Microalgae-based Aquafeed Market Trends & Forecast 2024
The global microalgae-based aquafeed market is forecasted to achieve a valuation of USD 280.6 million in 2024, reflecting an increase from previous estimates. The industry is expected to experience significant growth, with its market size projected to reach USD 576 million by 2034. This robust expansion is fueled by the rising demand for sustainable aquafeed solutions and the growing global consumption of seafood. The compound annual growth rate (CAGR) from 2024 to 2034 is estimated at 8.5%, highlighting the sustained demand for microalgae-based aquafeed across various applications.
| Attribute | Details |
| Market Size (2024) | USD 280.6 million |
| Market Size (2034) | USD 576.0 million |
| CAGR (2024-2034) | 8.5% |
Microalgae-based Aquafeed Market Analysis in Microalgae-based Aquafeed Market
The growing emphasis on sustainability and the need for environmentally friendly aquafeed options are key drivers of the microalgae-based aquafeed market. Microalgae are rich in essential nutrients like proteins, omega-3 fatty acids (DHA and EPA), and vitamins, making them a preferred alternative to traditional fishmeal and fish oil in aquafeeds. This shift has positioned microalgae-based aquafeed as a sustainable and nutritionally beneficial choice for aquaculture farmers worldwide.
The aquaculture industry’s transition to eco-friendly practices and the heightened demand for fish protein are expected to boost the microalgae-based aquafeed market. Key players in the industry are focusing on innovative cultivation methods, such as photobioreactors, to optimize microalgae production and enhance feed quality.
Market Trends for Microalgae-based Aquafeed Market
- Sustainable Aquaculture Solutions: The demand for sustainable aquafeed solutions is driving the growth of microalgae-based products. Companies are actively working to reduce their environmental footprint by adopting sustainable production processes.
- Growing Preference for Alternative Proteins: Rising awareness of sustainable and alternative protein sources has accelerated the shift towards microalgae-based aquafeed.
- Technological Advancements: Advancements in cultivation technologies, such as photobioreactors, are driving the production efficiency and scalability of microalgae.
- Nutritional Excellence: Microalgae’s nutritional profile, including DHA, EPA, and amino acids, enhances the health and growth of aquaculture species, making it an ideal choice for modern aquafeed formulations.
Segment and Category Analysis in Microalgae-based Aquafeed Market
By Species
- Spirulina: Dominating the market with a 74% share in 2024, spirulina’s nutritional richness and versatility have made it a popular choice in microalgae-based aquafeed.
- Chlorella: Known for its high protein content, Chlorella is becoming a prominent ingredient in specialized aquafeeds.
- Others: Other microalgae species, including Nannochloropsis and Isochrysis, are gaining attention for their functional benefits in aquafeed.
By Application
- Fish: The leading segment, driven by the high consumption and export of fish globally.
- Mollusks: Increasing demand for sustainable feed for mollusks, including clams and oysters, is propelling this segment’s growth.
- Crustaceans: Demand for crustacean feeds, particularly for shrimp farming, is steadily rising due to global consumption trends.
| Segment | Market Share (2024) |
| Spirulina (Species) | 74.0% |
| Fish (Aquatic Animal) | 48.0% |
| Mollusks (Aquatic Animal) | 22.0% |
Key Growth Regions for Microalgae-based Aquafeed Market
North America and Asia Pacific are expected to lead the growth of the microalgae-based aquafeed market. Key countries driving market expansion include the United States, China, and South Korea.
- North America: The United States is a leading market, driven by a growing shift toward sustainable aquafeed options, with a CAGR of 8.8% through 2034.
- Asia-Pacific: South Korea is expected to achieve a CAGR of 11%, driven by technological advances in aquafeed production and increasing shrimp farming activities. China’s CAGR is projected at 9.2%.
Key Restraining Factors in Microalgae-based Aquafeed Market
- High Production Costs: Production of microalgae-based aquafeed is costly due to the technology and energy-intensive nature of cultivation processes.
- Limited Consumer Awareness: Consumers’ limited understanding of the benefits of microalgae-based aquafeed poses a challenge for market expansion.
- Regulatory Constraints: Regulatory approval for aquafeed formulations can be complex and time-consuming, affecting product launches.
Competitive Landscape in Microalgae-based Aquafeed Market
The microalgae-based aquafeed market is highly competitive, with major players employing advanced cultivation techniques, strategic partnerships, and research-driven innovations to maintain market share.
Key Market Players:
- A4F Algae for Future
- Algalimento SL
- Cellana Inc.
- Corbion N.V.
- Evergen Resources
These companies emphasize R&D investments, strategic partnerships, and sustainability initiatives to strengthen their market presence.
Competitive Analysis:
- Revenue Analysis: Assessment of revenue streams by key market players.
- Market Share Analysis: Market share distribution by species, aquatic animal, and region.
- Company Evaluation Matrix: A comparative analysis of leading players based on growth potential, product innovation, and market reach.
- Start-up/SME Analysis: Insights into emerging players, their business strategies, and market entry points.
Contact our advisory to learn more about established and emerging players.
Frequently Asked Questions (FAQs) for Microalgae-based Aquafeed Market
What is the estimated market value for microalgae-based aquafeed in 2024?
The market is projected to be valued at USD 280.6 million in 2024.
How big is the market expected to be by 2034?
The market is expected to reach USD 576.0 million by 2034.
What is the projected CAGR from 2024 to 2034?
The market is forecasted to register a CAGR of 8.5% during this period.
Which region shows the highest growth potential?
South Korea exhibits the highest growth potential with a CAGR of 11%, followed by China at 9.2%.
Which species holds the largest market share?
Spirulina is projected to hold 74% of the market share in 2024.
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