Global Algae Market is estimated to be valued at US$ 4,681.4 Million in 2022. According to the global algae market Report, by Cultivation Technology (Open Pond, Natural Settings, and Closed System), by Product Type (Microalgae and Macroalgae), by Application (Food & Beverages, Nutraceutical, Pharmaceutical, Cosmetics, Animal and Fish Feed, Biofuel, Waste Water Treatment, Fertilizer, and Specialty Chemicals and Polymers), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa), as published by Coherent Market Insights.
Global algae market was valued at US$ 4,681.4 Million in 2022 and is expected to register a CAGR of 6.81 % over the forecast period (2023–2030) to reach US$ 7,927.1 Million by 2030.
Global Algae Market- Driver:
Growing end-use industries such as animal feed, food additives, biostimulant, biopackaging, pharma, nutraceutical, cosmetics, biodegradable plastics and biofuel and increasing usage of algae in these industries is expected to drive the growth of the global algae market over the forecast period. Microalgae and macroalgae are two product forms that are available in the market. Microalgae can convert atmospheric CO2 into useful products such as lipids, carbohydrates, and other bioactive metabolites. Algae has extensive applications in various industries such as renewable energy, food & beverages, cosmetics, water treatment, agriculture, and the biopharmaceutical & nutraceutical industry.
For instance, According to Indian Brand Equity Foundation, on November 2022, Healthcare become one of India’s largest sectors, both in terms of revenue and employment. Healthcare comprises hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance, and medical equipment. The India-based healthcare sector is growing at a brisk pace, services, and increasing expenditure by public as well private players.
India’s healthcare delivery system is categorised into two major components public and private. The government or public healthcare system comprises limited secondary and tertiary care institutions in key cities such as Mumbai, Delhi, Hydrabad, Benglore and focuses on providing basic healthcare facilities in the form of primary healthcare centres (PHCs) in rural areas. The private sector provides majority of secondary, tertiary, and quaternary care institutions with major concentration in metros, tier-I and tier-II cities.
Global Algae Market- Restraint:
Low penetration in underdeveloped countries (North Africa, Central Africa, South Africa)
Underdeveloped contriesin Africa , has low penetration of algae- based products such as food additives, nutritional supplements, fertilizers as comapared to developed countries. The U.S. has highest algae- based products consumption due to consumer awareness and increasing product innovation and exploration of new applications in the region. By creating awareness in African countries can counterbalance this challenge.
For Instance, On November 2022, according to United Nation Environment Program, World Antimicrobial Awareness Week (WAAW) Campaign for Africa Global theme: ‘Preventing antimicrobial resistance together’.
Antimicrobial agents, including antibiotics, have saved millions of lives by substantially reducing the burden of diseases in people, animals, and plants and hence improving quality of life, contributing to better food security and safety, and aiding in increased life expectancy.
Global Algae Market- Impact of Coronavirus (Covid-19) Pandemic
Covid-19 pandemic affected different industries due to lockdown across the globe, rules and regulations such as travel restrictions, and social distancing. Covid-19 affected various industries, supply chain, logistics and shut down of manufacturing process. Due to this, demand for algae was decreased, and thus pandemic had negative impact on global market. However, after covid-19 market is growing.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/algae-market-818
Key Trends and Analysis of the Global Algae Market:
Algae-based products are a good source of fiber, lectins, pigments, vitamins, minerals, and other fatty acids. Various products derived from algae are used in the pharmaceutical industry that include antivirals, therapeutic proteins, drugs, antimicrobials, antifungals, and others. This is expected to increase the demand for algae from various end-use industries.
There are different types of algae available, and due to this algea has different industrial and traditional applications such as antioxidant, anticancer, antiviral properties. Traditional seaweed farming practices that was used earlier has a strong traditional approach in East Asia food cultures. Modern algae extend the food traditions for other applications include cattle feed, using algae for bioremediation or pollution control, transforming sunlight into algae fuels or other chemicals that can be used in industrial processes, and in medical and scientific applications.
Key Takeaways of the Global Algae Market:
- Among cultivation technology, the closed system segment held the dominant position in the global algae market in 2021. In closed systems cultivation technology, closed steel fermenters are used to produce heterotrophic algae. This process is controllable, and is independent of environmental conditions.
- In 2021, North America accounted for the large revenue share of around 50% in the global algae market. North America biofuel consumption was 20.5 million tons in 2021 and is expected to reach 24.2 million tons by 2030.
- 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.
