Microalgae Food Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Microalgae-based Food Market
The global microalgae-based food market size was valued at USD 613.96 million in 2023 and is projected to grow from USD 670.45 million in 2024 to USD 1298.25 million by 2032, exhibiting a CAGR of 8.61% during the forecast period of 2023-2032.
From the beginning of the pandemic until now, the manifestations have been evident and are driving changes in supply chain and consumer behaviors. Consequently, the demand has also fluctuated. It's the untold story of some segments profiting from such interests. In contrast, others shrank the market due to economic difficulties and changing goals of consumers, affecting microalgae-based foods market growth.
Microalgae food supply is a huge market that attracts many consumers because it is nutritionally rich and sustainable. It is also a product that can be used for multiple purposes. Per the trend among health- and environment-aware consumers today, the demand for products of this kind is increasing.
The plant-based protein wave is getting a microalgae boost! Consumers are increasingly searching for options for meat and soy because of fitness, environmental, and moral issues. Microalgae are stepping as much as the plate (or as a substitute, the petri dish) as a wholly unique and sustainable answer, impeding the rise in microalgae-based food market share globally.These tiny powerhouses are packed with protein and essential vitamins, making them a sport-changer inside the plant-primarily based protein marketplace.Microalgae provide a robust fit for the growing demand for plant-primarily based alternatives, positioning them as a critical participant in the future of sustainable food.
Comprehensive Analysis of Microalgae-based Food Market
Microalgae-derived grocery shop categorization is based on the particular species and products. As far as species are concerned, the marketplace covers chlorella, nannochloropsis, isochrysis, and spirulina. Spirulina, which is readily available and possesses a wide range of nutritious benefits, takes a lion’s share of the sector. The significant presence of amino acids among other nutrients in Spirulina puts it among the most essential microalgae for processing into consumable products like nutritional dietary supplements. Nannochloropsis is a fast-growing nutrient value nowadays used for vital nutrients and food color programs. Therefore, it is worth considering and launching. However, the market's histopathological diagnosis reveals nutraceuticals to be the primary factor with the rising ones' use, which is contributed significantly by the millennium, thereby creating recognition of these for their proteins and minerals, initiated by the World Health Organization as their health values without harmful effects.
The North American region led the medical devices market by benefitting a size of USD 228.20 million in 2023 due to the presence of massive food enterprise conglomerates with the capability to make investments in a vast quantity in R&D centers.
The leading players in the microalgae-based food market significantly influence its growth trajectory and set industry standards. These key players include BASF SE (Germany), Cyanotech Corporation (U.S.), Corbion N.V. (Netherlands), DIC CORPORATION (Japan), Earthrise Nutritionals, LLC (U.S.), Terranova Synergistic Nutrition (U.K.), AstaReal Co., Ltd. (Japan), Koninklijke DSM N.V. (Netherlands), Solabia Group (France), and The Archer-Daniels-Midland Company (U.S.) contribute to a competitive landscape, driving innovation and market advancement.
In April 2023, The ProVeg Incubator program invited 12 startups from across the sector, aiming at all the aspects that can help them grow and create more networks, individualized mentorship, and investment opportunities of up to 330k USD to ensure speedy introduction of their alternative protein products in the market.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 8.61% from 2024 to 2032
Unit Value (USD Million)
Segmentation By Species
Spirulina
Chlorella
Nannochloropsis
Isochrysis
Others
By Application
Nutraceuticals
Packaged Food
Beverage
Others
By Region
North America (By Species, Application, and Country)
U.S.
Canada
Mexico
Europe (By Species, Application, and Country)
Germany
France
Spain
Italy
U.K.
Rest of Europe
Asia Pacific (By Species, Application, and Country)
China
India
Japan
South Korea
Rest of Asia Pacific
South America (By Species, Application, and Country)
Argentina
Brazil
Rest of South America
Middle East & Africa (By Species, Application, and Country)
South Africa
Turkey
Rest of ME&A
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 3.4. Market Trends
- 4. Key Insights
- 4.1. Overview of the Global Microalgae Market
- 4.2. Regulatory Analysis For Global Microalgae-based Food Market
- 4.3. Supply Chain Landscape
- 4.4. New Product Launches— Global Microalgae-based Food Market
- 4.5. Recent Industry Developments: Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- 4.6. Market Analysis and Insights (in Relation with COVID-19)
- 5. Global Microalgae-based Food Market Analysis, Insights and Forecast, 2019-2032
- 5.1. Key Findings / Summary
- 5.2. Market Size Estimates and Forecast
- 5.2.1. By Species(Value)
- 5.2.1.1. Spirulina
- 5.2.1.2. Chlorella
- 5.2.1.3. Nannochloropsis
- 5.2.1.4. Isochrysis
- 5.2.1.5. Others
- 5.2.2. By Application (Value)
- 5.2.2.1. Nutraceuticals
- 5.2.2.2. Packaged Food
- 5.2.2.3. Beverages
- 5.2.2.4. Others
- 5.2.3. By Region (Value)
- 5.2.3.1. North America
- 5.2.3.2. Europe
- 5.2.3.3. Asia Pacific
- 5.2.3.4. South America
- 5.2.3.5. Middle East and Africa
- 6. North America Microalgae-based Food Market Analysis, Insights and Forecast, 2019-2032
- 6.1. Key Findings / Summary
- 6.2. Market Size Estimates and Forecast
- 6.2.1. By Species(Value)
- 6.2.1.1. Spirulina
- 6.2.1.2. Chlorella
- 6.2.1.3. Nannochloropsis
- 6.2.1.4. Isochrysis
- 6.2.1.5. Others
- 6.2.2. By Application (Value)
- 6.2.2.1. Nutraceuticals
- 6.2.2.2. Packaged Food
- 6.2.2.3. Beverages
- 6.2.2.4. Others
- 6.2.3. By Region (Value)
- 6.2.3.1. U.S.
- 6.2.3.2. Canada
- 6.2.3.3. Mexico
- 7. Europe Microalgae-based Food Market Analysis, Insights and Forecast, 2019-2032
- 7.1. Key Findings / Summary
- 7.2. Market Size Estimates and Forecast
- 7.2.1. By Species(Value)
- 7.2.1.1. Spirulina
- 7.2.1.2. Chlorella
- 7.2.1.3. Nannochloropsis
- 7.2.1.4. Isochrysis
- 7.2.1.5. Others
- 7.2.2. By Application (Value)
- 7.2.2.1. Nutraceuticals
- 7.2.2.2. Packaged Food
- 7.2.2.3. Beverages
- 7.2.2.4. Others
- 7.2.3. By Region (Value)
- 7.2.3.1. France
- 7.2.3.2. Germany
- 7.2.3.3. Spain
- 7.2.3.4. Italy
- 7.2.3.5. U.K
- 7.2.3.6. Rest of Europe
- 8. Asia Pacific Microalgae-based Food Market Analysis, Insights and Forecast, 2019-2032
- 8.1. Key Findings / Summary
- 8.2. Market Size Estimates and Forecast
- 8.2.1. By Species(Value)
- 8.2.1.1. Spirulina
- 8.2.1.2. Chlorella
- 8.2.1.3. Nannochloropsis
- 8.2.1.4. Isochrysis
- 8.2.1.5. Others
- 8.2.2. By Application (Value)
- 8.2.2.1. Nutraceuticals
- 8.2.2.2. Packaged Food
- 8.2.2.3. Beverages
- 8.2.2.4. Others
- 8.2.3. By Region (Value)
- 8.2.3.1. China
- 8.2.3.2. India
- 8.2.3.3. Japan
- 8.2.3.4. South Korea
- 8.2.3.5. Rest of Asia Pacific
- 9. South America Microalgae-based Food Market Analysis, Insights and Forecast, 2019-2032
- 9.1. Key Findings / Summary
- 9.2. Market Size Estimates and Forecast
- 9.2.1. By Species(Value)
- 9.2.1.1. Spirulina
- 9.2.1.2. Chlorella
- 9.2.1.3. Nannochloropsis
- 9.2.1.4. Isochrysis
- 9.2.1.5. Others
- 9.2.2. By Application (Value)
- 9.2.2.1. Nutraceuticals
- 9.2.2.2. Packaged Food
- 9.2.2.3. Beverages
- 9.2.2.4. Others
- 9.2.3. By Region (Value)
- 9.2.3.1. Brazil
- 9.2.3.2. Argentina
- 9.2.3.3. Rest of South America
- 10. Middle East & Africa Microalgae-based Food Market Analysis, Insights and Forecast, 2019-2032
- 10.1. Key Findings / Summary
- 10.2. Market Size Estimates and Forecast
- 10.2.1. By Species(Value)
- 10.2.1.1. Spirulina
- 10.2.1.2. Chlorella
- 10.2.1.3. Nannochloropsis
- 10.2.1.4. Isochrysis
- 10.2.1.5. Others
- 10.2.2. By Application (Value)
- 10.2.2.1. Nutraceuticals
- 10.2.2.2. Packaged Food
- 10.2.2.3. Beverages
- 10.2.2.4. Others
- 10.2.3. By Region (Value)
- 10.2.3.1. South Africa
- 10.2.3.2. Turkey
- 10.2.3.3. Rest of Middle East & Africa
- 11. Competitive Matrix
- 11.1. Key Industry Developments
- 11.2. Global Market Ranking/Share Analysis (2022)
- 11.3. Company Profiles (Overview, Products, SWOT Analysis, Recent Developments, Strategies, financials (Based on Availability)
- 11.3.1. BASF SE
- 11.3.1.1. Overview
- 11.3.1.2. Description
- 11.3.1.3. Product Portfolio
- 11.3.1.4. Financials (Data as available in public domain and/or on paid databases)
- 11.3.1.5. Recent Developments
- 11.3.2. Cyanotech Corporation
- 11.3.2.1. Overview
- 11.3.2.2. Description
- 11.3.2.3. Product Portfolio
- 11.3.2.4. Financials (Data as available in public domain and/or on paid databases)
- 11.3.2.5. Recent Developments
- 11.3.3. DIC CORPORATION
- 11.3.3.1. Overview
- 11.3.3.2. Description
- 11.3.3.3. Product Portfolio
- 11.3.3.4. Financials (Data as available in public domain and/or on paid databases)
- 11.3.3.5. Recent Developments
- 11.3.4. Corbion N.V.
- 11.3.4.1. Overview
- 11.3.4.2. Description
- 11.3.4.3. Product Portfolio
- 11.3.4.4. Financials (Data as available in public domain and/or on paid databases)
- 11.3.4.5. Recent Developments
- 11.3.5. Earthrise Nutritionals, LLC
- 11.3.5.1. Overview
- 11.3.5.2. Description
- 11.3.5.3. Product Portfolio
- 11.3.5.4. Financials (Data as available in public domain and/or on paid databases)
- 11.3.5.5. Recent Developments
- 11.3.6. AstaReal Co., Ltd.
- 11.3.6.1. Overview
- 11.3.6.2. Description
- 11.3.6.3. Product Portfolio
- 11.3.6.4. Financials (Data as available in public domain and/or on paid databases)
- 11.3.6.5. Recent Developments
- 11.3.7. Terranova Synergistic Nutrition
- 11.3.7.1. Overview
- 11.3.7.2. Description
- 11.3.7.3. Product Portfolio
- 11.3.7.4. Financials (Data as available in public domain and/or on paid databases)
- 11.3.7.5. Recent Developments
- 11.3.8. Koninklijke DSM N.V.
- 11.3.8.1. Overview
- 11.3.8.2. Description
- 11.3.8.3. Product Portfolio
- 11.3.8.4. Financials (Data as available in public domain and/or on paid databases)
- 11.3.8.5. Recent Developments
- 11.3.9. Solabia Group
- 11.3.9.1. Overview
- 11.3.9.2. Description
- 11.3.9.3. Product Portfolio
- 11.3.9.4. Financials (Data as available in public domain and/or on paid databases)
- 11.3.9.5. Recent Developments
- 11.3.10. The Archer-Daniels-Midland Company
- 11.3.10.1. Overview
- 11.3.10.2. Description
- 11.3.10.3. Product Portfolio
- 11.3.10.4. Financials (Data as available in public domain and/or on paid databases)
- 11.3.10.5. Recent Developments
- 12. Strategic Recommedations
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