The demand for microalgae in the animal feed sector will reach US$ 57.5 Mn in 2021, according to the most recent Future Market Insights (FMI) report. Between 2021 and 2031, the whole market is expected to grow at a 3.5 percent compound annual growth rate (CAGR), reaching a value of US$ 80.9 million by the year’s end. The need for microalgae in the animal feed industry is being fueled by several causes, including an expanding population, rising demand for animal products, and an increase in pet ownership.
The sales of microalgae products are being positively impacted by rapid urbanization, rising disposable income, and greater awareness of the advantages of natural antibiotics such as astaxanthin.
The demand for animal proteins is expanding the market for premium fish and animal feed, which are used to produce wholesome sources of protein for people. Microalgae-based products are growing in popularity as a result.
Alternative sources of energy and food are being investigated as a result of the growing world population. In addition to improving animal diets, microalgae supplements raise the value of the finished goods. Microalgae enhance overall animal productivity when added to animal diets.
Microalgae are increasingly being used as feed ingredients, particularly as a renewable substitute for conventional ingredients like corn and soybean. Microalgae have been revealed to possess anti-oxidant, anti-microbial, and disease-prevention capabilities that can lengthen the lives of fish and other animals. They are therefore being used more frequently in animal feed.
According to FMI, there will be room for market growth throughout the forecast period as a result of the soaring demand for microalgae products across the aquaculture and poultry industries. In terms of species type, spirulina will command the market. In 2021, it’s anticipated to hold a market share of about 39%. This is explained by its excellent nutritional qualities.
Important Findings from a Study on the Market for Microalgae in Animal Feed
- Through 2031, more than 92 percent of sales in North America will take place in the United States.
- The demand for microalgae in Germany’s animal feed industry is anticipated to surpass a valuation of US$ 2.5 Mn in 2021 as a result of rising sales of meat protein products.
- Brazil dominates Latin America in terms of value share with more than 52% thanks to a big animal husbandry sector.
- Spirulina will account for more than 39% of the global market in 2021 due to its high nutritional value.
- In the year 2021, 82 percent of the world’s demand for microalgae used in animal feed came from freshwater sources.