Microalgae Market Current Status, Challenges, Renewable Industry, Rapid Growth Of Fresh Water, Manufacturers And Forecast 2023-2032|Cellana Inc., Cyanotech Corporation, DIC Corporation, E.I.D Parry Ltd., Fuqing King Dnarmsa Spirulina Co. Ltd., Taau Australia Pty Ltd.

The Microalgae Global Market Report 2023 by The Business Research Company, provides microalgae market overview 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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According to 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%.

Increasing demand for nutritional supplements is expected to propel the growth of the microalgae market going forward. Nutritional supplements refer to dietary additions that are typically made up of one or more dietary components, such as vitamins, minerals, herbs, amino acids, and enzymes. Microalgae are autotrophic organisms that are highly sought after for usage in nutraceuticals and as dietary supplements because they boost the body’s nutritional makeup and enhance the immune system.

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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

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 report table of contents includes: