Advanced Technologies for Bioeconomy: The Case of Microalgae Production

Irina Adarchenko (), Anna Kurbatova (), Natalia Porotnikova (), Elena Savenkova (), Vinod Kumar () and Yana Skorokhodova ()
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Irina Adarchenko: RUDN University (Russian Federation)
Anna Kurbatova: RUDN University (Russian Federation)
Natalia Porotnikova: National Research University Higher School of Economics (Russian Federation)
Elena Savenkova: RUDN University (Russian Federation)
Vinod Kumar: RUDN University (Russian Federation)
Yana Skorokhodova: RUDN University (Russian Federation)

Foresight and STI Governance (Foresight-Russia till No. 3/2015), 2024, vol. 18, issue 2, 69-83

Abstract: This article presents a meticulous examination of the global microalgae market, analyzing opportunities and prospects rooted in the scientific and technical interest in products derived from microalgae. The research systematically assesses the potential commercialization of these products across diverse regions worldwide, identifies the most promising microalgae strains, the product types themself, and their potential applications. An integral aspect of this research involves a forward-looking market forecast. The analysis of scientific and technical interest delves into publication activity, considering the yearly output of works in Scopus-indexed journals utilizing the main keyword “microalgae†. This assessment is presented chronologically, categorically, and regionally, offering a nuanced perspective on the evolution of interest over time and in different geographical contexts. The commercialization potential is regionally scrutinized with a focus on key regions conducive to the development of microalgae-based products, namely the Americas (USA), Asia-Pacific (China, Japan), and Europe (Germany). This evaluation is interlinked with the prevailing market dynamics in each region, providing a holistic understanding of the market landscape. This article contributes original insights derived from the analysis, offering a nuanced perspective on the microalgae market. It introduces a distinctive and informed viewpoint, enriching existing knowledge of microalgae markets. By categorizing the microalgae market based on applications, including nutraceuticals and pharmaceuticals, food and beverages, cosmetics, animal feed, and biofuels, the study identifies sectors exhibiting steady growth. Notably, each of these sectors contributes to the projected average annual growth rate of 6.8 % on the global microalgae market, forecasted to reach USD 2 billion by 2030. This growth trajectory emphasizes the growing importance and potential of microalgae-derived products in various industries and the importance of developing the bioeconomy as a whole.

Keywords: microalgae; market forecast; spirulina; chlorella; bioeconomy; global market; biomedicine; biotechnology; nutraceuticals; biofuel (search for similar items in EconPapers)
JEL-codes: O32 O33 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:hig:fsight:v:18:y:2024:i:2:p:69-83

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