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Microalgae-based Product Market to Surpass US$ 5,978.2 Million at 5.3% CAGR by 2034: Fact.MR Study

The projected value of the microalgae-based products industry in the United States is expected to reach US$ 618.3 million by the year 2024.

Rockville, Jan. 04, 2024 (GLOBE NEWSWIRE) -- According to a new study by Fact.MR, a market research and competitive intelligence provider, the Microalgae-based Product Market is expected to reach US$ 3,567.2 million in 2024 and is anticipated to rise at a steady 5.3% CAGR through 2034. By 2034, the market is expected to be worth US$ 5,978.2 million.

The growth of the microalgae market is driven by the increasing demand for environmentally friendly and sustainable biofuel and wastewater treatment production solutions. Government efforts to standardize microalgae farming methods are expected to drive growth. The growing use of marine microalgae proteins and components in pharmaceutical, nutraceutical, and aquaculture products is also driving sales in the industry.

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Key Segments of Microalgae-based Product Industry Research Report

By Product Type By Application By Region
  • Astaxanthin
  • B-Carotene
  • Spirulina
  • Chlorella
  • PUFA
  • Lutein
  • Others
  • Food & Beverages
  • Dietary Supplement & Pharmaceutical
  • Personal Care
  • Animal Feed & Aquaculture
  • Biochar/Fertilizer
  • Others
  • North America
  • Europe
  • Latin America
  • East Asia
  • South Asia & Oceania
  • The Middle East & Africa

Key Takeaways from the Market Study

  • The global microalgae-based product market is projected to expand at a CAGR of 5.3% through 2034.
  • The North America microalgae-based product market is expected to grow at a remarkable rate of 4.1% through 2034.
  • The microalgae-based product industry in the United States holds a dominant share of 66.5% in 2024.
  • The microalgae-based product industry in China is expected to rise at a CAGR of 5.4% through 2034.
  • The East Asian microalgae-based product market is anticipated to evolve at a modest CAGR of 5.6% through 2034.

The use of microalgae in agriculture is rapidly achieving favor owing to their remarkable ability to fix nitrogen and increase soil fertility. Biofertilizers that contain products obtained from microalgae are becoming more and more popular since they are more environmentally friendly and sustainable than conventional chemical fertilizers.

The growing usage of algal protein in food and dietary supplement industries is expected to fuel the steady rise of the microalgae-based products market in the near future. Algal protein is an excellent choice for vegans due to its plant-based composition. Furthermore, microalgae have a variety of uses, such as in the feed and cosmetics industries.

The nutrient-rich biomass of microalgae is highly suitable for improving soil health and crop yield, and their nitrogen-fixing ability further adds to their significance in agriculture. The exceptional capacity of microalgae to enhance plant nutrient absorption and root growth is driving the growing demand for their use in agriculture. With these benefits, microalgae-based products are becoming preferred for farmers and agricultural enthusiasts.

The increased usage of microalgae in fortified foods and technological developments in microalgae production is projected to boost the microalgae market shortly. The industry has already seen a demand boom because of all the health benefits of consuming microalgae-based products. Microalgae are a common component in many food and beverage items because of their high nutritional content, which includes vitamins, minerals, and antioxidants. The desire for natural, plant-based ingredients and the emphasis on healthy eating practices will drive significant expansion in the microalgae market in the upcoming years.

“Microalgae-based products, utilized in nutrition, biofuel production, and wastewater treatment, are gaining traction due to their environmental benefits, carbon sequestration, and growing global emphasis on sustainable practices.," says a Fact.MR analyst.

Companies Poised to Explore Growing Demands for Microalgae-Based Products

The global demand for microalgae-based goods is expected to rise in the next decade due to factors such as high health supplement consumption, strict laws against artificial coloring, the growth of biofertilizer and cosmetics industries, consumers' preference for natural protein sources, and established market players in North America and Asia Pacific.

Market participants hold significant power in the microalgae-based product sector, contributing to food ingredients, pharmaceuticals, and agricultural products. They can fund studies and innovations to enhance algae-produced goods and collaborate with industry firms using microalgae as a raw material.

Additionally, market players can enhance microalgae biofuel applications by collaborating with research groups or academic institutions, staying updated on biofuel industry developments, and highlighting its environmentally friendly and sustainable aspects.

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Report Attribute Details
Value Projection (2034) USD 5,978.2 Million
Growth Rate (2024-2034) 5.3% CAGR
No. of pages 170 Pages
No. of Tables 40 Tables
No. of Figures 144 Figures

Sustainable Growth in East Asian Microalgae Industry and China's Thriving Eco-friendly Algae Products

Recent market research indicates a promising trajectory for the East Asian market, poised for substantial growth with an anticipated Compound Annual Growth Rate (CAGR) of 5.6% through 2034. In 2024, the market is projected to reach a value of US$ 847 million, securing a revenue share of 25.3%. Notably, China's microalgae-based products industry is expected to play a pivotal role, contributing significantly with a projected revenue share of 68.5% and a valuation of US$ 618.3 million in 2024. The sector is forecasted to exhibit steady growth, sustaining a CAGR of 5.4% until 2034.

China, currently grappling with wastewater treatment challenges, is proactively adopting advanced photobioreactor microalgae to purify and ready its water sources for human consumption. This initiative is anticipated to have a profound impact on public health and environmental sustainability in China.

As the quest for alternative energy sources intensifies due to the scarcity of fossil fuels in China, microalgae is emerging as a potential option, particularly in the automotive sector. With a rising demand for eco-friendly energy solutions, microalgae holds promise as a viable fuel for vehicles, further contributing to China's commitment to sustainable practices.

In a parallel trend, the pet food industry is witnessing a surge in the adoption of algae photobioreactors. The increasing humanization of pets has led to a heightened demand for nutritious and high-quality pet food. Algae photobioreactors are playing a key role in meeting this demand, creating premium pet food options. This shift is expected to unlock new sales opportunities in the East Asian market as pet owners prioritize the health and well-being of their furry companions.

Checkout More Related Studies Published by Fact.MR Research:

Algae Fats Market: The key driving factor for the global algae fats market is the persistently developing food industry sector which have resulted in increased demand for algae fats across all major developing economies.

Algae Omega 3 Market: The algae omega 3 Market is predicted to grow at 11.5% CAGR during the forecast period. The algae omega3 ingredients market is likely to be worth US$ 976.87 Million in 2022.

Brown Algae Protein Market: Increasing awareness among consumers regarding brown algae proteins for its health benefits is a significant factor driving the global brown algae protein market.

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