Coherent Market Insights published a business research report on Algae Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2023–2030. Algae Market with 150+ market data Tables, Pie Chat, Graphs & Figures spread through Pages and easy to understand detailed analysis. The information is gathered based on modern floats and requests identified with the administrations and items.
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The functional advantages of eating macro and microalgae food go beyond the usual considerations of health and nutrition, which is why there is a constant increase in demand for it on the market. Furthermore, compared to biofuel feedstock containing sorghum, corn, corn stover, beet, and corn, algae has the capacity to offer higher oil yield. huge opportunities for the global algae market to grow as a result. Manufacturers’ increasing R&D efforts are anticipated to fuel the market’s expansion. Major factors include the rising demand for dependable, sustainable, and affordable energy sources to reduce the burden on the petroleum supply chain and satisfy the expanding needs of the aviation and automotive industries.
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 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. For instance, ExxonMobil announced a merger with Synthetic Genomics Inc. in June 2017 in order to advance company research into creating advanced biofuels, which included altering an algae strain by increasing its oil content from 20.0% to over 40% while reducing the strain’s ability to grow.
In terms of revenue, the global algae market was estimated to be worth US$ 3,769.6 million in 2018. From 2019 to 2027, it is predicted to grow at a CAGR of 5.3%, reaching US$ 5,978.4 million.
In 2018, the largest market share of the global algae market was held by North America. This is a result of algae being used more frequently as feed additives. Additionally, it is anticipated that Asia Pacific will grow at the fastest rate during the forecast period due to rising consumer spending on skincare and cosmetics in the region.
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Consumers in Australia spent about US$ 882 million on online cosmetic purchases in 2015, according to a report on the personal care and cosmetics market by the International Trade Administration (ITA) that was published in 2016. Because it encourages blood circulation, controls sebaceous gland function, and moisturises skin, algae are used in cosmetic products. Additionally, algae is used to treat skin issues like ageing, tanning, and pigment disorders.
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.
Far East Microalgae Industries Co. Ltd., Cyanotech Corporation, Dic Corporation, Valagro Spa, Corbion N.V., 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 are significant market participants in the global algae market.
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Table of Content
Chapter 1 Industry Overview
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Global Algae Market Size Analysis from 2023 to 2030
11.6 COVID-19 Outbreak: Algae Industry Impact
Chapter 2 Global Algae Competition by Types, Applications, and Top Regions and Countries
2.1 Global Algae (Volume and Value) by Type
2.3 Global Algae (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global Algae Sales, Consumption, Export, Import by Regions (2018-2023)
Chapter 5 North America Algae Market Analysis
Chapter 6 East Asia Algae Market Analysis
Chapter 7 Europe Algae Market Analysis
Chapter 8 South Asia Algae Market Analysis
Chapter 9 Southeast Asia Algae Market Analysis
Chapter 10 Middle East Algae Market Analysis
Chapter 11 Africa Algae Market Analysis
Chapter 12 Oceania Algae Market Analysis
Chapter 13 South America Algae Market Analysis
Chapter 14 Company Profiles and Key Figures in Algae Business
Chapter 15 Global Algae Market Forecast (2023-2030)
Chapter 16 Conclusions
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