The Microalgae Global Market Report 2023, provides comprehensive information on the microalgae market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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As per The Business Research Company’s Microalgae Global Market Report 2023, the global microalgae market is expected to grow from $0.96 billion in 2022 to $1.03 billion in 2023 at a compound annual growth rate (CAGR) of 7.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global microalgae market is expected to grow to $1.35 billion in 2027 at a CAGR of 6.9%.
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Technological advancements have emerged as a key trend gaining popularity in the microalgae market. Major companies operating in the market are focused on innovating new technologies to sustain their position in the market. For instance, in June 2021, Polaris, a US-based multinational biotechnology company, launched Omegavie DHA 800 algae oil, a high-concentration DHA component from microalgae. It is sourced from microalgae (Schizochytrium sp.) that are high in vitamins, proteins, pigments, and enzymes. In order to safeguard and enhance the stability of microalgae, it makes use of Polaris’ unique Qualitysilver technology. Omegavie DHA 800 is exceptional due to its high potency, providing at least 800 mg/g of DHA. Polaris developed a patented sensory product line with exclusive and cutting-edge technology to ensure flavor. The method produces items with high organoleptic quality for optimal swallowing and zero-off notes.
The microalgae market is segmented:
1) By Type: Spirulina, Chlorella, Dunaliella Salina, Haematococcus Pluvialis, Other Microalgae
2) By Distribution Channel: Business Channel, Consumer Channel
3) By Applications: Food and Beverage, Dietary Supplements, Pharmaceuticals, Cosmetics and Personal Care, Bio-Fuel, Inks, Animal Feed, Other Applications
North America was the largest region in the microalgae market in 2022.
The table of contents in TBRC’s microalgae market report includes:
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The Business Research Company is a market intelligence firm that pioneers in market, company, and consumer research. TBRC’s specialist consultants are located globally and are experts in a wide range of industries that include healthcare, manufacturing, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries. Through the report businesses can gain a thorough understanding of the market’s size, growth rate, major drivers and leading players.
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