The global algae market was valued at US$ 3,769.6 million in 2018, according to 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, South America, Asia Pacific, Europe, and Middle East & Africa). The global algae market is projected to reach US$ 5,978.4 million by 2027, exhibiting a CAGR of 5.3% during the forecast period (2019-2027). Growth of end-use industries and increasing usage of algae in these industries is expected to drive growth of the global algae market over the forecast period. Microalgae and macroalgae are two product forms available in the industry. Microalgae has the ability to convert atmospheric CO2 into useful products such as lipids, carbohydrates, and other bioactive metabolites. Algae finds extensive applications in various industries such as renewable energy, food & beverages, cosmetics, water treatment, agriculture, and biopharmaceutical & nutraceutical industry. Moreover, the demand for algae from plastics industry is expected to drive growth the global of algae market, owing to the use of algae in manufacturing of biodegradable plastics. According to the International Federation of Pharmaceutical Manufacturers & Association’s (IFPMA) report on the pharmaceutical industry and global health published in February 2017, the global pharmaceutical industry is projected to reach US$ 1,430 billion by 2020, wherein the U.S. share in the global pharmaceutical industry is expected to grow from 40.3% in 2015 to 41.0% by 2020. Algae-based products are good source of fiber, lectins, pigments, vitamins, minerals, and other fatty acids. Various products derived from algae are used in pharmaceutical industry, which include antivirals, therapeutic proteins, drugs, antimicrobials, antifungals, and others. This scenario is expected to increase the demand for algae from various end-use industries. However, high cost of production of algae is likely to hamper the market growth in the near future. There exists many challenges in making algae biofuel capable of competing with other fuels and petroleum. The high cost of production remains the major challenge for algae-based fuels. The estimated cost of an algae-based barrel is around US$ 300 to US$ 2600, as compared to US$ 40 to US$ 80 for petroleum.
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