Microalgae Global Market Report 2024

The global microalgae market 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 global microalgae market 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 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.

This report 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 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.


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