Rapid Growth of Freshwater Microalgae Market is estimated to help Reach US$ 1,605 Million at CAGR of 9.3% through 2033 End | Data by Future Market Insights, Inc.

NEWARK, DE / ACCESSWIRE / July 10, 2023 / According to Future Market Insights (FMI), the worldwide freshwater microalgae market is valued at US$ 658.7 million in 2023. It is anticipated to cross a valuation of US$ 1,605.0 million by the end of 2033.

Over the next decade (2023 to 2033), global freshwater microalgae demand is likely to increase at a CAGR of 9.3%. Sales are expected to remain particularly high for Spirulina spp. due to its high nutritional content.

The rising usage of freshwater microalgae across food & beverage, pet food, and healthcare sectors is a prominent factor expected to boost the global market.

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The demand for freshwater microalgae and products derived from microalgae is influenced by shifting consumer trends and preferences. This includes a growing preference for plant-based foods and the rising popularity of functional foods.

Today, consumers are showing a keen interest in plant-based and environmentally friendly alternatives in food, beverages, and personal care products. This is prompting companies to use freshwater microalgae in their products which will continue to boost the market.

Market expansion is further sparked by consumer awareness of the advantages microalgae have for the environment and their health.

Microalgae are rich sources of protein, fatty acids, and bioactive compounds. Hence, they provide various potential health benefits which are fueling their sales.

Growing usage of microalgae as ingredients in the production of pharmaceutical, aquaculture, and nutraceutical products will boost the global freshwater microalgae industry.

The government's expanding efforts to standardize freshwater microalgae cultivation will act as a catalyst triggering the freshwater microalgae market growth.

Key Takeaways from this Report:

• The global freshwater microalgae market is expected to reach a valuation of US$ 1,605.0 million by 2033.
• Global demand for freshwater microalgae is likely to soar at 9.3% CAGR over the forecast period.
• By strain type, spirulina Spp. segment is projected to thrive at a robust pace through 2033.
• Based on end-use applications, the food & beverage segment holds a significant share of the global market.
• Europe is expected to retain its dominance in the global market with a value share of 33.7% by 2033.
• North America is projected to hold around 24.1% share of the global market by 2033.
• The United States freshwater microalgae market value is projected to reach US$ 338.2 million by 2033.
• Freshwater microalgae demand in China market is set to rise at 7.4% CAGR through 2033.

"The market for freshwater microalgae is expanding as a result of rising interest in environmentally friendly, plant-based food sources as well as growing public awareness. Its expansion is having an effect on the world by giving the food, cosmetics, pharmaceutical, and biofuel sectors a nourishing and adaptable ingredient. It also helps to sequester carbon," - says a lead analyst at Future Market Insights (FMI).

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Who is Winning?

Allmicroalgae, Cyanotech Corporation, Earthrise Nutritionals, Ecoduna, Fermentalg, Fujifilm Corporation, Heliae Development, LLC, Lyxia Corporation, Martek Biosciences (a division of DSM), Nutress B.V, EID Parry (Parry Nutraceuticals), Pond Technologies are key freshwater microalgae companies listed in the report.

These players are focusing on launching new products to expand their portfolios. They also employ strategies such as facility expansions, mergers, advertisements, partnerships, acquisitions, and agreements to stay relevant in the market. For instance,

• In 2019, ‘Spirulina Pacifica', a new freshwater microalgae product was introduced by Cyanotech Corporation.

Get More Valuable Insights:

Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global freshwater microalgae market presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.

The study incorporates compelling insights on the freshwater microalgae market based on strain type (Chlorella Spp., Spirulina Spp., Nannochloropsis, Dunaliella, Haematococcus Spp., Scenedesmus Spp., Euglena Spp., Tetraselmis spp.) and end-use application (food & beverage sector, health & medical sector, animal feed sector, biofuel production, cosmetics & personal care sector, fertilizers sector, and pet food Sector) across various regions.

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Key Segmentation:

By Strain Type:

• Chlorella spp.
• Spirulina spp.
• Nannochloropsis
• Dunaliella
• Haematococcus Spp.
• Scenedesmus spp.
• Euglena spp.
• Tetraselmis spp.

By End Use Application:

• Food & Beverage Sector
• Health & Medical Sector
• Animal Feed Sector
• Biofuel Production
• Cosmetics & Personal Care Sector
• Fertilizers Sector
• Pet Food Sector

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• Middle East & Africa

Table of Content (ToC):

1. Executive Summary

1.1. Global Market Outlook

1.2. Demand Side Trends

1.3. Supply Side Trends

1.4. Technology Roadmap

1.5. Analysis and Recommendations

2. Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Definition

3. Market Background

3.1. Drivers

3.1.1. Supply Side Drivers

3.1.2. Demand Side drivers

3.1.3. Economic Side Drivers

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Explore FMI's related ongoing Coverage in Food and Beverage Domain:

Pet Food Microalgae Market Size: The pet food microalgae market is slated to reach US$ 24 million by 2023. By the end of 2033, the market is pegged to achieve US$ 38.3 million, meanwhile expanding at a CAGR of 5%.

Pet Food Ingredients Market Share: The pet food ingredients market is estimated to reach US$ 42.2 billion in 2023. It is projected to be valued at US$ 68.3 billion by 2033. It is anticipated to witness a CAGR of 4.9% from 2023 to 2033.

Frozen Pet Food Market Trends: The global frozen pet food market is expected to reach a market valuation of US$ 14 Billion by 2022, with demand increasing at a CAGR of 5.1% over the assessment period.

Microalgae Market Growth: The microalgae market is estimated to secure a valuation of US$ 11.8 billion in 2023 and is predicted to reach US$ 25.4 billion by 2033. The market is capturing a CAGR of 8% during the forecast period.

Food and Beverage Microalgae Market Forecast: The global food and beverage microalgae market, valued at US$ 125 million in 2023, is projected to grow steadily at a rate of 7% from 2023 to 2033. By 2033, the market is expected to soar to US$ 247.4 million.

Personal Care and Cosmetics Microalgae Market Types: The personal care and cosmetics microalgae market is anticipated to reach US$ 61 million by 2023. The microalgae business in personal care and cosmetics is expected to reach US$ 107.0 million by 2033, expanding at a CAGR of 6% between 2023 and 2033.

Health and Medical Microalgae Market Analysis: The health and medical microalgae market is estimated to capture a valuation of US$ 729 million in 2023 and is projected to reach US$ 1,337 million by 2033. The market is estimated to secure a CAGR of 6% from 2023 to 2033.

Functional Food and Natural Health Products Market Outlook: The global functional food and natural health products market size was valued at US$ 23542.4 million in 2023. It is expected to register a CAGR of 5.3% through 2033. The market is expected to reach a valuation of US$ 38555.2 million by 2033.

GCC Functional Food Market Overview: GCC Functional Food Market: The revenue generated from the sales of functional foods in GCC countries is estimated to be around US$ 30.9 Billion by 2032, and is projected to expand at a CAGR of 11% during the forecast period 2022 to 2032.

Animal Feeds Microalgae Market Demand: The demand for microalgae in the animal feed sector totaled US$ 57.54 Million in 2021, according to the latest insights by Future Market Insights (FMI). Exhibiting a CAGR of 3.5% for 2021-31, the market is expected to reach US$ 80.96 Million by 2031.

About Future Market Insights (FMI):

Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel, and End Use over the next 10 years.

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