Microalgae-Based Products Market Size, Trends and Growth Analysis by 2027

The market for products derived from microalgae was valued at approximately US$ 1,547.23 million in 2020 and is anticipated to grow to US$ 2,811.10 million by 2028, reflecting a compound annual growth rate (CAGR) of 7.9% from 2021 to 2028.

Microalgae are classified as either prokaryotic or eukaryotic microorganisms that can be observed under a microscope. These tiny organisms are unicellular and can exist either independently or in clusters, and they can be harvested from both freshwater and marine environments. Microalgae have a straightforward cellular structure and require light, carbon dioxide, water, and essential nutrients like phosphorus and nitrogen for optimal growth. Additionally, they are rich in important phytochemicals, including carotenoids, fiber, minerals, antioxidants, fatty acids, vitamins, halogenated compounds, polysaccharides, proteins, and lectins. Due to their diverse biochemical composition, microalgae are recognized as a significant biomass source with a wide range of potential applications across various industries. They are utilized in sectors such as food and beverages, animal nutrition, pharmaceuticals and nutraceuticals, and personal care products.

The microalgae-based products market is categorized by type into several segments, including spirulina, chlorella, astaxanthin, beta carotene, and others. In 2020, the spirulina segment was the leading contributor to the global market for microalgae-based products. Spirulina is a type of prokaryotic cyanobacterium that is cultivated for various applications, including aquaculture, pharmaceuticals, nutraceuticals, and as a food coloring agent. This microalga is composed of 60-70% protein, which includes essential amino acids such as leucine, isoleucine, and valine, along with vital minerals like beta-carotene, B vitamins, phycocyanin, chlorophyll, and vitamin E. The impressive nutritional profile of spirulina makes it a highly sought-after ingredient across multiple application areas. It is often classified as a superfood and is extensively cultivated to satisfy the growing demand in various industries.

Geographically, the microalgae-based products market is divided into regions including North America, Europe, Asia Pacific, South America, and the Middle East & Africa. As of 2021, Europe held the largest share of the global market for microalgae-based products. This dominance can be attributed to the region's robust industrial framework, which includes leading manufacturers in the pharmaceuticals and nutraceuticals sectors, as well as in packaged food and beverages. The increasing demand for microalgae-based products across various applications?such as food and beverages, animal feed, pharmaceuticals, nutraceuticals, personal care, chemicals, and biofuels?is driving market growth in Europe. Furthermore, rising investments in cultivation technologies and a heightened focus on sustainable practices are creating promising opportunities for the expansion of the microalgae-based products market in this region.

Key players in the microalgae-based products market include 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.

The overall size of the global microalgae-based products market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, numerous primary interviews were conducted with industry stakeholders to validate the findings and gain deeper analytical insights. Participants in this research included industry experts such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the microalgae-based products sector.