Meticulous Research®, a leading global market research firm, has unveiled its latest report, titled ‘Microalgae Market by Type (Spirulina, Chlorella, Dunaliella Salina, Nannochloropsis), Production Technique (Ponds, Fermenters, PBR), Distribution Channel (B2C, B2B), Application (Nutraceuticals, Food and Beverages), and Geography - Global Forecast to 2030’.
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According to the report, the global microalgae market is projected to reach $2.08 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 8.5% from 2023 to 2030. In terms of volume, the market is expected to reach 100,788 thousand tons by 2030, at a CAGR of 12.8% during the forecast period.
Market Drivers and Challenges
The robust growth of the microalgae market is attributed to several factors, including:
• Health & Wellness Trends: Rising consumer interest in health and wellness is significantly boosting the demand for microalgae-based products.
• Dietary Supplements: The expanding dietary supplements industry is fueling market growth.
• Natural Food Colors: Increasing demand for natural food colorants is another key driver.
• Vegetarianism: The growing trend towards vegetarianism is contributing to the market's expansion.
• Nutraceuticals: The booming nutraceuticals industry and preference for microalgae-sourced products are propelling market growth.
However, the market faces challenges such as low awareness regarding the benefits of microalgae and complexities in production processes. Despite these challenges, opportunities abound, particularly in the rising demand for phycocyanin and microalgae in biorefineries. The adoption of advanced production technologies like photobioreactors also presents a significant growth trend.
Market Segmentation
The report provides an in-depth analysis of the global microalgae market, segmented by type, production technique, category, distribution channel, application, and geography.
• By Type: Spirulina is expected to dominate the market in 2023, driven by health trends, the demand for natural food colors, and increasing vegetarianism.
• By Production Technique: The ponds segment is projected to hold the largest market share in 2023 due to the lower investment and operational costs associated with open pond cultivation.
• By Category: The organic segment is forecasted to register the highest CAGR, driven by the demand for natural and certified organic products.
• By Distribution Channel: The business channel (B2B) segment is anticipated to dominate in 2023, owing to bulk purchasing by manufacturers in various industries.
• By Application: The nutraceuticals segment is expected to lead the market in 2023, driven by the booming nutraceuticals sector and increasing health concerns among the aging population.
Geographic Insights
Geographically, North America is expected to lead the global microalgae market in 2023, followed by Asia-Pacific and Europe. The region's dominance is attributed to the high consumption of health supplements, stringent regulations against synthetic colors, and a strong presence of key algae biomass manufacturers.
Competitive Landscape
The global microalgae market is moderately competitive, with key players including:
• Fuqing King Dnarmsa Spirulina Co., Ltd. (China)
• Earthrise Nutritionals, LLC (U.S.)
• E.I.D. - PARRY (INDIA) LIMITED (India)
• Cyanotech Corporation (U.S.)
• C.B.N. Bio-engineering Co., Ltd (China)
• YUNNAN GREEN A BIOLOGICAL PROJECT CO., LTD. (China)
• Jiangshan COMP SPIRULINA CO., LTD. (China)
• Inner Mongolia Rejuve Biotech Co., Ltd. (China)
• Zhejiang Binmei Biotechnology Co., Ltd. (China)
• Bluetec Naturals CO., LTD. (China)
• Taiwan Chlorella Manufacturing Company (Taiwan)
• Sun Chlorella Corporation (Japan)
• Roquette Klötze GmbH & Co. KG (Germany)
• Gong Bih Enterprise Co., Ltd. (Taiwan)
• Yaeyama Shokusan 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)
• Shaanxi Rebecca Bio-Tech Co., Ltd (China)
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