Microalgae have been a promising alternative source of high-value compounds to replace the non-sustainable fossil fuels resource. The recent research development of algae-based bioproducts has remarkable impact various industries section for its renewability, efficiency, and environmentally friendly crops over those synthetic-made product. However, by utilizing microalgae biomass toward their full potential is still limited due to lack of research funding, social acceptability and challenges in policy implementation. This present review highlights the various microalgae biotechnology with consideration of economical aspect for the global potential of algae market, comparison between the microalgae market in Malaysia and international countries. In addition, the cultivation technologies and feasibility of microalgae biomass production globally, followed by insightful challenges and future development of microalgae industry are mentioned. The current study will contribute to the understanding of upstream and downstream of microalgae processing along with technical economical understandings for the successful commercialisation of microalgae products.