The microalgae market is expected to reach $1.77 billion by 2028, at a CAGR of 10.3% during the forecast period 2021 to 2028, according to a report by Meticulous Research®.
Gaining popularity as a promising nutrient source, microalgae impart high nutrition and comprise high-value compounds including pigments, fatty acids, and antioxidants. Nowadays, microalgae biorefinery systems have been extensively studied from resources, energy expenditure, biofuel production potential, and high-added value products. The genus Spirulina stands out among the microalgae of commercial importance. It accounts for over 30% of biomass produced globally because of high protein concentration and carotenoid and phycocyanin content. In addition, Spirulina cultivation reduces greenhouse gasses.
Biorefining is a process by which biomass is converted into value-added products and energy sustainably. The success of a biorefinery depends largely on the raw material selected and the technologies/processes involved in obtaining the added-value products. Microalgae are considered one such raw material that can be exploited economically. Microalgae, unlike terrestrial plants, lack highly resistant cell wall components with no stem or roots, making the degradation easier for exploitation of added-value products. The method employed for the technical realization of this concept is to produce high added-value products with residual biomass valorization in fuel.Microalgae have received much interest as a biofuel feedstock in response to the uprising energy crisis, climate change, and depletion of natural sources.
The key factor for the economic feasibility of microalgae biofuels is maximizing the algal biomass with a reduction of operational and maintenance costs. It has been stated that the economic viability of algal fuels needs at least more than ten years of R&D to achieve a stable position. By 2022, US Renewable Fuels Standard (RFS) is estimated to obtain 36 billion gallons of microalgae-based fuels. Although the algal biofuels are not yet economically feasible, many companies in the U.S., Europe, and other regions of the world are producing algal fuels commercially.Thus, microalgae are projected as living-cell factories with simple growth requirements due to their efficient sunlight utilization. Their potential for energy and production of added-value products is widely recognized. Microalgae's versatility and huge potential could support a microalgae biorefinery and microalgae-based bioeconomy, opening up a huge opportunity in the global algae industry.