Global Microalgae-Based Aqua Feed Market 2024-2031

Global Microalgae-Based Aqua Feed Market 2024-2031

Microalgae-Based Aqua Feed Market Size, Share & Trends Analysis Report by Species (Spirulina, Chlorella, Nannochloropsis, Isochrysis, and Others), and by Aquatic Animal (Fish, Mollusks, Crustaceans, and Others) Forecast Period (2024-2031)

Microalgae-based aqua feed market is anticipated to grow at a CAGR of 7.9% during the forecast period (2024-2031). Aquafeed created from a variety of microalgae species is known as microalgae-based aquafeed. Microalgae are microscopic, single-celled plants that live in both freshwater and marine environments and can perform photosynthesis. They are extremely nutrient-dense and packed with many important elements, such as vitamins, minerals, amino acids, and protein. The growing demand for proteins in food is a key factor driving the global market.

Market Dynamics

Growing demand for environmentally friendly proteins

The aquaculture industry is under increasing pressure to lessen its environmental impact in the modern world. As a result, the worldwide aquafeed market based on microalgae is receiving more attention. Aquafeed made from microalgae is emerging as a viable and long-term option for the aquaculture industry. This lessens the environmental impact of aquaculture operations while also assisting in satisfying the growing demand for fish protein.

Rising demand for seafood

According to the Food & Agriculture Association, seafood consumption will increase per capita across all continents except Africa, where it projects a decline from 9.8 kilograms – the rate of consumption between 2020 and 2022 – to 9.6 in 2032, with a larger decrease in Sub-Saharan Africa in particular. Rising interest in seafood, particularly fish and shrimp, is a key factor driving the growth of the global market. Microalgae are abundant in vital nutrients, including vitamins, minerals, and proteins. Omega-3 fatty acids such as docosahexaenoic acid (DHA) and EPA (eicosapentaenoic acid) are also abundant in some microalgae strains. As a result, aqua feed is using more microalgae as a sustainable feed element.

Market Segmentation

Based on species, the market is segmented into spirulina, chlorella, nannochloropsis, isochrysis, and others including arthrospira platensis, and chaetoceros muelleri.

Based on aquatic animals, the market is segmented into fish, mollusks, crustaceans, and others including oysters.

Spirulina is Projected to Emerge as the Largest Segment

The most popular species for creating aquafeed is spirulina. This can be attributed to its potential health advantages, high nutritional content, ease of availability, and adaptability. Due to its high nutritional profile, spirulina is a common form of blue-green microalgae that is utilized as a feed element in aquaculture. Compared to other strains, spirulina has larger concentrations of unsaturated fatty acids, proteins, vitamins, minerals, and other beneficial substances that support its higher adoption. These species are more suited to supplement aquaculture animals' diets, promoting their health and growth. This is becoming more and more of a viable and long-term substitute for fishmeal in fish diets.

Fish to Hold a Considerable Market Share

Manufacturers of aquafeed made from microalgae are expected to see substantial prospects for income production from the fish category, which is based on aquatic creatures. The high consumption of fish food globally is a key factor supporting the demand for microalgae-based feed for fish. Fish growers are shifting their feed production to microalgae due to the scarcity of wild-caught fishmeal. Fish health and growth are greatly aided by the critical nutrients included in this kind of sustainable feed. The fish industry is adopting microalgae feed at a high rate due to its sustainability. Global leaders in aquaculture are choosing more and more microalgae-based feeds to lessen their reliance on wild fishers and combat the effects of overfishing.

Regional Outlook

The global microalgae-based aqua feed market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).

North American countries to have sustainable fish feed

Environmental effects of traditional feed sources, such as fishmeal, are becoming increasingly evident to American fish producers.

Due to the increasing need for sustainable aquafeed options, North America is expected to grow in fish feeds based on microalgae.

Asia-Pacific Holds Major Market Share

Fish meals based on microalgae are expected to continue to be widely consumed in Asia-Pacific. The increased need for sustainable aqua feed solutions is a key contributor to the regional market growth. The East Asian microalgae-based aqua feed industry is growing due in part to rising shrimp cultivation and rising seafood demand. The presence of major manufacturers and consumers of microalgae-based aqua feed is a key contributor to the high share of the regional market.

Market Players Outlook

The major companies serving the global microalgae-based aqua feed market include DSM Corp., Cargill Inc., Corbion N.V., Cellana, Inc., and The Archer-Daniels-Midland Company among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive in the market. For instance, in June 2023, Green Aqua, partnered with Algikey to provide high-quality algae products to hatcheries. It is a strategic partnership to produce and commercialize algae products for the aquaculture market.