Meticulous Research®—a leading global market research company, published a research report titled ‘Microalgae Market - Global Opportunity Analysis and Industry Forecast (2024-2031)’. According to this latest publication from Meticulous Research®, the microalgae market is expected to reach $2.26 billion by 2031, at a CAGR of 8.6% from 2024 to 2031.

This market's growth is being driven by rising consumer preference for health and wellness products, the rise of the dietary supplement sector, the growing demand for natural food colors from food manufacturing and processing companies, rising vegetarianism, the growing nutraceuticals industry, and rising demand for microalgae-based products. However, a lack of understanding of microalgae's benefits, as well as the difficult process of producing algal products, limit market expansion.

Market players can benefit from the growing popularity of phycocyanin as a natural colorant in food and the use of microalgae in biorefineries to produce fuel. However, the possibility of pollutants influencing microalgae cultivation is a barrier to market expansion. Furthermore.

Key Players: 

The key players operating in the microalgae market are Fuqing King Dnarmsa Spirulina Co., Ltd. (China), Earthrise Nutritionals, LLC, (U.S.), E.I.D. - PARRY (INDIA) LIMITED (a subsidiary of M/s. Ambadi Investments Limited) (India), Cyanotech Corporation (U.S.), C.B.N. Bio-engineering Co., Ltd (China), YUNNAN GREEN A BIOLOGICAL PROJECT CO., LTD. (Yunnan Spirin Biotechnology Co. Ltd) (China), Jiangshan COMP SPIRULINA CO., LTD. (China), Zhejiang Binmei Biotechnology Co., Ltd. (China), Bluetec Naturals CO., LTD. (China), Taiwan Chlorella Manufacturing Company(TCMC) (Taiwan), Sun Chlorella corporation (Japan), Roquette Klötze GmbH & Co. KG (Germany), Gong Bih Enterprise Co., Ltd. (Taiwan), Yaeyama Shokusan Co., Ltd. (Euglena Co Ltd) (Japan), Vedan Biotechnology Corporation (Taiwan), AlgoSource (France), Tianjin Norland Biotech CO., LTD (China), Phycom BV (Netherlands), Allmicroalgae Natural Products S.A. (Portugal), Aliga Microalgae (Denmark), Taiwan Wilson Enterprise Inc. (Taiwan), Daesang Corporation (Korea), Algalimento SL (Spain), Seagrass Tech Private Limited (India), Plankton Australia Pty Limited (Australia), Hangzhou Ouqi Food Co., Ltd. (China), and Shaanxi Rebecca Bio-Tech Co., Ltd (China). 

The microalgae market is segmented by type, production technique, category, distribution channel, and application. This study also evaluates industry competitors and analyzes the market at regional and country levels. 

A closer look at the microalgae market: segmentation highlights and regional trends.

In 2024, the Spirulina sector is expected to dominate the microalgae market with a 50.4% share. Rising health and wellness trends, the nutritional supplement industry's boom, and increased demand for natural food colors all contribute to this growth. The segment also benefits from an increase in vegetarianism, stricter limits on synthetic substances, and a greater emphasis on malnutrition prevention. Furthermore, the popularity of spirulina-based derivatives such as phycocyanin and Omega-3 fatty acids, as well as its increased use in aquafeed and interest from food processing firms and color makers, have contributed to its market dominance. However, the segment still confronts problems, mainly related to insufficient consumer awareness.

In terms of production technology, the ponds segment—specifically open or raceway ponds—is predicted to have the biggest market share by 2024. This is owing to the presence of several significant firms who use these methods, which are preferred for their capacity to produce huge volumes of biomass at lower operational costs.

By category, inorganic microalgae are expected to dominate the market. This is partly due to its cost-effectiveness and ability to obtain high-volume outputs with traditional production methods.

When it comes to distribution channels, the business-to-business (B2B) category is expected to dominate in 2024. Many manufacturers choose to get microalgae in bulk, which allows them to efficiently incorporate it into consumer-facing products, hence driving market growth.

The nutraceuticals sector is predicted to have the biggest share by application, accounting for 53.6% of the market. Rising health consciousness, particularly among the elderly, is driving this trend, as is a growing demand for natural alternatives to standard drugs.

Geographic Overview

This research provides a detailed overview of the microalgae market in many regions:

North America (United States and copyright).

Europe (France, Spain, Italy, Germany, United Kingdom, and Rest of Europe)

Asia-Pacific (China, India, Japan, Australia, South Korea, and the Rest of Asia-Pacific)

Latin America (Brazil, Mexico, Argentina, and Rest of Latin America)

Middle East and Africa

Among them, North America is predicted to lead with a 42.9% market share in 2024, with an estimated USD 545.4 million. This dominance is supported by high health supplement demand, rapid expansion in supporting businesses such as cosmetics and biofertilizers, and the presence of key algal biomass producers, mainly in the United States, with large production capacity.

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Key Questions Answered in the Report: 

• What is the value of revenue generated by the sale of microalgae? 

• At what rate is the global demand for microalgae projected to grow for the next five to seven years? 

• What is the historical market size and growth rate for the microalgae market? 

• What are the major factors impacting the growth of this market at global and regional levels? 

• What are the major opportunities for existing players and new entrants in the market? 

• Which type, production technique, category, distribution channel, and application segments create major traction for manufacturers in the microalgae market? 

• What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the microalgae market? 

• Who are the major players in the microalgae market? What are their specific product offerings in this market?  

• What recent developments have taken place in the microalgae market? What impact have these strategic developments created on the market? 

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