Microalgae-based Products Market

Market Study on Microalgae-based Products: Market Progressing on Back of Demand for More Efficient Animal Feed Solutions

Microalgae Market Segmented By Spirulina, Chlorella, Dunaliella Salina Product in Food and Feed Industry, Pharmaceutical Industry, Cosmetics Industry, Chemical Industry

Report ID: PMRREP22360

Number of Pages: 413

Format: PPT*, PDF, EXCEL

Industry: Food and Beverages

Published Date: January-2023

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Microalgae-based Products Market Outlook (2023-2033)

The market for microalgae-based products can be expected to expand at a value based CAGR of 5.4% and show an increase in revenue from US$ 3,345.5 Mn to around US$ 5,650.7 Mn by 2033.

Attributes Key Insights

Microalgae-based Products Market Size (2023E)

US$ 3,345.5 Mn

Projected Sales of Microalgae-based Products (2033F)

US$ 5,650.7 Mn

Value CAGR (2023-2033)


Value Share of Top 4 Countries (2022E)


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Microalgae-based Products Consumption Analysis (2018-2022) Vs. Market Estimations (2023-2033)

The global microalgae-based products market has witnessed significant growth in the historical period registering a CAGR of 5.1% in the historical period and was valued at US$ 3,345.5 Mn in 2023. The market is expected to grow steadily with increasing awareness and benefits about applications of microalgae-based products.

Demand for chemical-free and naturally sourced ingredients from health-conscious consumers across the globe coupled with rising vegan and organic trends are expected to contribute toward market growth of seaweed-derived products. Key players are expected to continue expanding their production capacities and enhance capabilities with the incorporation of latest technologies. The global market for microalgae-based products is estimated to reach an approximate valuation of US$ 5,650.7 Mn in the forecast period.

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What are the Key Trends in the Market for Microalgae-based Products?

“Forging Strategic Alliances for Seaweed-based Products”

Companies manufacturing algae products are increasingly seeking ways to cut through the competition and gain a competitive edge. Although the microalgae-based products market is relatively at the nascent stage, the number of companies and small-scale start-ups that are entering the market has witnessed consistent growth.

Several companies in the food and feed products from microalgae are forging strategic alliances to expand their market presence and establish a solid foothold in the microalgae-based products landscape, thus stimulating growth of the market.

  • For instance, in November 2019, Nestle entered into a partnership with Corbion to develop a next-generation range of microalgae-based products and deliver sustainable plant-based products. The move is expected to streamline the commercialization as well as production of microalgae-based products for Nestle.

Key players are also focusing on raising funds to expand their product portfolios.

  • For instance, in July 2019, Microphyt raised nearly US$ 32.1 Mn to develop its portfolio of microalgae-based natural solutions for nutrition and well-being.

“Growing Demand for More Efficient Animal Feed Solutions”

Animal rearing for meat has increased at a steep rate to meet the demands of the ever-increasing population. Utilizing agricultural products for feed production will lead to overexploitation of the resources and competition with food consumption channels. Microalgae-based products are an alternate, environmentally sustainable, and an economically advantageous source for animal feed production. Seaweed is more nutritious than traditional sources in terms of protein, omega 3 fatty acids, and carotenoids content.

Apart from being nutritious, they have anti-oxidative, anti-microbial, and disease-preventing molecules that can provide long lifespan to animals. Thus, with seaweed-based products minimizing feed utilization along with better growth and disease prevention in animals, their demand to provide wholesome nourishment to animals is expected to increase in the animal feed industry.

“Expansion of the Aquaculture Industry”

Fishmeal is the preferred protein ingredient of feed in aquaculture, contributing significantly to the variable production cost. However, decreasing fishmeal supply and increasing costs threaten the sustainability and growth of the aquaculture industry. Therefore, demand for products that can completely or partially substitute fishmeal with alternative proteins is rising.

Microalgae strains and microalgae-based products can be used worldwide as an alternate protein source replacing fishmeal successfully. In feeding trials with fish, many types of microalgae have been found to be useful for increasing growth, feed utilization, physiological activity, stress response, starvation tolerance, disease resistance, and carcass quality.

“Increased Application of Spirulina Offering Growth Opportunities to Microalgae-based Product Manufacturers”

Spirulina, a type of microalgae-based product, is increasingly being consumed as a dietary supplement and in feed applications, owing to its excellent nutritional value and health benefits. It serves as a significant choice for human consumption due to its high protein and vitamin content. Spirulina also possesses strong anti-inflammatory and antioxidant properties. Spirulina is used as a protein supplement and health food. Therefore, it has gained popularity in the human nutraceutical industry across developing and underdeveloped regions where malnutrition is prevalent. Rise in demand for cyanobacteria due to its contribution in weight reduction and increase in the number of health clubs and fitness centers are projected to boost demand for spirulina over the forecast period.

“Factors Restraining Market Growth of Microalgae-based Products”

Technical challenges of large-scale microalgae harvesting for feed and food will restrain market growth. Commercially produced microalgae is used in supplemental nutritional products for humans and animals. There is great potential for microalgae to be used in food/feed supplements, biofuel production, electricity generation, etc. However, there are multiple issues that must be addressed before the widespread adoption of algal biomass production technology. Several species are already being used commercially in raceway ponds, but are still not produced in high-enough quantities or in a cost-effective manner that is required for fuels and feeds.

While algae biomass demand continues to increase globally, producers require technological developments that drive cost reduction while retaining and elevating the quality of the product. Low-cost, efficient, and scalable harvesting and subsequent dewatering methods require technological advancements in order to drive cost reduction of downstream processing and ultimately biofuel production. Thus, technical challenges for harvesting seaweed may hamper market growth over the coming years. Another factor that is restraining market growth is less commercialization of microalgae-based products. Key challenges for microalgae-based product manufacturers appear to be high cost of operation, infrastructure, and maintenance, selection of algal strains with high protein contents, dewatering, and commercial-scale harvesting.

Optimizing the manufacturing and commercialization of microalgae products depends on numerous factors such as market and financial affairs. There is a limitation on authentic and reliable data and statistics on microalgae market opportunities, which makes it difficult to assess their actual potential. Long-term research is needed to develop systems for the production of sustainable algal-based products, as sustainability is a key concern, especially for food, feed, and fuel. Limited production or small-scale production of seaweed-based products and the difficulty experienced in their large-scale cultivation are making it commercially unfeasible.

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Country-wise Insights

Why does Germany Account for the Largest Share in Microalgae-based Products in the European Region?

The market for microalgae-based products is expected to see significant growth in Germany with a value share of around 19% in Europe. Increasing healthcare spending, growing geriatric population, food innovations, changing lifestyles, and medical discoveries have benefitted demand for superfoods. Increasing awareness regarding superfoods as natural, nutrient-rich foods containing vitamins and minerals are some of the key aspects shaping the popularity of microalgae products in the country.

Which Country Holds the Largest Share in the South Asia Market?

India accounts a major share in the South Asian market for microalgae-based products, followed by Indonesia. The market share of India in South Asia is around 36.6%. Indonesia is expected to witness market expansion at a CAGR of 8.6% through 2033.

Category-wise Insights

Which Type of Microalgae-based Products is Most Demanded in the Global Market?

Under the product-type segment, the lutein segment accounts for the largest value share around 19.1%. It has various uses for the skin such as combating sunburn, reducing wrinkles, and for other cosmetic benefits. In food, it is used as a colouring for salmon, crabs, shrimp, and chicken, and for egg production.

Which Application of Microalgae-based Products holds Major Market Share?

The dietary supplement segment holds almost 19% of the global market share and is expected to dominate the segment by the end of the forecast duration. Increasing focus by consumers regarding the benefits of supplementation in the modern fast paced life has placed more attention towards production of high quality supplements to meet demand.

Competitive Dashboard

Key manufacturers of microalgae-based products are inclined toward innovation, development, and expansions to enhance the nutritional benefits of their fine quality. Producers are focused on enhancing their innovation capabilities and quality of products.

  • In 2020, DSM announced a new research collaboration with TRAQ that is developing a point-of-need test, which can track activity and health data through saliva sampling. The research will be used to measure a health biomarker from saliva, and to test, if a supplementation with specific vitamins, minerals, and other nutrients exists.
  • In 2019, Phycom completed the expansion of its new production site in Veenendaal. This expansion enabled the company to offer different types of algae under the GMP+ certification, which helps increase its consumer base with quality and safety products.
  • In 2019, Naturex S.A increased its coloring food product portfolio with the launch of the Ultimate spirulina collection and also tripled the production capacity of spirulina.
  • In 2020, Allmicroalgae Natural Products S.A formed a joint venture with Greentech Group, a French pioneer in biotechnology that specializes in plant extracts (Greentech), algal biology (Greensea), and micro-organisms (Biovitis). This expansion enabled the company to increase its product offerings with innovative products.

Microalgae-based Products Industry Report Scope

Attribute Details

Forecast period


Historical data available for


Market analysis

USD million for value

Key regions covered

  • North America
  • Latin America
  • Europe
  • South Asia & Pacific
  • East Asia
  • Middle East & Africa

Key countries covered

  • U.S.
  • Canada
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • China
  • Japan
  • South Korea
  • India
  • Thailand
  • Malaysia
  • Indonesia
  • Australia
  • New Zealand
  • GCC countries
  • Turkey
  • Northern Africa
  • South Africa

Key market segments covered

  • Product Type
  • Application
  • Region

Key companies profiled

  • Phycom
  • DSM N.V.
  • Chr. Hansen Holding A/S
  • Vedan Biotechnology Corp.
  • DIC Corporation
  • Naturex S.A
  • Allmicroalgae Natural Products S.A
  • Fuqing King Dnarmsa Spirulina Co. Ltd.
  • Beijing Gingko Group
  • Divi’s laboratories Ltd.
  • NOW Health Group, Inc.
  • Monzón Biotech
  • Cyanotech Corporation
  • Algatechnologies Ltd.
  • Reed Mariculture
  • Arizona Algae Products LLC
  • Sun Chlorella Corporation
  • Yaeyama Shokusan Co Ltd.
  • Taiwan Chlorella Manufacturing Co. Ltd.
  • Far East Microalgae Ind Co. Ltd.

Report coverage

  • Market Forecast
  • Company Share Analysis
  • Competition Intelligence
  • DROT Analysis
  • Market Dynamics and Challenges
  • Strategic Growth Initiatives

Customization & pricing

Available upon request

Microalgae-based Products Industry Research by Category

By Product Type:

  • Astaxanthin
  • B-Carotene
  • Spirulina
  • Chlorella
  • PUFA
  • Lutein
  • Others

By Application:

  • Food & Beverages
  • Dietary Supplement & Pharmaceutical
  • Personal Care
  • Animal Feed & Aquaculture
  • Biochar/Fertilizer
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • South Asia & Pacific
  • East Asia
  • Middle East & Africa

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Companies Covered in This Report

  • Phycom
  • DSM N.V.
  • Chr. Hansen Holding A/S
  • Vedan Biotechnology Corp.
  • DIC Corporation
  • Naturex S.A
  • Allmicroalgae Natural Products S.A
  • Fuqing King Dnarmsa Spirulina Co. Ltd.
  • Beijing Gingko Group
  • Divi’s laboratories Ltd.
  • NOW Health Group, Inc.
  • Monzón Biotech
  • Cyanotech Corporation
  • Algatechnologies Ltd.
  • Reed Mariculture
  • Arizona Algae Products LLC
  • Sun Chlorella Corporation
  • Yaeyama Shokusan Co Ltd.
  • Taiwan Chlorella Manufacturing Co. Ltd.
  • Far East Microalgae Ind Co. Ltd.
  • Others (on additional request)

Frequently Asked Questions

The global market for microalgae-based products has a value of US$ 3,345.5 Mn in 2023.

The global market for microalgae-based products has a value CAGR of 5.1% from 2018-2022.

The global market for microalgae-based products has a value of US$ 5,650.7 Mn in 2033.

The global market for microalgae-based products has a value CAGR of 5.4% from 2023-2033.

Parry Nutraceuticals, DSM N.V., DIC Corporation, Chr. Hansen Holding A/S, and NOW Health Group, Inc. are the top 5 microalgae-based product manufacturers, accounting for over 50% market share.

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