich AG; Euglena Co., Ltd.; Cyanotech Corporation; Algenol Biotech; Corbion N.V.
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; UK; Italy; Spain; Russia
- 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; microalgae indicators comparison.
- 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.