- Algae biofuel’s rapid manufacturing and high energy content have contributed to its growing popularity
- Substantial sum of investment is being put into algae research and development for animal and human feed, which is expected fuel expansion of the algae market in the years to come
WILMINGTON, Del., Aug. 8, 2022 /PRNewswire/ — The market value of algae market stood at US$ 20.16 Bn in 2021. Insights on the algae market project that the market will rise at a CAGR of 10.9% during the forecast period, from 2022 to 2031. The global algae market is likely to reach value of US$ 55.67 Bn by 2031. Algae can be found in a variety of businesses. Animal and aquaculture feed, human food, organic farming, and fertilizer products all use them. Rise in the acceptance of algae-based food products and a growing popularity of vegan food are expected to emerge as trends in the algae market. Algae are already widely employed in bioplastics, cosmetics, food, bio-packaging, biofuel, and pharmaceutical and nutraceutical products.
Algae, which are high in omega-3 fatty acids, are frequently utilized as nutritional supplements in aquaculture. They are also employed in pig and poultry husbandry, which is expected to drive increasing demand for algae market. According to studies, a blend of microalgae is likely to replace 30% to 35% of soy protein and this factor is expected to drive future market demand for algae.
By providing shelter for aquatic organisms, algae cultivation improves and replenishes biodiversity. In order to confirm its long-term survival, it must strike a balance between profitability of the company and environmental, human, as well as organism health.
Key Findings of Market Report
- The market demand for algae is expected to be driven by an increase in the use of algae in animal feed due to its nutritional advantages. Antioxidants, fatty acids, vitamins, proteins, and fiber abound in algae, which is expected to present growth opportunities for key vendors in algae market. Algae also include minerals like phosphorus, iron, zinc, and magnesium, which are essential for most animals’ biological functioning.
- In 2021, the macroalgae category accounted for the majority of the market share for algae. The segment is expected to continue its dominating position in the market and develop at a rapid pace. Higher-income nations are becoming more interested in macroalgae production as a natural approach toward economic growth, as microalgae and macroalgae both contribute to reduce carbon dioxide emissions. This factor is expected to drive future of algae market.
- Based on volume, Asia Pacific represented for 59.1% of the global algae market in 2021. The regional market is expected to rise at a high CAGR in the forthcoming years. China, India, and the rest of Asia Pacific are the region’s most important markets. As per the United Nations’ Food and Agriculture Organization, Asia Pacific accounted for about 99.10 % of all algae grown globally in 2019.
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Global Algae Market: Growth Drivers
- Algae have been utilized to clean wastewater because of their inherent ability to remove metal, nutrients, and organic pollutants. Likewise, algae can be utilized to safeguard the environment from hazardous substances over time. As a result, the use of algae in phenol biodegradation is projected to present profitable prospects for the global algae market in the coming years.
- Depending on volume, the Asia Pacific dominated the global algae market in 2021, holding a 59.1% of the market share. The regional market is anticipated to expand at a CAGR of 11.4 % during the forecast timeframe. The region’s most important markets include those in China and India. The Food and Agriculture Organization of the United Nations estimates that Asia produced over 99.10 % of the total amount of algae grown worldwide in 2019.
Global Algae Market: Key Players
Some of the key market players are
- Pond Technologies Holdings Inc.
- Earthrise Nutritionals, LLC
- Seagrass Tech Pvt Ltd
- Cynotech Corporation
- Manta Biofuel
- Algae Health Sciences, Inc.
Global Algae Market: Segmentation
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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