NEWARK, Del, July 16, 2024 (GLOBE NEWSWIRE) -- The global microalgae-based aquafeed market value is forecast to total USD 279.6 million in 2024 and USD 575 million by 2034. Global demand is anticipated to increase at a CAGR of 7.5% throughout the forecast period, fueled by increasing demand for sustainable aquafeeds.
Spirulina remains the widely used species owing to its high nutritional content and multiple health benefits. The target segment accounted for a prominent value share of 73% in 2023 and will likely retain its dominance through 2034.
Several factors are expected to fuel the growth of the microalgae-based aquafeed market during the assessment period. These include burgeoning seafood demand, growing concerns over overfishing, and a surging need for sustainable fish feeds.
The aquaculture sector is facing high pressure to reduce its environmental impact. This is expected to create strong demand for sustainable fish feeds like microalgae-based feed, the trend will likely continue through 2034.
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Microalgae-based aquafeed is rich in essential nutrients like amino acids, minerals, and vitamins. As a result, more and more fish farmers across the world are looking to use this sustainable and nutritional aquafeed, creating growth prospects for the industry.
Seafood consumption and export are anticipated to rise significantly due to rapid population growth, urbanization, and a surging need for protein-rich food sources. This, in turn, is set to play a key role in propelling demand for microalgae-based aquafeed.
Leading companies are constantly innovating to develop different microalgae-based products for specific aquatic animals. This will likely boost market growth during the next ten years.
Key Takeaways from Market Report:
- The global market is set to reach USD 575 million by 2034, registering a 7.5% CAGR.
- Based on species, the spirulina segment is set to record a CAGR of 7.3% through 2034.
- By aquatic animals, the fish segment dominates the industry with a share of 47% in 2023.
- China is anticipated to record a CAGR of 8.2% between 2024 and 2034.
- Sales in the United States are forecast to total USD 102.3 million by 2034.
“Increasing awareness about the environmental impact of traditional fishmeal is directing fish farmers toward sustainable fish feeds like microalgae-based ones. This will likely boost sales growth during the next decade,” Says Nandini Roy Choudhury, Client Partner at Future Market Insights
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Who is Winning?
The seaweed-based aquafeed industry has a diverse and dynamic competitive landscape, with leading players like Algalimento SL, Cellana Inc., Corbion N.V., and Evergen Resources holding significant shares.
Key players are employing different strategies, including new product launches, acquisitions, mergers, partnerships, and agreements, to boost their revenues and strengthen their footprint. Investments are being directed towards research and development activities to enhance the efficiency and nutritional value of microalgae strains.
Several companies are looking to use new technologies like photobioreactors and closed systems to improve growth, minimize environmental impact, and reduce costs. Key players are also using various marketing strategies to increase their customer base.
Leading Microalgae-based Aquafeed Brands
- A4F Algae for future
- Algalimento SL
- Cellana Inc.
- Corbion N.V.
- Evergen Resources
- Greentech Group
- Kessler Zoologiegrosshandel GmbH & Co. KG
- Koninklijke DSM N.V.
- Solabia Group
- The Archer-Daniels-Midland Company
Industry Update-
- In March 2023, JRS Group acquired Algaia SA, a leading producer of seaweed extracts and hydrocolloids.
Want More Insights?
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global microalgae-based aquafeed market, presenting historical demand data (2019 to 2023) and forecast statistics for the period from 2024 to 2034.
The study incorporates compelling insights based on species (spirulina, chlorella, nannochloropsis, isochrysis, and others) and aquatic animals (fish, mollusks, crustaceans, and others) across various regions.
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Key Segments of Market Report
By Species:
In terms of species, the market has been categorized into spirulina, chlorella, nannochloropsis, isochrysis, and others.
By Aquatic Animal:
Based on aquatic animals, the industry is segmented into fish, mollusks, crustaceans, and others.
By Region:
Industry analysis has been carried out in key countries of North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East and Africa.
About the Food & Beverage Division at Future Market Insights (FMI)
FMI's Food & Beverage team offers comprehensive business intelligence services, with a vast array of reports and data points analyzed across 50+ countries over a decade. The team provides consulting services and end-to-end research, offering expert analysis, actionable insights, and strategic recommendations to clients worldwide. Contact them to explore how they can assist with your unique business intelligence needs.
Authored by:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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According to Future Market Insights, the global aquafeed market is expected to increase at a CAGR of 6.8% through 2033.
The global aquafeed additives market size is anticipated to reach US$ 3.4 billion by 2033. It is estimated to record a steady CAGR of 4.3% in the review period 2023 to 2033.
The global freshwater microalgae market size is estimated to reach US$ 658.7 million in 2023. From 2023 to 2033, global freshwater microalgae sales are likely to surge at a robust CAGR of 9.3%.
As per FMI’s research, 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%.
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.
According to Future Market Insights (FMI) analysis, the demand for microalgae in fertilizers sector is projected to experience steady growth. Its overall valuation is expected to surpass US$ 28.7 million by 2033, up from US$ 11 million in 2023.
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 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.
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.
The demand for microalgae in the animal feed sector totaled US$ 57.54 Million in 2021, according to latest insights by Future Market Insights (FMI). Exhibiting a CAGR of 3.5% for 2021 to 2031.
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