Algae Market
Algae is a diverse group of organisms ranging from unicellular to multicellular. The complex and largest marine algae are called seaweeds. Algae consist of chloroplast, which is similar to cyanobacteria in structure. Algae has wide applications in agar, alginates, fertilizer, energy source, nutrition, pigments, and bioremediation. Algae has a wide range of use in pollution control. It is also used as an alternative to toxic chemicals in order to treat sewers, capture fertilizer runoff in farms, and to treat water in ponds and aquaria.
Market Driver:
Increasing applications of algae:
The term “algae” covers many different aquatic organisms that are capable of producing oxygen through photosynthesis. Algae plays a vital role in environment and well-being of human as it produces half of the oxygen in the earth’s atmosphere. Furthermore, algal biofuels can be used as an alternative for fossil fuels, owing to its ability to produce energy-rich oils. All these factors are expected to increase demand for algae in the neard future.
For instance, On July 2022, DIC Corporation has completed investment in Back of the Yards Algae Sciences Inc. (BYAS), a sustainable food technology startup focused on developing innovative extracts and alternative proteins, headquartered in Chicago, Illinois. The move strategically advances DIC’s growing business position in more sustainable and circular algae-derived products, including natural food colorants, natural food additives, and biostimulants—vital for improving vertical farming yields.
Market Restraint:
Government rules and regulations on algae market:
In the European Union, medicinal products based on ingredients from macroalgae must comply with the EU law on medicines. The EU rules for human medicines are set out in Directive 2001/83/EC.
For Instance, According to United Nations Environment Program, Regulation on closer rules and conditions for aquaculture and sea algae organic production. This Regulation sets the necessary rules and minimum conditions (technical, procedural) as regards the organic production of aquatic animals/aquaculture and sea algae (also fish and other aquatic organisms such as shellfish and crabs).
This Regulation also contains the provisions of Commission Regulation (EC) No 889/2008 of 5 September 2008 on detailed rules for the implementation of the Council Regulation 834/2007.
The Annex is an integral part of this publication.
Market Dynamics
Among product type, the microalgae segment is expected to hold a significant market share in the global algae market over the forecast period. In 2021, the segment accounted for over 70.0% share of the global algae market in terms of revenue. Increasing biofuel production from microalgae is expected to boost the growth of the microalgae segment, owing to high photosynthetic efficiency of microalgae.
Among region, North America held a dominant position in the global algae market in terms of revenue share, in 2021. The region held around 31.50% of the total revenue share generated across the globe. Algae is used in feed additives. North America and Asia Pacific are the top two consumers of feed additives. Rising demand for algae from the feed additives industry is expected to drive market growth in the near future.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section
Detailed Segmentation:
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