The global Algaculture Market is estimated to be valued at US$ 8.14 Bn in 2023 and is expected to exhibit a CAGR of 14.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Microalgae are unicellular microorganisms which can be cultivated for their high nutritional value proteins, vitamins, antioxidants, polyunsaturated fatty acids and pigments through algaculture. Microalgae have applications in food, feed and supplements industries due to their nutritional advantages.
Market key trends:
One of the key trend in the Algaculture market is the increasing demand for algal bioproducts and their use in aquafeed. Fishmeal and fish oil prices are volatile due to supply uncertainties and overfishing concerns. Microalgae help address these sustainability concerns of the aquaculture industry as they can be used as fishmeal replacements in aquafeed formulations. Microalgae contain high quality proteins, lipids and micronutrients that support aquatic animal growth and health. Their use reduces pressure on wild-catch fisheries and supports circular bioeconomy.
Segment Analysis
The global algaculture market is segmented based on type into marine macroalgae, freshwater algae, and microalgae. Among these, the microalgae segment dominated the market in 2020 and is expected to continue its dominance over the forecast period. Microalgae have higher growth rate, shorter life cycle, and higher nutritional value compared to other types of algae. They can be grown in closed photobioreactors, which allow for large-scale and controlled cultivation. Spirulina microalgae in particular is widely cultivated and used commercially due to its high protein content.
Key Takeaways
The Global Algaculture Market Share is expected to witness high growth, exhibiting a CAGR of 14% over the forecast period, due to increasing demand for biofuels and nutrients from algae. The market size for 2023 is US$ 8.14 Bn.
Regional analysis - North America dominates the global algaculture market currently due to presence of major companies in the region and growing research and production activities. Asia Pacific is expected to grow at the fastest rate during the forecast period. Countries such as Japan, China, India, and Indonesia are focusing on developing commercial scale cultivation of microalgae.
Key players - Key players operating in the algaculture market are Algenol, Solazyme, Sapphire Energy, Cyanotech Corporation, Algae Systems, E.I.D.- Parry Limited, Evonik Industries, Cargill, Incorporated, DIC Corporation, Cellana. These players are focusing on expanding their production facilities and developing innovative cultivation technologies to meet the growing demand.
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