According to the report, The global Microalgae market in 2019 was approximately USD 55 million. The market is expected to grow above a CAGR of 4.9% and is anticipated to reach over USD 75 million by 2026.
Microalgae are nothing but microscopic algae, and generally found in a marine system and fresh water, living in sediment and water column both. Microalgae are a unicellular species which can exists individually or in group. Microalgae does not have root, stem or leaves like other plants. Microalgae perform the photosynthesis and they are generally used in greenhouse gas carbon dioxide to grow photoautotrophically. They are extensively utilized as a food and live feed in agriculture. Microalgae consist of high nutrition and high value compound including fatty acids, pigments and anti-oxidants. Additionally, major species of microalgae is used to acquire a significant quantity of lipids, and later it is converted into biodiesel by transesterification process.
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The growing use of microalgae in the food as a rich source of enzymes, fiber and as nutritional supplement is driving the market growth. Moreover, the scientific innovations in microalgae cultivation process may spur the market growth. However, challenges in the harvesting and recovery of the microalgae such as climate condition, changing regulations of food authority, and low customer demand may curb growth of the market. On the other hand, high investment in research and development activities to minimize the harvesting and recovery cost of microalgae by major manufacturers is creating lucrative opportunities in the market.
The microalgae market is segmented based on type, distribution channel, end-users and region. On the basis of type segmentation, the market is classified into spirulina, chlorella, dunaliella salina, red aphanocapsa, and others. By distribution channel, the market is classified into online sales, hyper market or super market, and retail stores. And by end-users segmentation, the market is bifurcated into food, feed, pharmaceuticals, bio fuels, and others.
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Some of the essential players operating in the microalgae market, but not restricted to include Algae. Tec Limited, DIC Corporation, Cyanotech Corporation, TerraVia Holdings Inc., Cellana LLC, E.I.D, Parry (India) Limited, Fuqing King Dnarmsa Spirulina Co. Ltd, Taau Australia Pty Ltd, and others.
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