Microalgae‐based Pharmaceuticals and Nutraceuticals: An Emerging Field with Immense Market Potential

Abstract Microalgae are one of the renewable sources for pharmaceutical compounds as well as biofuels. The microalgae sector is growing rapidly due to the scarcity of substrate sources, more yields, and the GRAS (generally recognized as safe) status of compounds associated with microalgae. Due to this GRAS status, the algal products are beneficial not only for the pharmaceutical but also for the food industry. In this review, insights into the different process aspects and obstacles of pharmaceutical and nutraceutical compounds derived from microalgae on large‐scale are discussed. Various culture production methods like photoautotrophic, heterotrophic, and mixotrophic processes have been included and recent advances in metabolic strategies for upgrading the microalgal technology for pharmaceutical and nutraceutical compounds are highlighted as well as the prospects in the field presented. Overall, this review discusses the question, how microalgae can be a great advantage for the pharmaceutical and nutraceutical industry.