As major part of the phytoplankton, microalgae are pivotal for the global food chain. Their exceptional capacity for CO2-fixation illustrates their indispensable significance to sustain earth's ecosystems. Further, they play a still underestimated role in eliminating contaminants from various environments. In addition to ecological benefit, many microalgal species exhibit high nutritional value and, at the same time, generate valued bio-products: Pigments, lipids, bioactive compounds, certain polysaccharides, bio-hydrogen and even biopolyesters with plastic-like properties have the potential for successful market penetration. Three substantial pigment groups, namely chlorophylls, carotenoids, and phycobilins, are essential for light harvesting and CO2 fixation. Those pigments will most likely undergo quick commercial success in "functional food", cosmetics, aquaculture, pharmaceuticals, or food technology. Due to often high contents of polyunsaturated fatty acids essential for human metabolism, microalgal oils can be commercialized as health food and in the pharmaceutical and therapeutic field, creating much higher value than by converting them to biofuel. Finally, algal biomass remaining as residue after product recovery can be used as forage, biogas feedstock or biofertilizer. This utilization is needed for balancing the material-and energy cycles of the entire process. Thus, technology platforms following the principles of bio-refineries shall be established to enable the design of sustainable and economically feasible production of marketable microalgal products. (C) 2014 Elsevier B.V. All rights reserved.