Algae Market Trends, Market Analysis, Supply Demand Scenario and Growth Prospects Survey till 2029

Algae Market

Algae are eukaryotic photosynthetic organisms that thrive in aquatic environments and produce biomass using light and carbon dioxide (CO2). 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 sorghum002C maize, corn stover, beet, and corn, algae has the capacity to deliver better oil output. huge prospects for the global Algae Market to flourish as a result.

Manufacturers' increasing R&D efforts are anticipated to boost the market's expansion. Major factors anticipated to propel growth of the worldwide Algae for market during the projected period include rising demand for dependable, sustainable, and affordable sources of energy to alleviate the petroleum supply chain and to satisfy the rising demand from the aviation and automotive sectors.

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.

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 projection period, there is expected to be an increase in the usage of algae in a variety of applications, including food and beverage production, pharmaceuticals, nutraceuticals, cosmetics, fertiliser, and others.

Extraction and manufacturing of algae require expensive equipment and methods. High government and corporate spending on R&D to advance production methods and save costs is anticipated to present a significant Algae Market opportunity. The US Department of Energy (DOE) promotes the manufacture of fuels that use 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 generation of these fuels using technologies including terrestrial biomass and algal biomass systems.

In order to grow their business and maintain their place in a cutthroat industry, corporations are also implementing a variety of methods, such as mergers and acquisitions and product development. For instance, ExxonMobil announced a merger with Synthetic Genomics Inc. in June 2017 in order to improve business 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 proliferate.