The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The global microalgae market is on a trajectory of growth, with expectations to reach $1.03 billion in 2023, boasting a Compound Annual Growth Rate (CAGR) of 7.4%. This upward trend is anticipated to continue, projecting a market size of $1.35 billion in 2027, reflecting a CAGR of 6.9%. Let’s delve into the driving forces, major players, and the technological advancements shaping the landscape of the microalgae market.

Nutritional Supplements Drive Market Growth

• Nutritional Supplements Definition: Dietary additions comprising vitamins, minerals, herbs, amino acids, and enzymes.
• Role of Microalgae: Highly sought after for nutraceuticals and dietary supplements due to their nutritional benefits and immune system enhancement.
• Market Boost: Increasing demand for nutritional supplements fuels the growth of the microalgae market.
• Sales Surge During the Pandemic: In the U.S., dietary supplement sales increased by 44% ($435 million) during the first wave of the pandemic in 2020.
• Global Impact: Vitamin sales jumped by 63% in the UK and between 40–60% in France in March 2020, compared to the same period the previous year.

Major Players in the Microalgae Market

• Leading Companies: Cellana Inc., Cyanotech Corporation, E.I.D Parry Ltd., Algaetech Group, Roquette Klötze GmbH & Co. KG, and more.
• Diverse Industry Contribution: A mix of major players contributing to the market’s competitiveness and growth.

Technological Advancements Propel Innovation

• Trending Innovation: Technological advancements emerge as a key trend in the microalgae market.
• Example: Polaris launched Omegavie DHA 800 algae oil in June 2021, sourced from microalgae high in vitamins, proteins, pigments, and enzymes.
• Qualitysilver Technology: Utilized to safeguard and enhance microalgae stability, ensuring high potency with at least 800 mg/g of DHA.
• Patented Sensory Product Line: Exclusive technology for optimal flavor, producing items with high organoleptic quality and zero-off notes.
• Applications: Applied in various industries, including food and beverage, dietary supplements, pharmaceuticals, cosmetics, personal care, bio-fuel, inks, animal feed, and other diverse applications.

Segmentation of the Microalgae Market

1. By Type:
   • Spirulina
   • Chlorella
   • Dunaliella Salina
   • Haematococcus Pluvialis
   • Other Microalgae
2. By Distribution Channel:
   • Business Channel
   • Consumer Channel
3. By Applications:
   • Food and Beverage
   • Dietary Supplements
   • Pharmaceuticals
   • Cosmetics and Personal Care
   • Bio-Fuel
   • Inks
   • Animal Feed
   • Other Applications

Regional Dominance: North America Leads the Way

• Market Share: In 2022, North America emerged as the largest region in the microalgae market.
• Driving Factors: The region’s prominence is attributed to its active participation and contribution to the market.

Future Outlook: Projections for 2027

• Anticipated Market Size: The global microalgae market is expected to reach $1.35 billion in 2027.
• CAGR for 2023-2027: A projected growth rate of 6.9%, indicating sustained expansion.

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The Microalgae Global Market Report 2023  provides an overview of the microalgae market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The microalgae market forecast analyzes microalgae market size, microalgae market share, leading competitor and their market positions.

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