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.
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.
Microalgae-Based Products Market
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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.
Microalgae-Based Products Market, by Application – 2020 and 2028
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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.
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Microalgae-Based Products Market: Strategic Insights
Market Size Value in US$ 1,547.23 Million in 2020 Market Size Value by US$ 2,811.10 Million by 2028 Growth rate CAGR of 7.9% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Microalgae-Based Products Market: Strategic Insights
| Market Size Value in | US$ 1,547.23 Million in 2020 |
| Market Size Value by | US$ 2,811.10 Million by 2028 |
| Growth rate | CAGR of 7.9% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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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.
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
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
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
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.
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.
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.
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.
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.
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.
The List of Companies - Microalgae-based Product Market
- 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
- Far East Bio-Tec Co., Ltd
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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