Global Microalgae-based Aquafeed Market Size to Exceed USD 493.79 Million by 2033: Market Statistics Report

Global Microalgae-based Aquafeed Market Size to Exceed USD 493.79 Million by 2033 

According to a research report published by Spherical Insights & Consulting, the Global Microalgae-based Aquafeed Market Size is Expected to Grow from USD 244.31 Million in 2023 to USD 493.79 Million by 2033, at a CAGR of 7.29% during the forecast period 2023-2033. 

Browse 210 market data Tables and 45 Figures spread through 190 Pages and in-depth TOC on the Global Microalgae-based Aquafeed Market Size, Share, and COVID-19 Impact Analysis, By Species (Spirulina, Chlorella, Nannochloropsis, Isochrysis, and Others), By Aquatic Animal (Fish, Mollusks, Crustaceans, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.

Fish and other aquatic animals raised in aquaculture can be fed a dependable source of protein from microalgae-based feed. The aquaculture industry's high use of this feed is probably going to open up growth opportunities for companies that produce microalgae-based aquafeeds in North America and other places. Additionally, the processed animal protein market is expected to grow significantly due to increasing demand for high-quality protein in animal feed, pet food, and aquaculture. Global livestock production is on the rise, processing technologies are advancing, and the need for sustainable feed solutions is growing. Opportunities in the processed animal protein market include the increasing demand for sustainable and cost-effective animal feed solutions, driven by an increasingly large livestock industry. Trends such as alternative proteins, innovations in production methods, and increased focus on pet nutrition and aquaculture are shaping market growth. However, the high expenses of growing and processing microalgae pose serious problems for the microalgae-based aquafeed sector, which might have a direct effect on final product prices.

The spirulina segment is expected to hold the largest share of the global microalgae-based aquafeed market during the projected timeframe.                

Based on species, the global microalgae-based aquafeed market is categorized as spirulina, chlorella, nannochloropsis, isochrysis, and others. Among these, the spirulina segment is expected to hold the largest share of the global microalgae-based aquafeed market during the projected timeframe. This is because of its high protein content and advantageous amino acid composition, spirulina is the industry leader and a popular option for boosting aquafeed's nutritional value.

The fish segment is expected to grow at the fastest CAGR during the projected timeframe.       

Based on the aquatic animal, the global microalgae-based aquafeed market is categorized as fish, mollusks, crustaceans, and others. Among these, the fish segment is expected to grow at the fastest CAGR during the projected timeframe. The growing demand for fish protein around the world and the requirement for top-notch sustainable feedstock to sustain aquaculture development.

Asia-Pacific is projected to hold the largest share of the global microalgae-based aquafeed market over the forecast period.

Asia-Pacific is projected to hold the largest share of the global microalgae-based aquafeed market over the forecast period. The substantial aquaculture output in nations like China, India, and Indonesia is what propels this region to its dominant position. In 2023, for instance, the aquafeed market in the Asia Pacific grew to a size of 48.3 million tons. The Asia-Pacific area, which is the world's largest producer and consumer of seafood, has a thriving aquaculture sector that is progressively implementing cutting-edge feed solutions to satisfy the rising demand for wholesome and sustainable aquatic animal products.

North America is expected to grow at the fastest CAGR growth of the global microalgae-based aquafeed market during the forecast period. The development and acceptance of microalgae-based aquafeed have been greatly aided by the region's cutting-edge technology, research capacities, and increasing awareness of sustainable aquaculture methods. The use of microalgae as a nutrient-dense and environmentally beneficial element in aquafeed formulations has been spearheaded by major aquafeed manufacturers, aquaculture research institutes, and regulatory agencies in North America.

Competitive Analysis

Major vendors in the global microalgae-based aquafeed market are Koninklijke DSM N.V., The Archer-Daniels-Midland Company, Corbion N.V., Cellana Inc., Solabia Group, Evergen Resources, Greentech Group, Algalimento SL, Kessler Zoologiegrosshandel GmbH & Co. KG, and A4F Algae for Future, and Others.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Key Market Developments

• In June 2023, Portugal-based A4F established a collaboration with INNOAQUA, a recently funded Horizon Europe project, to advance innovation in aquaculture and algae-based food production methods.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global microalgae-based aquafeed market based on the below-mentioned segments: 

Global Microalgae-based Aquafeed Market, By Species

• Spirulina
• Chlorella
• Nannochloropsis
• Isochrysis
• Others

Global Microalgae-based Aquafeed Market, By Aquatic Animal

• Fish
• Mollusks
• Crustaceans
• Others

Global Microalgae-based Aquafeed Market, By Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa