PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1577202
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1577202
According to Stratistics MRC, the Global Microalgae-based Aquafeed Market is accounted for $278.8 million in 2024 and is expected to reach $452.3 million by 2030, growing at a CAGR of 8.4% during the forecast period. Aquafeed made from microalgae, such as Nannochloropsis, chlorella, and spirulina, is animal feed designed for aquaculture species. Microalgae are a sustainable and environmentally friendly replacement for conventional fishmeal and fish oil. They are rich in vital nutrients such as proteins, omega-3 fatty acids (DHA, EPA), vitamins, and antioxidants. This feed lessens the environmental effect of aquaculture methods while promoting the growth, health, and nutritional value of farmed fish, crustaceans, and mollusks.
According to data from the Food and Agriculture Organization (FAO), global aquaculture production reached a record high of 130.9 million tonnes in 2022, with 94.4 million tonnes consisting of aquatic animals.
Increasing demand for sustainable and nutritious aquafeed
The aquaculture industry is expanding to meet rising seafood consumption. There's an increasing need for environmentally friendly feed alternatives. Microalgae-based aquafeed offers a sustainable solution, reducing reliance on wild-caught fish for feed production. It's rich in essential nutrients, including proteins, omega-3 fatty acids, and antioxidants, which enhance fish health and growth. This aligns with consumer preferences for sustainably sourced seafood, driving market growth and innovation in microalgae-based aquafeed production.
Challenges in large-scale production
Large-scale production of microalgae-based aquafeed faces several challenges that restrain market growth. These include high initial investment costs for infrastructure and equipment, complex cultivation processes requiring precise control of environmental conditions, and the need for specialized expertise. Scaling up production while maintaining consistent quality and nutritional content can be difficult. Additionally, the energy-intensive nature of some production methods raises questions about overall sustainability.
Expansion into new aquaculture species
As research advances, the benefits of microalgae-based feed are being recognized for a wider range of fish and shellfish species beyond traditional applications. This expansion opens up new market segments and increases the potential customer base. It also drives innovation in feed formulations tailored to specific species' nutritional requirements. The ability to adapt microalgae-based feeds for various aquaculture species enhances the product's versatility and market appeal, potentially leading to increased adoption across the aquaculture industry.
Fluctuations in global feed ingredient prices
While microalgae offer a more sustainable alternative, their production costs can be influenced by factors such as energy prices and raw material availability. Sudden price changes in competing feed ingredients, like fishmeal or soybean meal, can affect the competitiveness of microalgae-based products. This price volatility can create uncertainty for both producers and consumers, potentially impacting adoption rates and market stability.
The COVID-19 pandemic initially disrupted supply chains and production in the aquafeed industry. However, it also highlighted the importance of sustainable and locally sourced feed ingredients, potentially benefiting microalgae-based aquafeed. The pandemic accelerated trends towards food security and sustainable aquaculture practices, which could drive long-term growth in the microalgae-based aquafeed market.
The spirulina segment is expected to be the largest during the forecast period
Over the forecasted timeframe, the spirulina segment is anticipated to dominate the market share. Spirulina's dominance can be attributed to its high protein content, essential amino acids, and rich nutritional profile. It's particularly effective in enhancing fish growth, immune function, and coloration. Spirulina is also relatively easy to cultivate and process, making it a cost-effective option for aquafeed producers. Its versatility allows for use in feeds for various aquatic species, from fish to shrimp. The growing body of research supporting spirulina's benefits in aquaculture further reinforces its market leadership position.
The liquid segment is expected to have the highest CAGR during the forecast period
The liquid segment is expected to register lucrative growth during the estimation period. Liquid formulations offer improved digestibility and nutrient absorption for aquatic species, potentially leading to better feed conversion ratios. They are easier to incorporate into existing aquafeed production processes and can be more uniformly distributed in the feed. Liquid microalgae products also allow for easier storage and transportation compared to dry forms. Additionally, liquid formulations can be more readily adapted for use in various aquaculture systems, including recirculating aquaculture systems (RAS), contributing to their growing popularity.
Over the forecast period, the North America region is anticipated to hold the largest market share. This dominance can be attributed to advanced aquaculture practices, strong research and development capabilities, and increasing consumer demand for sustainably sourced seafood. The region has a well-established aquaculture industry, particularly in salmon and shrimp farming, which are key consumers of microalgae-based feeds. North America also leads in technological innovations for microalgae cultivation and processing. The presence of major aquafeed companies and supportive regulatory frameworks for sustainable aquaculture practices further contribute to the region's market leadership.
Over the forecasted timeframe, the Asia Pacific region is anticipated to exhibit the highest CAGR. This growth can be attributed to the region's expanding aquaculture industry, particularly in countries like China, India, and Vietnam. Increasing awareness of sustainable aquaculture practices and the nutritional benefits of microalgae-based feeds is driving adoption. The region's growing population and rising seafood consumption are fueling demand for efficient and sustainable aquafeed solutions. Additionally, government initiatives supporting aquaculture development and research in alternative feed ingredients contribute to the market's growth.
Key players in the market
Some of the key players in Microalgae-based Aquafeed Market include Corbion, Archer Daniels Midland Company (ADM), DSM, Alltech Coppens, Biomar Group, Aller Aqua Group, Cargill Inc., Nutreco, Skretting, Allmicroalgae Natural Products S.A., and Vedan Biotechnology Corp.
In September 2023, Corbion launched AlgaPrime DHA, a sustainable source of omega-3 fatty acids derived from microalgae, used in aquafeed production.
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.