The global Algae Market was valued at USD 20.16 billion in 2021. And is projected to grow at a CAGR of 10.9% from 2022 to 2031.
Algae Market Overview:
Algae Market are photosynthetic eukaryotes that grow in aquatic climates and use light and carbon dioxide (CO2) to produce biomass. There is a growing market demand for macro algae and micro algae foods due to their functional advantages beyond traditional health and nutritional considerations. In addition, algae were able to provide higher oil yields than biofuel feedstock containing sorghum, corn Stover, sugar beets and corn. Thus, a huge opportunity is created for the growth of the global algae market. Rising R&D activities among manufacturers is expected to drive market growth. Increasing need for reliable, sustainable, and low-cost energy sources to ease the oil supply chain and meet growing demand from the aviation and automotive industries are the major factors expected to drive the growth of the global algae market over the forecast period.
Algae market size estimates and forecasts are provided in terms of sales volume (K units) and revenue (million USD), with historical and forecast data for the period 2017 to 2030, with 2022 being considered as the base year. This report segments the global Algae market in detail. Regional market sizes related to products by type, by application, and by player are also delivered. In estimating the size of the market, we took into account the impact of COVID-19 and other global crisis.
The global Algae market is the professional and accurate study of various business perspectives such as major key players, key geographies, divers, restraints, opportunities, and challenges. This global research report has been aggregated on the basis of various market segments and sub-segments associated with the global market.
Industry News and Key Developments
- Algae biotechnology has made significant progress over the past 20 years. Algae have been used as bioreactors for the production of biological products such as pharmaceuticals, nutraceuticals, cosmetics, pigments, algal biomaterials, and feed aquaculture. In addition, efforts are underway to make algae play a role in the production of bioenergy and biofuels.
- In May 2022, Netherlands-based Duplaco has developed a new strain of Chlorella aurous, making it possible to add nutrients to plant-based foods
- In May 2022, global tuna giant Thai Union Group announced a $7.9 million investment in Mara Renewable Corporation to develop algae-based bio-products.
Top Key Players include in the Algae Market are
Algae TecPond Biofuels IncorporatedLiveFuelsAlgae SystemsSapphire EnergySolazymeDiversified Energy CorporationAlgenolKai BioEnergyAlgixDSM Nutritional ProductsDao EnergyPhycalKent BioEnergy Corporation, and others.
The Algae market research report is categorized based on type, applications and region.
On the Basis of Type:
- Open Ponds Cultivation
- Raceway Ponds Cultivation
- Closed Photo bioreactor Cultivation
- Closed Fermenter Systems Cultivation
On the Basis of Application:
- DHA Production (Protein Sales)
- DHA Production (Pharmaceutical Applications)Bioplastics
On the Basis of Region:
Geographically, the global Algae market has been analyzed in various regions such as North America, Latin America, Middle East, Asia-Pacific, Africa, Europe, and India. The global Algae region is dominating this market in the upcoming future.
In terms of volume, Asia Pacific accounted for 59.1% share of the global algae market in 2021. The market in this region is expected to grow at a CAGR of 11.4% during the forecast period. India, China, and the rest of Asia-Pacific are the major markets in the region. According to the Food and Agriculture Organization of the United Nations, Asia accounted for nearly 99.10% of all algae grown globally in 2019.
North America holds the second largest share of 19.2% of the global market in 2021. The market in the region is likely to grow at a CAGR of 8.6% from 2022 to 2031.
Further the regions are divided into countries as follows
- North America
- Rest of North America
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia-Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
Algae Market report scope
CAGR of 10.9% during forecast period.
Open Ponds Cultivation, Raceway Ponds Cultivation, Closed Photo bioreactor Cultivation, Closed Fermenter Systems Cultivation
DHA Production (Protein Sales), DHA Production (Pharmaceutical Applications)Bioplastics
Algae TecPond Biofuels IncorporatedLiveFuelsAlgae SystemsSapphire EnergySolazymeDiversified Energy CorporationAlgenolKai BioEnergyAlgixDSM Nutritional ProductsDao EnergyPhycalKent BioEnergy Corporation
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe(Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa(Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America(Brazil, Argentina, Rest of Latin America)
- Rest Of the World
2017 to 2022
2023 to 2030
The major key questions addressed through this innovative research report:
What are the major challenges in front of the global Algae market?
Who are the key vendors of the global Algae market?
What are the leading key industries of the global Algae market?
Which factors are responsible for driving the global Algae market?
What are the key outcomes of SWOT and Porter’s five analysis?
What are the major key strategies for enhancing global opportunities?
What are the different effective sales patterns?
What will be the global market size in the forecast period?
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