The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

A Strong Growth Trajectory

• The microalgae market has witnessed robust growth, escalating from $1.03 billion in 2023 to $1.11 billion in 2024, with a CAGR of 7.6%.
• Historical growth is attributed to research and development advances, environmental awareness, and government support.
• Projections indicate continued momentum, with expectations to reach $1.48 billion by 2028, driven by climate change mitigation and bioremediation applications.

Rising Demand for Functional Foods

• The increasing demand for functional foods drives the growth of the microalgae market.
• Microalgae like spirulina and chlorella are rich in nutrients and antioxidants, enhancing the nutritional profiles of functional foods.
• Sales of functional foods and beverages in the United States reached $83 billion in 2021, reflecting a growing market trend.

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Technological Advancements Fuel Innovation

• Technological advancements play a pivotal role in driving innovation in the microalgae market.
• Polaris introduced Omegavie DHA 800 algae oil, sourced from microalgae high in vitamins, proteins, and enzymes.
• Innovative technologies like Qualitysilver technology ensure product stability and sensory satisfaction.

Strategic Acquisitions Propel Expansion

• Aliga Microalgae’s acquisition of Duplaco B.V. aims to enhance chlorella algae manufacturing.
• The acquisition expands manufacturing capabilities and fosters product innovation in chlorella algae products.

Market Segmentation: Understanding Dynamics

• Microalgae types include spirulina, chlorella, dunaliella salina, haematococcus pluvialis, and others, catering to diverse applications.
• Distribution channels encompass business and consumer channels, reflecting varied market dynamics.
• Applications range from food and beverage, dietary supplements, pharmaceuticals, cosmetics, and personal care to biofuel, inks, animal feed, and more.

North America’s Dominance

• North America emerges as the largest region in the microalgae market in 2023, reflecting technological advancements and market demand.

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The Microalgae Global Market Report 2024  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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