The microalgae market in animal feed is projected to grow at a 3.5% CAGR from 2021 to 2031, driven by rising demand for meat and dairy products.
As per a latest Future Market Insights (FMI) analysis, the demand for microalgae in animal feed sector will top US$ 57.5 Mn in 2021. The overall market is forecast to expand at 3.5% CAGR between 2021 and 2031, reaching a valuation of US$ 80.9 Mn by 2031 end. Growing population, rising demand for animal products, and increasing adoption of pets are some of the factors fuelling the demand for microalgae in animal feed sector.
Rapid urbanization, rising disposable income, and growing awareness regarding benefits of natural antibiotics such as astaxanthin are positively impacting the sales of microalgae products.
Increasing consumption of animal proteins also is creating opportunities for sales of high quality fish and animal feed to derive healthy source of proteins for humans. As a result, microalgae products are gaining traction.
The rise in global population has led to the exploration of alternative sources of energy and food. Microalgae supplements not only benefit animal diets but also add value to the end products. The inclusion of microalgae in animal diets improves overall yield in animals.
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Adoption of microalgae as feed ingredients is increasing, especially as a renewable alternative to traditional counterparts such as corn and soybean. It has been found that microalgae have anti-oxidant, anti-microbial and diseases preventing properties that can increase the lifespan of animals and fishes. As a result, they are being increasingly adopted in animal feed.
According to FMI, the surging demand for microalgae products across aquaculture and poultry industries will create scope for the expansion of the market during the forecast period.
Spirulina will lead the market in terms of species type. It is expected to account for a market share of around 39% in 2021. This can be attributed to its highly nutritional properties. North America is one of the leading regions, exhibiting high demand for microalgae. It is expected to account for 36.1% of the global microalgae sales in animal feed sector in 2021.
“Growing demand for meat and dairy products to cater to the consistently increasingly population will continue to fuel the demand for microalgae in the animal feed sector,” says the FMI analyst.
Key Takeaways from Demand for Microalgae in Animal Feed Market Survey
Key Drivers
Key Restraints
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Competitive Landscape
Key companies operating in the microalgae industry are aiming at developing new products. They have adopted various strategies such as mergers and acquisitions, development of new products and collaborations to gain a competitive edge in the market.
Some of the prominent players operating in the demand for microalgae in animal feds sector market profiled by FMI are:
More Insights on the Demand for Microalgae in Animal Feed Sector Sales Outlook
FMI provides an unbiased analysis of demand for microalgae in animal feed sector market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for microalgae in animal feed sector with a detailed segmentation on the basis of:
By Species Type:
By Source:
By End Use Applications:
By Region:
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Key Questions Covered in the Demand for Microalgae in Animal Feed Sector Sales Outlook Report
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The article discusses the growth of microalgae demand in the animal feed sector, projected to expand at a 3.5% CAGR from 2021 to 2031.
Demand is rising due to growing meat and dairy consumption, and the nutritional benefits of microalgae in animal feed.
North America and Europe are leading regions, with significant demand also in Latin America.
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