Microalgae Market: By Type (Spirulina, Chlorella, Dunaliella Salina, Nannochloropsis, Haematococcus Pluvialis, Tricornutum, Porphyridium cruentum, and Others), By Grade (Food Grade, Feed Grade, Cosmetic Grade, and Others), By Application (Food & Beverage, Dietary Supplements, Pharmaceuticals, Cosmetics & Personal Care, Bio-Fuel, Inks, Animal Feed and Others), By Distribution Channel (Retail Store, Hypermarket/Supermarket, E-commerce), and Geography

Microalgae Market was valued at USD 1,201.3 million in 2023 and is poised to grow at a 5.7% CAGR from 2024 to 2030. Microalgae are a diverse group of unicellular organisms comprising eukaryotic protists, prokaryotic cyanobacteria, and blue-green algae, their numerous characteristics have been used in different industrial biotechnological processes. The manufacture of protein supplements raises the demand for microalgae in nutraceutical, pharmaceutical, and aquaculture standardizes the microalgae growth which is the major growth factor in the market. Pharmaceutical applications of microalgae driving the market due to their bioactive nature, the bioactive compounds such as monoclonal antibodies, antibiotics, hepatotoxic and neurotoxic compounds, subunit vaccines, enzymes, hormones, and other compounds used in the production of various preventive drugs for cancer, eye diseases, cardiac diseases, and others.

The rise in awareness about the health benefits of microalgae creates opportunities for the key players, the various transformations in microalgae enhanced the production of supplements also the introduction of biofuels in automotive and aerospace increased the demand for microalgae. The increased demand for microalgae in nutraceuticals increases production, sometimes this type of product shows adverse effects on the body, and the high cost of production is the major restraint in the microalgae market. Regionally, North America held the major market share in 2022 and is expected to dominate the microalgae market in the forecasted years.

Microalgae Market Key Developments:

• In October 2022, Solabia-Algatech launched Vitamin C astaxanthin gummies, Israel-based Solabia-Algatech Nutrition has unveiled its astaxanthin whole algae complex, the AstaPure Arava. The new gummy format is a bid by the company to broaden its portfolio of astaxanthin-based products. Each gummy houses 4 mg of the whole astaxanthin algae complex and 50 mg of vitamin C and contains no preservatives or synthetic colors. One to two gummies per day can award the recommended daily dose of the two antioxidants.
• In May 2022, DSM and Firmenich merged and became the leading creation and innovation partner in nutrition, beauty, and well-being, the combination will bring together Firmenich's unique leading Perfumery and Taste businesses, its world-class science platforms and associated co-creation capabilities with DSM's outstanding Health and Nutrition portfolio and renowned scientific expertise. The new company will have four high-performing and complementary businesses, each with leading positions and underpinned by world-class science.