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Microalgae-based Aquafeed Market Outlook from 2024 to 2034

The global microalgae-based aquafeed market is estimated to be valued at USD 279.6 million in 2024 and further increase at a CAGR of 7.5% during the assessment period. Global sales of microalgae-based aquafeed are set to total USD 575 million by 2034, pushed by high seafood consumption and growing demand for sustainable aquafeed.

Spirulina remains the widely used species in aquafeeds for a sustainable aquaculture industry. This can be attributed to high nutritional content and other benefits of the species. The target segment accounted for a dominant value share of 73% in 2023.

In the contemporary world, pressure on the aquaculture sector to reduce its environmental impact continues to mount. This, in turn, is putting the global microalgae-based aquafeed sector into the spotlight.

Microalgae-based aquafeed is becoming a promising and sustainable solution for the aquaculture sector. This not only helps in meeting the escalating demand for fish protein but also reduces the environmental footprint of aquaculture operations.

Microalgae are rich in essential nutrients like proteins, minerals, and vitamins. Certain microalgae strains are also high in omega-3 fatty acids like docosahexaenoic acid (DHA) and EPA (eicosapentaenoic acid). As a result, the usage of microalgae as a sustainable feed ingredient in aquafeed is increasing.

Growing demand for seafood, especially fish and shrimp, is anticipated to improve the global microalgae-based aquafeed market size and share through 2034. Similarly, rising export of edible fishery products and escalating interest in plant-based aquafeed will likely create prospects for leading microalgae-based aquafeed players worldwide.

Key players are employing advanced technologies and methods, including photobioreactors and closed systems, to enhance efficiency and sustainability of microalgae cultivation. These novel technologies can also improve nutritional content and quality of microalgae-based fish feeds.

Companies are also focusing on creating new microalgae-based feed formulations for specific varieties of fish and other aquatic animals. This will help aquaculturists to enhance feed efficiency and promote fish growth and health.

Attributes Description
Estimated Global Microalgae-based Aquafeed Market Size (2024E) USD 279.6 million
Projected Global Microalgae-based Aquafeed Market Value (2034F) USD 575 million
Value-based CAGR (2024 to 2034) 7.5%

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Key Industry Highlights

Escalating Demand for Seafood Globally Boosting Growth

The microalgae-based aquafeed worldwide outlook looks bright, owing to multiple factors. One such prominent factor is the increasing demand for seafood globally.

Consumer appetite for fish and other seafood products is growing rapidly. According to the World Economic Forum, global fish and other seafood consumption reached a record high of 20.5 Kg in 2019 and is set to escalate further in the coming years.

To meet the growing seafood demand without impacting the environment, aquaculture needs to use high nutritional feeds. This is anticipated to boost growth of the microalgae-based aquafeed market.

Microalgae-based feed provides a reliable source of protein to nourish farmed fish and other aquatic animals. High usage of this feed in the aquaculture sector will likely create growth prospects for microalgae-based aquafeed players in North America and other regions.

Sustainability Trend Opening Growth Windows for the Industry

From ancient times, fish feeds contained significant amounts of fishmeal and fish oil to meet nutritional requirements of fish. However, concerns over overfishing and increasing cost of fishmeal and fish oil are compelling the aquaculture sector to seek sustainable aquafeed.

Microalgae-based aquafeed is becoming a sustainable and nutritious substitute for traditional fishmeal as well as soybean-based aquafeed. The product allows fish farmers to effectively reduce the environmental impact while at the same time meeting soaring seafood demand.

Microalgae cultivation has a lower environmental footprint than traditional feed sources as the process requires less freshwater, land, and fertilizers. Thus, growing trend of using sustainable aquafeed like microalgae-based ones is set to play a key role in boosting growth through 2034.

High Production Cost and Technical Challenges Limiting Growth

The microalgae-based aquafeed market scope looks promising due to escalating demand for sustainable aquafeed. However, there are certain factors that might limit its growth. These include high production costs and technical constraints.

Microalgae cultivation in controlled environments like photobioreactors can be expensive. This high cost can limit the competitiveness of aquafeed compared to traditional feed sources.

To address this issue, key microalgae-based aquafeed players in North America and other regions are investing in research and development to reduce microalgae production costs. Subsequently, companies are working on developing more efficient processing methods.

2019 to 2023 Global Microalgae-based Aquafeed Sales Analysis Compared to Demand Forecast for 2024 to 2034

Global microalgae-based aquafeed sales increased at a CAGR of 9.2% between 2019 and 2023. Total size at the end of 2023 reached around USD 257.7 million. This high growth was fueled by increased demand for seafood produced using sustainable feeds.

Online seafood sales skyrocketed during the historical period when lockdown restrictions were in place due to the COVID-19 pandemic. This prompted fish farmers to utilize highly nutritional aquafeeds like microalgae-based ones.

Looking ahead, the microalgae-based aquafeed industry forecast looks optimistic. This is attributable to growing seafood consumption and export, advances in microalgae cultivation, and sifting preference towards sustainable aquafeed.

The aquaculture sector is witnessing robust growth, and the trend will likely persist through 2034. As per the State of World Fisheries and Aquaculture 2020, aquaculture production is estimated to reach 109 million tons in 2030, a 32% increase over 2018. This is set to create lucrative growth prospects for microalgae-based feed manufacturers.

Conventional aquafeed relies on fish oil and fishmeal obtained from wild-caught fish. Usage of these ingredients often contributes to overfishing and environmental degradation. To address this and reduce dependence on fish-based ingredients, fish farmers are shifting toward microalgae-based fish feed.

Ongoing advances in biotechnology, cultivation practices, and genetic engineering are making microalgae production more efficient and cost-effective. This is expected to encourage adoption of microalgae in aquafeed formulations, further boosting industry growth.

Nandini Roy Choudhury
Nandini Roy Choudhury

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Comparative Market Overview

The section below provides a comparative analysis of two industries in the food and beverage division related to target industry, namely, aquafeed and plant-based fish feed industries. The information provided in the tables below would enable potential clients to make wise investment decisions and put efforts in the most beneficial zones.

Plant-based Fish Feed Industry Assessment:

Global seafood consumption is on the rise, fueled by factors like high population growth, increasing disposable incomes, and rapid urbanization. This, in turn, is set to positively impact plant-based fish feeds as fish farmers widely use these to reduce environmental concerns and meet growing seafood demand.

Sustainability concerns are also putting plant-based fish feeds into the limelight. Similarly, usage of novel plant protein sources is anticipated to boost growth of the vegan fish feed industry during the assessment period.

Attribute Description
Related Market Plant-based Fish Feed Market
CAGR (2024 to 2034) 6%
Growth Factor Escalating need for alternative fish feeds
Opportunity Increasing seafood exports
Key Trends Innovation in vegan fish feed formulations

Aquafeed Industry Assessment:

Booming aquaculture sector across the globe is a prominent factor set to uplift aquafeed demand during the forecast period. Similarly, growing demand for protein-rich food sources like fish and increasing popularity of premium aquafeed will likely boost industry growth.

Attribute Description
Related Market Aquafeed Market
CAGR (2024 to 2034) 6.8%
Growth Factor Expansion of fish farming operations globally
Opportunity Surging demand for fish and fish-based products
Key Trends Growing interest in natural and organic aquafeed

Country-wise Insights

The section below depicts microalgae-based aquafeed market forecast across various countries. South Korea and Japan are set to experience high CAGRs of 10% and 9.2%, respectively, through 2034. The section also aims to evaluate microalgae-based aquafeed market trends in leading nations.

The regional analysis of aquafeed sector is also given to determine key pockets for companies closely. Information about current trends in microalgae-based aquafeed sector is also provided in the full report.

North America is set to remain a prominent consumer of microalgae-based fish feeds. This is due to growing need for sustainable aquafeed options. Demand for microalgae-based aquafeed in European market will likely rise due to increasing consumption of seafood.

Escalating demand for seafood and increasing shrimp farming are a few growth drivers for the microalgae-based aquafeed sector in East Asia. Overview of microalgae-based aquafeed market in Asia Pacific indicates Korea to witness robust growth.

Leading producers of microalgae-based aquafeed in Asia Pacific are focusing on integrating advanced technologies to reduce production cost of microalgae. This will likely help companies to woo more and more customers.

Countries CAGR 2024 to 2034
United States 7.8%
China 8.2%
United Kingdom 8.8%
Japan 9.2%
South Korea 10%

Escalating Interest in Sustainable Fish Feed Boosting Growth in the United States

The United States market is projected to experience a CAGR of 7.8% during the assessment period, totaling USD 102.3 million by 2034. This is attributable to booming aquaculture sector and increasing demand for sustainable fish feed.

Fish farmers across the United States are becoming aware of the environmental impact of conventional feed sources like fishmeal. As a result, farmers are demanding sustainable aquaculture feeds, including micro-based ones.

There is a partial or total replacement of fishmeal and fish oil in feeds across the United States. This commitment of the United States aquaculture sector to reduce its reliance on traditional feeds is set to uplift the demand for microalgae-based aquafeed and boost industry growth.

Microalgae-based aquafeed companies in North America are using novel technologies to improve production efficiency and reduce costs. This will likely bode well for the industry during the assessment period.

High Consumption and Export of Seafood Uplifting Demand in China

China's industry is projected to advance at a CAGR of 8.2% during the forecast period. Sales in the country are estimated to be valued at USD 91 million by 2034, fueled by increasing consumption and export of seafood.

China has become the world’s leading producer, consumer, and exporter of fish and fish products. This is making the country a highly lucrative pocket for aquafeed companies, and the trend is set to persist through 2034.

China remained the main exporting country of edible fishery products despite an 8% drop in export values during 2020. According to the Food and Agriculture Organization of the United Nations, edible fishery product exports totaled USD 18.3 billion in the country.

To meet this growing seafood demand, fish farmers are looking to use more sustainable and nutritional feed options. This, in turn, will likely uplift demand for microalgae-based aquafeed during the next ten years.

Another key factor creating microalgae-based aquafeed market opportunities in Asia Pacific, especially China, is the growth of inland aquaculture. Similarly, favorable government support and wide availability of microalgae will improve China’s share in microalgae-based aquafeed market in Asia Pacific.

Surging Demand for Sustainable Seafood in the United Kingdom Fueling Growth

Sales of microalgae-based aquafeeds in the United Kingdom are projected to soar at a CAGR of 8.8% during the assessment period. Total industry value in the nation will likely reach USD 23.3 million by 2034.

Multiple factors are expected to propel microalgae-based aquafeed demand in European nations like the United Kingdom through 2034. These include mounting pressure on aquaculture industry to reduce its environmental impact and growing preference for seafood products produced using eco-friendly feeds.

Consumers across the United Kingdom are increasingly becoming aware of sustainability and environmental impact. As a result, demand for seafood options that align with responsible practices is rising. This is expected to create lucrative growth prospects for the microalgae-based feeds.

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Category-wise Insights

The section below sheds some light on dominant segments and anticipated growth rates. The section offers detailed insights into microalgae-based aquaculture feed market based on different segments. The detailed segmentation of aquafeed industry can help companies to frame novel strategies accordingly.

Based on species, spirulina products segment dominated the industry, accounting for a value share of 73% in 2023. By aquatic animals, the latest analysis of the microalgae-based aquafeed industry estimates the fish segment to record a CAGR of 7.1% through 2034.

High Nutritional Content Making Spirulina a Widely Used Species

Segment Spirulina (Species)
Value Share (2023) 73%

Spirulina remains the most widely used species for making aquafeed. This is attributable to its high nutritional value, easy availability, versatility, and multiple health benefits.

The target segment accounted for a value share of 73% in 2023. For the next ten years, a CAGR of 7.3% has been assigned to the spirulina segment. Spirulina is a popular type of blue-green microalgae used as a feed ingredient in aquaculture due to its high nutritional profile.

Spirulina contains higher levels of amino acids, proteins, vitamins, minerals, unsaturated fatty acids, and other bioactive compounds compared to other strains. This makes the species more suitable as a feed supplement for aquaculture animals, enhancing growth and health.

Growing popularity of spirulina as a fishmeal replacer is anticipated to further boost the target segment. This is emerging as a promising and sustainable alternative protein source for replacing fishmeal in fish feeds.

Spirulina can be cultivated more quickly and efficiently in various environments. This is further improving its popularity and usage in the aquaculture sector, allowing companies to meet growing demand for aquatic feeds.

Fish Category to Create Significant Demand Globally

Segment Fish (Aquatic Animal)
Value Share (2023) 47%

Based on aquatic animals, the fish category is anticipated to generate significant revenue-generation opportunities for microalgae-based aquafeed manufacturers. This can be attributed to high consumption and export of various types of fish globally.

Unlike other aquatic animals, fish are consumed in high quantities globally. Rapid population growth and evolving dietary preferences are creating a high demand for seafood, including fish. This, in turn, is set to impact sales of fish feed, including microalgae-based ones positively.

Limitations of wild-caught fishmeal is directing fish farmers towards microalgae-based feed. This type of sustainable feed contains essential nutrients that are crucial for promoting growth and health of fish.

The sustainability aspect of microalgae feed is also increasing its adoption in fish segment. Leading aquaculture companies across the world are increasingly opting for microalgae-based feeds to reduce the dependence on wild fishers and counter overfishing pressure.

Competition Outlook

The seaweed-based aquafeed industry has a diverse and dynamic competitive landscape. As a result, leading players like Algalimento SL, Cellana Inc., Corbion N.V., and Evergen Resources are using different strategies to stay ahead.

Key players are offering a wide variety of microalgae-based products for specific species. Investments are being directed towards research and development activities to enhance the efficiency and nutritional value of microalgae strains.

Several companies are looking to explore new technologies like photobioreactors and closed systems to improve growth, minimize environmental impact, and reduce costs. Sustainability is making strides in this sector, prompting players to employ environmentally friendly production practices.

Key players are collaborating with research institutions and other companies to develop new technologies and products. Similarly, strategies like acquisitions, agreements, alliances, distribution agreements, and marketing campaigns are becoming prevalent in the industry.

Industry Updates

  • In May 2024, Netherlands-based Corbion broadened partnership with IMCD to strengthen presence in Asia Pacific.
  • In March 2023, United States-based JRS Group, a prominent manufacturer of functional ingredients, acquired Algaia SA, a leading producer of seaweed extracts and hydrocolloids.
  • In June 2023, Portugal-based A4F announced a partnership with the newly funded Horizon Europe project, INNOAQUA, to propel innovation in algae-based food production and aquaculture practices.

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

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.

Frequently Asked Questions

What is the microalgae-based aquafeed market global worth?

Global sales are estimated to reach USD 279.6 million in 2024.

What is the demand outlook for the industry?

The target industry is set to record a CAGR of 7.5% through 2034.

What is the estimated industry value for 2034?

By 2034, the global industry value is projected to total USD 575 million.

Which species segment will lead the industry?

Spirulina.

Who are the leading microalgae-based aquafeed companies?

Algalimento SL, Cellana Inc., Corbion N.V., and Evergen Resources.

How big is the aquafeed market?

The global aquafeed industry is set to reach USD 46.8 billion in 2034.

What is the status of the aquafeed industry?

Global aquafeed demand is projected to increase at 6.8% CAGR.

What are the applications of microalgae in aquaculture feed?

These are used as enrichment products and food sources in aquaculture.

Table of Content

1. Executive Summary

2. Industry Introduction, including Taxonomy and Market Definition

3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments

4. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections

5. Pricing Analysis

6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034

    6.1. Species

    6.2. Aquatic Animal

7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Species

    7.1. Spirulina

    7.2. Chlorella

    7.3. Nannochloropsis

    7.4. Isochrysis

    7.5. Others

8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Aquatic Animal

    8.1. Fish

    8.2. Mollusks

    8.3. Crustaceans

    8.4. Others

9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region

    9.1. North America

    9.2. Latin America

    9.3. Western Europe

    9.4. South Asia

    9.5. East Asia

    9.6. Eastern Europe

    9.7. Middle East & Africa

10. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries

11. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries

12. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries

13. South Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries

14. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries

15. Eastern Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries

16. Middle East & Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries

17. Sales Forecast 2024 to 2034 by Species and Aquatic Animal for 30 Countries

18. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard

19. Company Profile

    19.1. A4F Algae for future

    19.2. Algalimento SL

    19.3. Cellana Inc.

    19.4. Corbion N.V.

    19.5. Evergen Resources

    19.6. Greentech Group

    19.7. Kessler Zoologiegrosshandel GmbH & Co. KG

    19.8. Koninklijke DSM N.V.

    19.9. Solabia Group

    19.10. The Archer-Daniels-Midland Company

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