Nannochloropsis Market Size

Nannochloropsis Market Size

Nannochloropsis Market size was valued at USD 4 million in 2022 and is projected to expand at 4.5% CAGR from 2023 to 2032. In the aquaculture industry, nannochloropsis is extensively used as a feed ingredient. The rising demand for seafood including finfish and shellfish has resulted in increased aquaculture production, fueling the market demand. The nutraceutical and functional food industries have realized the value of incorporating omega-3 fatty acids into their products, which is increasing the demand for nannochloropsis as a sustainable & effective source. The ongoing R&D in the field of microalgae cultivation, biotechnology, and bioprocessing is propelling the industry demand.

Nannochloropsis is considered a valuable feedstock for biofuel production, especially biodiesel. The high lipid content and rapid growth rate make nannochloropsis a popular choice for sustainable biofuel production. The growing emphasis on renewable energy sources and the need to reduce dependence on fossil fuels are boosting nannochloropsis market revenue in the renewable energy and biofuel sectors.

There are significant challenges involved in the scaling up of the manufacturing of nannochloropsis from laboratory or small-scale cultivation to commercial-scale operations. The main hurdles in large-scale production include maintaining consistent product quality, optimizing cultivation conditions, and ensuring high yields while controlling costs. Nannochloropsis cultivation systems are prone to contamination from other microorganisms including bacteria, fungi, and other algae. To maintain the purity & quality of nannochloropsis biomass, it is important to control and prevent contamination. The high costs of nannochloropsis products may reduce the acceptance rate, impeding market growth.