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Global Microalgae Market to Reach US$1.3 Billion by the Year 2026

Microalgae, also known as microphytes, are minute algae that cannot be seen with the human eye. Microalgae are phytoplankton that lives in both the sediment and the water column and can be found in both freshwater and marine systems. Microalgae are fast emerging as the next-in-line resources that show promising potential for resolving the most urgent needs of the agricultural and industrial sectors. Microalgae can help answer the need for new and safe antioxidants that can be extracted from natural sources (plant materials) and prevent oxidative food deterioration and also lower oxidative harm to living cells. Since microalgae can generate biomass quite rapidly, they can be used for producing high-value products such as human health and nutrition products, animal feed, aquaculture, pharmaceuticals, transport fuels and industrial chemicals. Further, there is also no risk of microalgae-based products containing pesticides, herbicides or other toxic substances, due to the possibility of controlling the qualities of microalgal cells with the use of clean nutrient media when growing microalgae.

Microalgae offers promising potential for biofuel-based mobility, decreasing reliance on fast exhausting natural resources for fuel generation. As already demonstrated by researchers, biofuel can be produced by using lipids extracted from freshly grown microalgae by removing maximum water content. The most recent technological advancements in areas including algal cultivation and harvesting, synthetic biology, phenotyping (high-throughput phenomics), and IoT-enabled automation can help augment the industrial potential and enhance the productivity of microalgae. Tools are rapidly been developed and upgraded to genetically engineer microalgae, helped by greater access to sequenced genomes over multiple algal lineages. For instance, microalgal genome sequencing has helped in genetic tool development in the cyanobacteria Synechocystis sp. PCC 6803, Nannochloropsis gaditana, stramenopiles Phaeodactylum tricornutum, and green alga Chlamydomonas reinhardtii among others.

Amid the COVID-19 crisis, the global market for Microalgae estimated at US$1 Billion in the year 2022, is projected to reach a revised size of US$1.3 Billion by 2026, growing at a CAGR of 5.3% over the analysis period. Spirulina, one of the segments analyzed in the report, is projected to grow at a 6.2% CAGR to reach US$577.8 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Chlorella segment is readjusted to a revised 4.5% CAGR for the next 7-year period. This segment currently accounts for a 29.4% share of the global Microalgae market. The use of algae, ranging from chlorella to spirulina, in food and nutrition related applications is growing. Several companies offer spirulina tablets as super foods. These serve as useful ingredients in various energy enhancement and wellness products.

The U.S. Market is Estimated at $299.9 Million in 2022, While China is Forecast to Reach $253.5 Million by 2026

The Microalgae market in the U.S. is estimated at US$299.9 Million in the year 2022. The country currently accounts for a 29.14% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$253.5 Million in the year 2026 trailing a CAGR of 6.5% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.2% and 4.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.7% CAGR while Rest of European market (as defined in the study) will reach US$70.1 Million by the end of the analysis period. Millennials are creating strong demand for immunity enhancing foods and drinks. This immunity boost trend is expected to keep growing and become stronger even after the arrival of vaccines for COVID-19. In developed countries of North America and Europe foods and drinks supporting immune system became a major interest area for consumers. Plant based products and natural solutions are being increasingly sought after.

Dunaliella Salina Segment to Reach $211.8 Million by 2026

In the global Dunaliella Salina segment, USA, Canada, Japan, China and Europe will drive the 5.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$122.5 Million will reach a projected size of US$179.5 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$25.6 Million by the year 2026.