SEATTLE--(BUSINESS WIRE)--The global algae market was valued at US$ 3,769.6 million in 2018, and is projected to exhibit a CAGR of 5.3% over the forecast period (2019–2027), in terms of revenue.
Key Trends and Analysis of the Algae Market:
The global algae market is expected to witness significant growth over the forecast period. This is owing to growth of end-use industries and increasing use of algae in these industries. Algae is used in the fertilizer industry. Bio fertilizer or microalgae fertilizers are used for improving soil fertility and improve crop production. According to 2016 State of Fertilizer Industry Report published by The Fertilizer Institute (TFI), the world’s population is expected to surpass 9.5 billion by 2050. Increasing population is projected to boost the demand for food and agriculture products, subsequently generating higher demand for algae bio fertilizers.
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Furthermore, increasing investments in the fertilizer industry by companies and the government is expected to play a crucial role in expanding the fertilizer industry. For instance, the U.S. fertilizer industry invested US$ 5.1 billion in capital infrastructure projects in 2015, and 14 participating companies invested US$ 5.12 billion in purchasing equipment and improving existing facilities to enhance the fertilizer production in the same year.
According to Food and Agriculture Organization (FAO) of the United Nations’ report published in 2017, the global demand for fertilizer was 184.0 million tons in 2016 and is predicted to reach 201.6 million tons by 2020, at an average annual growth of around 2-2.5%, respectively between 2015 and 2020. Therefore, rising demand for fertilizers, owing to extensive use in agriculture industry is expected to propel demand for algae worldwide in the near future.
Growth of end-use industries is likely to be a major factor for boosting the revenue growth of the global algae market over the forecast period.
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Key Market Takeaways:
- The global algae market is expected to exhibit a CAGR of 5.3% during the forecast period in terms of revenue. The market growth is driven by increasing demand for biofuels and favorable government initiatives.
- Increasing demand for environment-friendly alternatives and favorable government policies supporting usage of renewable energies are major factors boosting the demand for algae-based fuels. According to a report on National Algal Biofuels Technology published by Energy Efficiency and Renewable Energy in June 2016, the U.S. government agencies/organizations undertook some federal funding initiatives for algal biofuels research. For instance, in 2009, the Defense Advanced Research Projects Agency funded US$ 69 million to develop JP-8 jet fuel surrogate from the terrestrial and algal feedstock.
- Among regions, North America held the dominant position in the algae market in 2018, whereas, Europe contributed the second largest share in the industry in the same year. Europe is preferred for mass production of algae due to the presence of large number of sewage and wastewater treatment facilities and favorable climatic conditions in the region. Governments in the region are focused on undertaking various research projects to increase capacity of algae production. For instance, BISIGODOS is an EU funded project, which was started in November 2015, with the aim of cultivating new varieties of microalgae, in order to facilitate extraction and production of algae. Increasing micro-algae based production of food and feed products is also expected to drive growth of the market in the region.
- Some of the 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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