Microalgae-Based Products Market Growth and Analysis 2028

Microalgae-Based Products Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Spirulina, Chlorella, Astaxanthin, Beta Carotene, and Others) and Application (Food & Beverages, Animal Feed, Pharmaceuticals and Nutraceuticals, Personal Care, and Others)

  • Report Code : TIPRE00020164
  • Category : Food and Beverages
  • Status : Published
  • No. of Pages : 148

Microalgae-Based Products Market Growth and Analysis 2028

Buy Now

The microalgae-based products market was valued at US$ 1,547.23 million in 2020 and is projected to reach US$ 2,811.10 million by 2028; it is expected to grow at a CAGR of 7.9% from 2021 to 2028.

Microalgae are defined as prokaryotic or eukaryotic microorganisms that can be traced with the help of a microscope. These microscopic organisms are unicellular species that are founded separately or in chains or groups and can be sourced out from freshwater and marine systems. These microorganisms possess a simple cell structure and require light, carbon dioxide, water, and essential nutrients such as phosphorus and nitrogen, for their growth. Further, microalgae are a source of vital phytochemicals such as carotenoids, fiber, minerals, antioxidants, fatty acids, vitamins, halogenated compounds, polysaccharides, proteins, and lectin. Microalgae are considered to be a valuable biomass source portraying diverse potential applications in numerous industries. For instance, microalgae find application in diverse end-use industries such as food & beverages, animal nutrition, pharmaceuticals and nutraceuticals, and personal care.

In 2020, Europe contributed to the largest share in the global microalgae-based products market. The dominance of the microalgae-based products market in this region is primarily attributable to the presence of a strong industrial base with prominent manufacturers of pharmaceuticals and nutraceuticals as well as packaged food and beverages. High demand for microalgae-based products from varied applications such as food & beverages, animal feed, pharmaceuticals and nutraceuticals, personal care, chemicals, and biofuels is boosting the market growth in Europe. Rising investment in cultivation technologies, along with a growing focus on sustainable solutions, provides lucrative opportunities for the growth of the microalgae-based products market in the region.

Customize Research To Suit Your Requirement

We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.

Microalgae-Based Products Market: Strategic Insights

Microalgae-Based Products Market
  • CAGR
    CAGR (2020 - 2028)
    7.9%
  • Market Size 2020
    US$ 1.55 Billion
  • Market Size 2028
    US$ 2.81 Billion

Market Dynamics

GROWTH DRIVERS
  • XXXXXXX
  • XXXXXXX
  • XXXXXXX
FUTURE TRENDS
  • XXXXXXX
  • XXXXXXX
  • XXXXXXX
OPPORTUNITIES
  • XXXXXXX
  • XXXXXXX
  • XXXXXXX

Key Players

  • Algae Health Sciences A Bgg Company
  • Astareal Ab
  • Bluebiotech International Gmbh
  • Cargill Incorporated
  • Cellana Inc
  • Cyanotech Corporation
  • Earthrise Nutritionals Llc
  • Eid Parry Ltd
  • Euglena Co Ltd

Regional Overview

Regional Overview
  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Market SegmentType
  • Spirulina
  • Chlorella
  • Astaxanthin
  • Beta Carotene
  • Others
Market SegmentApplication
  • Food & Beverages
  • Animal Feed
  • Pharmaceuticals and Nutraceuticals
  • Personal Care
  • Others
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Impact of COVID-19 Pandemic on Microalgae-Based Products Market

The ongoing pandemic has drastically altered the status of the food & beverages sector and negatively impacted the growth of the microalgae-based products market. The implementation of measures to combat the spread of the virus has aggravated the situation and affected the growth of several industrial sectors. The market has been impacted by the sudden distortion in operational efficiencies and disruptions in the value chains attributable to the sudden closure of national and international boundaries. Disruptions in terms of sourcing of raw materials from suppliers and temporary closures of manufacturing bases due to indefinite lockdowns and travel restrictions have impacted the growth of the market during the pandemic. However, as much as the pandemic has affected the supply chain operations, it has also shifted the focus of consumers toward healthy living, owing to which, the consumers have turned their attention toward nutritional food products. Additionally, the expanding demand for microalgae-based products across food & beverages, pharmaceuticals and nutraceuticals, animal feed, and other industries, along with significant investment by prominent manufacturers, is expected to drive the microalgae-based products market. Other than this, several applications of microalgae have been identified in the treatment of the COVID-19 pandemic. For instance, a study published by Frontiers Media S.A. in November 2020, demonstrates the efficacy of Bioactive Metabolites obtained from microalgae in the treatment of SARS-CoV-2 like viral infection.   

Market Insights

Rise in Demand for Microalgae in Pharmaceutical and Nutraceutical Applications

Microalgae-based products have received the generally recognized as safe (GRAS) status, which makes them suitable for pharmaceutical and nutraceutical applications. Microalgae are known for their antibacterial, antioxidant, antiviral, antimalarial, antifungal, antitumor, and anti-inflammatory activities. They are a source of vital phytochemicals such as carotenoids, fibers, minerals, antioxidants, fatty acids, vitamins, halogenated compounds, polysaccharides, and lectins and other proteins. For instance, polyunsaturated fatty acids (PUFA) present in microalgae are potential therapeutic agents that also minimize the risk of chronic disorders such as cardiovascular disorders, diabetic diseases, Alzheimer’s disease, and retinal problems. Similarly, cyanobacteria (blue-green algae) are increasingly being used in the synthesis of antibiotics and pharmacologically active compounds. Similarly, the use of cyanobacteria (blue-green algae) has been extended across the preparation of antibiotics and pharmacologically active compounds. Also, several research studies state the importance of the consumption of Chlorella tablets in the treatment of nausea, vomiting, and other gastrointestinal issues. Likewise, carrageenan from red algae helps in the treatment of the influenza virus. Also, algae are considered an important source of pharmacologically active natural products and nutraceuticals. The natural products sourced out from different variants of algae serve as a basis for drug discovery and find applications in the formulation of medicines. The potential application of microalgae has also been determined across the nutraceutical industry. At present, the value of nutraceuticals sourced out from algal biomass is very high in the market. Microalgae can be significantly used in the preparation of food supplements, dietary supplements, and value-added processed foods, as well as non-food supplements such as tablets, and soft gels. For instance, microalgae obtained from chlorella, dunaliella, haematococcus, spirulina, and aphanizomenon are extensively used in the preparation of nutritional supplements. Hence, there is a rise in demand for microalgae in pharmaceutical and nutraceuticals application bases.

Type Insights

Based on type, the microalgae-based products market is segmented into spirulina, chlorella, astaxanthin, beta carotene, and others. In 2020, the spirulina segment dominated the global microalgae-based products market. Spirulina is defined as prokaryotic cyanobacterium which is manufactured to serve diverse application bases such as aquaculture, pharmaceuticals and nutraceuticals, and food dyes. The microalgae are composed of 60–70% of protein, including amino acids such as leucine, isoleucine, and valine, along with other essential minerals such as beta-carotene, B vitamins, phycocyanin, chlorophyll, and vitamin E. The nutritional profile offered by the algae makes it an ideal ingredient to be used in various application bases. Spirulina algae are categorized as a superfood item and are widely cultured to meet the expanding demand across diverse end-use industries.

Application Insights

Based on application, the microalgae-based products market is segmented into food and beverages, animal feed, pharmaceuticals and nutraceuticals, personal care, and others. The pharmaceuticals and nutraceuticals segment accounted for the largest market share in 2020. Microalgae are considered as one of the renewable sources for pharmaceutical compounds and categorized under generally recognized as safe (GRAS) status compounds, ideal to be used in the pharmaceutical industry. Microalgae are significantly used in the formulation of anti-cancer drugs – a compound named cryptophyci. Additionally, they are also used to manufacture alkaloidal neurotoxins such as saxitoxin and polyketide, owing to their anti-inflammatory and anti-cancer features. Similarly, microalgae such as chlorella, dunaliella, haematococcus, spirulina, and aphanizomenon, are extensively used in formulating nutraceutical supplements. 

The key players operating in the microalgae-based products market include Algae Health Sciences - A BGG company; Cargill Inc.; Cellana Inc.; and Cyanotech Corporation. The key companies implement mergers & acquisitions and R&D strategies to expand their customer base and gain market share in the global microalgae-based products market, which would allow them to expand the reach of their brand name.

Report Spotlights

  • Progressive industry trends in the microalgae-based products market to help players develop effective long-term strategies
  • Business growth strategies adopted by developed and developing markets
  • Quantitative analysis of the microalgae-based products market from 2019 to 2028
  • Estimation of global demand for microalgae-based products
  • PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry
  • Recent developments to understand the competitive market scenario
  • Market trends and outlook as well as factors driving and restraining the growth of the microalgae-based products market
  • Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
  • Size of the microalgae-based products market size at various nodes
  • Detailed overview and segmentation of the market, as well as the microalgae-based products industry dynamics
  • Size of the microalgae-based products market in various regions with promising growth opportunities

On the basis of type, the global microalgae-based products market has been segmented into Spirulina, Chlorella, Astaxanthin, Beta Carotene and others.

On the basis of application, the global microalgae-based products market has been segmented into food & beverages, animal feed, pharmaceuticals and nutraceuticals, personal care, others.

Microalgae-Based Products Market Report Scope

Report Attribute Details
Market size in 2020 US$ 1.55 Billion
Market Size by 2028 US$ 2.81 Billion
Global CAGR (2020 - 2028) 7.9%
Historical Data 2018-2019
Forecast period 2021-2028
Segments Covered By Type
  • Spirulina
  • Chlorella
  • Astaxanthin
  • Beta Carotene
  • Others
By Application
  • Food & Beverages
  • Animal Feed
  • Pharmaceuticals and Nutraceuticals
  • Personal Care
  • Others
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Algae Health Sciences A Bgg Company
  • Astareal Ab
  • Bluebiotech International Gmbh
  • Cargill Incorporated
  • Cellana Inc
  • Cyanotech Corporation
  • Earthrise Nutritionals Llc
  • Eid Parry Ltd
  • Euglena Co Ltd
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Company Profiles

  • Algae Health Sciences - A BGG company
  • Bluebiotech International Gmbh
  • Cargill Inc
  • Cellana Inc
  • Earthrise Nutritionals, Llc
  • E.I.D. - Parry (India) Limited
  • Cyanotech Corporation
  • Euglena Co., Ltd
  • Far East Bio-Tec Co., Ltd
  • AstaReal
Report Coverage

Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered

Segment Covered

Type and Application

Regional Scope

Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope

Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions


What is the forecast outlook of the microalgae-based products market?

Microalgae-based products market are expected to witness significant growth in the coming years. Many countries across the globe are increasing their investments in the R&D of microalgae in order to explore the commercial viability of its various applications. Growing requirements to meet the food demand is another factor expected to influence the microalgae-based products market growth in the future. It provides much better yield with lower land requirements, in comparison to other food sources. Biofuels derived through microalgae are also witnessing interest from various parts of the world. Increasing awareness about the climate crisis has led to the rise in demand for cleaner sources of fuel, food as well as to reform the practices that have a negative impact on the environment. Such factors would aid the growth of the microalgae-based products market in the coming years.

Why is Asia Pacific expected to grow at the highest rate during 2021–2028?

Asia Pacific region accounts for a significant share of the global population and the rising disposable incomes and urbanization have increased the demand for new types of food products in the region. Moreover, the emerging economies such as China and India account for a very large share of the Spirulina production. Growing demand for vegan or vegetarian food, have positively contributed to the growth of the market. Moreover, pharmaceuticals and nutraceuticals have been witnessing a surge in demand in the region over the past few years.

Based on application, what was the largest segment of the global microalgae-based products market?

Pharmaceutical and nutraceuticals accounted for a major share of the global demand for microalgae-based products in 2020. Increasing consumption of nutritional supplements has propelled the demand for microalgae-based products market. Busy lifestyles, increasing healthcare costs and the growing awareness of the individual daily nutritional requirement have all aided the growth of the pharmaceuticals and nutraceuticals segment of the global microalgae-based products market.

Based on type, what was the largest segment of the global microalgae-based products market in 2020?

Spirulina accounted for a significant share of the global microalgae-based products market in 2020. Spirulina is a rich and clean source of protein and has gained significant demand over the last decade. In addition to this, it contains Vitamins B1, B2, B3, Copper and Iron. It is widely used for its antioxidant and anti-inflammatory properties while it also helps regulate cholesterol levels.

Can you list some of the major players operating in the Global Microalgae-based Products Market?

The major players operating in the global microalgae-based products market are Algae Health Sciences - A BGG company; Bluebiotech International Gmbh; Cargill, Incorporated; Cellana Inc.; Earthrise Nutritionals, LLC; E.I.D. - Parry (India) Limited; Cyanotech Corporation; Euglena Co., Ltd.; Far East Bio-Tec Co., Ltd; and AstaReal among many others.

What is the scope of microalgae-based products in the global market?

Microalgae are unicellular microorganisms that live in saline or freshwater. They are a rich source of vital minerals and they are currently used in various applications such as food products, nutritional supplements, personal care, biofuels and others.
Based, on type, the microalgae-based products market is segmented into Spirulina, Chlorella, Astaxanthin, Beta Carotene, and others. Based on application, the global microalgae-based products market is segmented into food & beverages, animal feed, pharmaceuticals and nutraceuticals, personal care, and others.

The List of Companies - Microalgae-based Product Market

  1. Algae Health Sciences - A Bgg Company
  2. Astareal Ab
  3. Bluebiotech International Gmbh
  4. Cargill, Incorporated
  5. Cellana Inc.
  6. Cyanotech Corporation
  7. Earthrise Nutritionals, Llc
  8. Eid Parry Ltd.
  9. Euglena Co, Ltd
  10. Far East Bio-Tec Co., Ltd

Trends and growth analysis reports related to Food and Beverages : READ MORE..