By 2027, The Global Algae Market Is Anticipated To Generate US$5,978.4 Million

 

Algae Market

Algae are photosynthetic eukaryotic organisms that live in aquatic environments and produce biomass by utilising light and carbon dioxide (CO2). Due to the functional advantages that go beyond the usual considerations of health and nutrition, the market demand for macro algae and micro algae food is constantly increasing. In addition, compared to biofuel feedstock made of sorghum, corn, corn stover, beet, and corn, algae can offer higher oil yield. Consequently, the Global Algae Market has a lot of room to grow. Manufacturers' expanding R&D initiatives are anticipated to fuel market expansion.

Major factors anticipated to propel growth of the Global Algae Market during the forecast period include rising demand for dependable, sustainable, and affordable sources of energy to ease the petroleum supply chain and to meet the rising demand from the aviation and automotive sectors.

Another factor driving the market's expansion is the demand for algae in the plastics industry, which is used to create biodegradable plastic. Over the forecast period, there is expected to be an increase in the use of algae in a variety of applications, including food and beverage production, pharmaceuticals, nutraceuticals, cosmetics, fertiliser, and others. Extraction and production of algae require expensive equipment and methods. High government and corporate spending on R&D to advance production methods and cut costs is anticipated to present a significant market opportunity.

The Global Algae Market Was Valued At US$ 3,769.6 Million In 2018, And Is Expected To Register A CAGR Of 5.3% In Terms Of Revenue Over The Forecast Period (2019 – 2027), To Reach US$ 5,978.4 Million By 2027.

The US Department of Energy (DOE) promotes the production of fuels that incorporate biomass-derived stocks. This feedstock is used in fundamental studies that advance the production, conversion, and sustainability of biomass. For instance, the National Renewable Energy Laboratory (NREL) studies the commercial production of these fuels using technologies like terrestrial biomass and algal biomass systems. In order to grow their business and maintain their position in a cutthroat industry, companies are also implementing a variety of strategies, such as mergers and acquisitions and product development.

In terms of application, the food & beverage sector dominated the Global Algae Market in 2018. Around 21.0% of the global algae industry's total revenue share was contributed by the segment in 2018. Particularly macroalgae, which are used in food preparation, are high in fibre. While freshwater algae are poisonous by nature, marine algae are where the majority of edible macroalgae or seaweed is grown. Seaweed is consumed all over the world, but it is primarily consumed in China, Japan, and Korea. As a result, Asia Pacific has the highest market share for algae in the food sector. The Food and Agriculture Organization (FAO) reports that China produced 257,640 tonnes of seaweed in 2012, accounting for 23% of the world's total seaweed production.

Major players operating in the Global Algae Market include Cyanotech Corporation, Dic Corporation, Corbion N.V, Valagro Spa, Far East Microalgae Industries Co. Ltd., Beijing Gingko Group, Heliae Development Llc, Pond Technologies Holdings Inc., Algaetech International Sdn Bhd, Fuqing King Dnarmsa Spirulina Co. Ltd., Sun Chlorella Corporation, and Ecoduna Ag.

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