Microalgae is a microscopic algae which is usually found in marine water and fresh water. The microalgae is a rich source of minerals and nutrition such as vitamin A, B1, B2, C, E, protein, iron and magnesium. Due to these properties the microalgae is used commercially in various industries such as dietary supplement, food/feed, pharmaceutal, cosmetic and biofuels. The application of microalgae products in these industry leads to the surge in the awareness of microalgae products among the customers.

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The microalgae market is subject to stable growth in the coming years. The growth of the market can be attributed to growing application of algal protein in dietary supplements and food industry. Moreover, algal protein is not considered an animal protein source, hence is perfect for consumption among the vegan population. Furthermore, microalgae has multiple applications which includes cosmetics, and feed industry.

Both feed and cosmetic industry has experience a surge in growth in the recent decade which has increased the demand of such products on a global level and as a resulted in an increase in the demand for microalgae. Thus, the abovementioned factors act as the key driving forces of the Microalgae market. However, the uncertainties in climatic conditions leading to problems in algae production act as the restraint, hindering the market growth. On the contrary, breakthroughs in microalgae production technology and growing adoption of microalgae in fortified food sector is expected to provide opportunities for growth for the microalgae market in the coming years.

The outbreak of the COVID-19 pandemic has marginally affected the microalgae market. People are restricted to stay at their homes to stop the further spread of the diseases. Governments have been forced to introduce and maintain social and mobility restrictions in an attempt to control spread of the disease. In this context, the microalgae production went on a temporarily halt and the production units were shut for a temporarily period of time. Furthermore, due to the lockdown, the disruption in supply chain also affected the microalgae business. However, the demand for microalgae during the lockdown has increased. This can be attributed to the fact that consumers all around the world have started investing in dietary supplements and fortified food to stay healthy.

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The Microalgae market has been segmented based on the type, application and region. Based on type, the Microalgae market is divided into spirulina, chlorella, dunaliella salina, and aphanizomenon flos-aquae. In addition, the report segments the market on the basis of application which includes dietary supplements, food/feed, pharmaceutical, cosmetic, bio fuel and others. Furthermore, it includes the revenue generated from the sales of Microalgae across North America (U.S., Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea and rest of Asia-Pacific), and LAMEA (Latin America, Middle East and Africa).

Based on microalgae market analysis by type, the market is segmented into spirulina, chlorella, dunaliella salina, and aphanizomenon flos-aquae. In which the spirulina is the largest contributor to the market growth. The growth attributes to the fact that it is efficient for the production of dietary supplements, due to properties such as phycocyanins, anti-oxidant, phenolics and anti-inflammation. These properties makes spirulina an ideal ingredient in the production of dietary supplements and edibles.

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Based on microalgae market forecast by application, market is fragmented into dietary supplements, food/feed, pharmaceutal, cosmetic, and others. Among these application the dietary supplements share the largest market share. This is because the microalgae is rich in nutrition such as protein, vitamin and minerals. The presence of these nutrition makes microalgae ideal for the production pills, powders and capsules. Furthermore, the microalgae products are gaining traction in healthcare and nutrition industries due to these factors.
Region wise, North America dominated the microalgae market size in 2020, and is expected to sustain its dominance throughout the forecast period. The key factors driving microalgae market growth in the region include rise in awareness of nutritional values of microalgae in cosmetic, dietary supplements and food/feed industries. Also, the rise in disposable income and health and wellness contributes to the market growth.

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