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Key Highlights
TMR foresees the global algae market to expand at a 7.42% CAGRduring the forecast tenure 2019-2027 to earn around US$1.37 bn by the end of 2027. By cultivation technology,open pond cultivation could continue to generate higher demand in the market.By region, North America is anticipated to take the lead in the market. In2018, the U.S. accounted for around 87% share of the regionalmarket by value.
Alarming Increase in Carbon Emission Helps AlgaeBiomass Take Center Stage
As pointed out by a TMR analyst, there has been a tremendous rise of theworld algae market in the recent years. Of late, the need to shift from fossilfuel resources to renewable energy sources has become prominent. This could bedue to the worrying increase in carbon emission from scores of industries. As aresult, demand for algae biomass is projected to increase at a telling ratesince it is an important ingredient used to produce biofuel.
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Vendors operating in the world algae market could expect lucrativegrowth opportunities birthing on the back of high focus on the use of renewableenergy sources in both developing and developed countries. Furthermore,increasing demand for biofuel because of the implementation of tight emissionstandards and policies is forecasted to set the tone for valuable growth in themarket.
Expensive Research for Advancement of AlgaeProduction Techniques Dents Market
In the foreseeable future, growth of the international algae market isforetold to slow down due to the negative impact of reduction in crude oilprices. Another factor that could deter market growth is expensive capitalinvestment required for research and development to develop advanced algaeproduction techniques.
However, the international algae market is envisaged to gather pace interms of growth as rising application of algae in wastewater treatment createsa wealth of opportunities in the near future. Furthermore, constant increase inindustrial activities is prognosticated to augment the demand in the market.Use of algal biotechnology in carbon dioxide capture and utilization could actas another opportunity for market growth. Increasing efforts to commercializebiofuel production from algae could help raise more demand in the market.
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Global Algae Market Highly Consolidated
The global algae market is predicted to bear a largely consolidatedvendor landscape with three key players securing a colossal aggregateshare. Sapphire Energy Inc., Algenol, and Solazyme Inc. are thethree companies that have showcased their prominence in the market. In order tocement their place in the market, players are expected to put high emphasis onbuilding strong distribution channels. Other players such as Pond BiofuelsIncorporated and Algae.Tec are looking to make their presence known in themarket.
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Global Algae Market – Key Developments
· In October2019, Algatechnologies, subsidiary of Solabia Group, had announced that thecompany has tripled its production capacity for FucoVitalTM. The company’s Fucovitalproprietary fucoxanthin oleoresin is the world’s first microalgae derivedextract which is standardised to 3% fucoxanthin, plus naturally occurringomega-3’s (EPA) and other beneficial fatty acids. The company had taken thisstep due to increasing demand of the product from the dietary supplementsmarket. Fucovital’s composition is derived from a unique strain ofPhaeodactylum tricornutum microalgae. This type of microalgae is a naturallyrich source of fucoxanthin and compounds such as omega-3’s (EPA) and otherbeneficial fatty acids.
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Transparency Market Research is a global market intelligence company,providing global business information reports and services. Our exclusive blendof quantitative forecasting and trends analysis provides forward-lookinginsight for thousands of decision makers. Our experienced team of Analysts,Researchers, and Consultants, use proprietary data sources and various toolsand techniques to gather, and analyze information.
Our data repository is continuously updated and revised by a team ofresearch experts, so that it always reflects the latest trends and information.With a broad research and analysis capability, Transparency Market Researchemploys rigorous primary and secondary research techniques in developingdistinctive data sets and research material for business reports.
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