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Microalgae have received much interest as a biofuel feedstock. However, the economic feasibility of biofuel production from microalgae does not satisfy capital investors. Apart from the biofuels, it is necessary to produce high-value co-products from microalgae fraction to satisfy the economic aspects of microalgae biorefinery. In addition, microalgae-based wastewater treatment is considered as an alternative for the conventional wastewater treatment in terms of energy consumption, which is suitable for microalgae biorefinery approaches. The energy consumption of a microalgae wastewater treatment system (0.2 kW/h/m3) was reduced 10 times when compared to the conventional wastewater treatment system (to 2 kW/h/m3). Microalgae are rich in various biomolecules such as carbohydrates, proteins, lipids, pigments, vitamins, and antioxidants; all these valuable products can be utilized by nutritional, pharmaceutical, and cosmetic industries. There are several bottlenecks associated with microalgae biorefinery. Hence, it is essential to promote the sustainability of microalgal biorefinery with innovative ideas to produce biofuel with high-value products. This review attempted to bring out the trends and promising solutions to realize microalgal production of multiple products at an industrial scale. New perspectives and current challenges are discussed for the development of algal biorefinery concepts.

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