Market Research Future (MRFR) has published on the “Global Microalgae Market”.
Global Microalgae Market
Microalgae are microscopic, single-celled organisms that can be found in both marine and freshwater environments. They are incredibly diverse and come in a variety of shapes, sizes, and colors. Microalgae have been studied extensively for their potential applications in various fields, including food and beverages, cosmetics, and pharmaceuticals. They are rich in nutrients, including proteins, carbohydrates, vitamins, and minerals, and can be used to create a wide range of products. For example, some species of microalgae are used as a source of omega-3 fatty acids, which are important for human health. Others are used in the production of food additives, such as colorants and thickeners. Still, others are used in the cosmetics industry for their antioxidant and anti-inflammatory properties.
Microalgae are generally found in fresh and marine water. The microalgae is a rich source of minerals and nutrition such as vitamin A, Bl, B2, C, E, protein, iron and magnesium. Owing to the nutritional properties of microalgae, it is commercially used in several industries including food/feed, dietary supplement, cosmetic, pharmaceutal, and biofuels. The increasing application of microalgae in various industries increses the awareness of microalgae products among the customers, thereby increasing the market growth. The growth in the demand of sustainable, affordable, and nutrient-rich food and feed, coupled with growing population, is significantly increasing the demand for microalgae, as they contain numerous bioactive compounds that are beneficial for human health. Microalgae is extensively accepted and acknowledged as a dietary supplements across the globe and are known for improving immunological, gastrointestinal, and cardiovascular health.
According to the MRFR analysis, The global microalgae market was valued at USD 4,735.28 million in 2022 and is projected to reach USD 8008.21 million by 2030 at a CAGR of 6.93%.
Microalgae are eukaryotic organisms, found in marine systems, soil environments, or freshwater, and are a crucial part of the food chain. They are a rich source of vitamins, fibers, proteins, and minerals, and therefore they are very beneficial for human health. One of the major factors driving the microalgae market is the increasing consumer preference towards the consumption of healthy products. Consumers are majorly inclining towards naturally sourced healthy products. The demand for seaweed is increasing across the world from the food and beverage industry owing to the ability of seaweed in adding nutritional value in the food products. Macroalgae are added freshly in food products or used as a food ingredient in the preparation of nutritional food products. Additionally, several seaweed-produced hydrocolloids are used to increase the thickness and stability of food products. It also has several other applications such as gel forming and using it as a water-soluble film. Alginate, carrageenan, and agar are the most commonly used macro algae extracts. They are used as stabilizing, gelling, thickening, and emulsifying agents in numerous food products, such as bakery products, ice-creams, fruit juices, jams, and many others. Seaweeds being a rich source of biochemicals, such as amino acids, proteins, lipids, vitamins, polysaccharides, peptides, and minerals, aid in increasing the functionality of food products. Owing to these factors market growth is expected to surge in the coming years.
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COVID-19 Impact on Microalgae Market
The arrival of the global pandemic, COVID-19, has resulted in creating a global disaster across the world. Impacting over 195 countries, the pandemic has already created an economic backdrop worldwide. The COVID-19 pandemic has had a mixed impact on the microalgae industry. While the demand for microalgae-based products, such as food supplements and cosmetics, has increased due to the health and wellness trend, the pandemic has also caused disruptions in the production and supply chain of microalgae. One of the major challenges faced by the microalgae industry during the pandemic is the shortage of labor and disruptions in the transportation of raw materials and finished products. Many microalgae production facilities rely on manual labor for harvesting and processing, which has become difficult due to social distancing requirements and travel restrictions
The outbreak of COVID-19 globally has resulted in creating immense pressure across supermarkets & hypermarkets, retail stores, and food suppliers. As a result of increasing panic among consumers for food, stockpile for microalgae has become a common phenomenon in the last couple of months across the globe. However, the lack of availability of dried fruit stocks in retail stores is currently the biggest concern across the world. Unlike the processed and packaged food industry, which is labor-intensive, the microalgae industry has less dependence on labor, thus making it less prone to staffing scarcity. However, the biggest concern remains in logistics. With the increasing number of COVID-19 infections globally, restrictions on vehicular movement are increasing.
The global microalgae market is fragmented and consists of many established industry players. The key players profiled in the global Microalgae analysis are Algenol Biotech, Cellana Inc, Cyanotech Corporation, DIC Corporation, E.I.D Parry ltd, Fuqing Spirulina Co. Ltd, Kent BioEnergy Corporation, Taau Australia, Astareal AB and many more. The global algae protein industry is highly competitive owing to a large number of players in the market. The key companies are focusing on capacity expansions, partnerships, mergers & acquisitions, and new product developments for end-user industries such as cosmetics, animal feed, and food & beverage among others.
Key Developments & Growth Strategies
- In March 2022 - ProFuture developed light microalgae for plant-based protein without fishiness. Researchers have developed high-protein microalgae strains boasting improved taste.
- In February 2019, Algatechnologies, a leading microalgae cultivation company based in Israeli, launched an all-natural, algae complex, called AstaPure Arava. The product can be used to produce energy bars as well as other products that can be combined with powde
- In August 2020, Unilever announced the partnership with biotech start-up Algenuity, which develops microalgae, to explore using this single-cell organism as an ingredient in the food and beverage sector.
- In March 2020, Dutch chlorella ingredient producer and microalgae wholesaler Duplaco made significant investments to increase production by 20 times. The company is upgrading with the latest technologies and a modern R&D center. Duplaco continues to drive its transition from start-up to a full-scale industrial complex.
- In August 2019, a Scottish biotech company, ScotBio has developed a patent-protected method for enhancing the phycocyanin pigment content in spirulina. The phycocyanin produced by incorporating this new method will give five times more yield as compared to conventional extraction.
- In January 2022, Yemoja Ltd., a startup company developing advanced ingredients from microalgae, announced its plan to create a red microalga for plant-based steaks and burgers. Ounje, its new brand resembles the red juices of animal meat without the requirement of artificial colors. The patented microalgal heme substitute congeals and browns like real meat juices if cooked, apart from delivering the initial red pigment to plant-based meats.
- In January 2022, Bharathidasan University based in Tamil Nadu, signed a memorandum of understanding (MoU) with ZIGMA Global Environ Solutions for initiating a joint project worth Rs. 8.05 lakh on 'microalgae-based bioremediation of municipal solid waste leachate.' This project will include the usage of extremophilic microalgae to recover the municipal solid waste leachate that would otherwise seep down deep below, thereby spoiling the groundwater and soil.
- In September 2021, Tofurky, a plant-based meat company partnered with Triton Algae Innovations in order to commercialize ‘algae-based meat innovations’ which feature Triton’s ‘essential red’, non-GMO protein-rich algae.
- North America: The microalgae market in North America is a growing industry, driven by the increasing demand for sustainable and eco-friendly products in various sectors. Microalgae are microscopic plants that are rich in nutrients and can be used for a variety of applications, including food, animal feed, biofuels, cosmetics, and pharmaceuticals. The market for microalgae in North America is expected to grow significantly in the coming years, driven by the increasing demand for natural products and the growing focus on sustainable and environmentally friendly practices. The United States is the largest market for microalgae in North America, with Canada also showing significant growth potential. throughout the forecast period.
- Europe: Europe, favorable government policies for promoting energy generation from non-conventional sources are expected to boost market growth. The government of the UK plans to increase the usage of biofuel for meeting the aviation fuel needs in for lowering the GHG emissions. Algae oil can be used in blending aviation fuel as it has a positive impact on aircraft performance by reducing operating expenditures.
- Asia-Pacific: Asia Pacific dominated the market in terms of revenue due to the rising exports and domestic demand for plant-based ingredients. The increasing demand from the cosmeceutical industries is also driving the spirulina market in the region. China is the largest producer and consumer of microalgae products in the region, with a well-established market for microalgae-based food and feed products. Japan is also a major player in the industry, with a focus on developing new technologies for the production of high-value microalgae products. India and Australia are emerging markets for microalgae products, with a growing focus on the development of sustainable agriculture and renewable energy. In India, microalgae are being used as a potential source of biofuel, while in Australia, there is a growing interest in the use of microalgae as a food and feed supplement for livestock.
- Rest of the World: The rest of the world consists of South America, the Middle East, and Africa. In South America, countries such as Brazil, Chile, and Argentina have favorable conditions for microalgae cultivation, including abundant sunshine and warm temperatures. The region has a well-developed aquaculture industry, which presents opportunities for microalgae as a feed source for fish and shrimp.