The 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.
Algaculture involves the farming of algae for various uses. Algae can be used as nutrition supplements, food additives, biofuels and others. Algae is rich in proteins, vitamins, minerals and antioxidants. Spirulina and chlorella are commonly cultivated algae for food and supplements. Microalgae is used to produce biodiesel and other biofuels. Open pond systems and enclosed photo-bioreactor are common production methods for algae cultivation.
The algaculture market is primarily driven by increasing demand for plant-based proteins and nutrients. Algae is a sustainable source of proteins, amino acids, vitamins and omega-3 fatty acids. With growing health andenvironmental concerns, consumers are shifting towards algae-based nutrition supplements and foods.Another key driver is the development of technologies to lower production costs of algae cultivation. Researchers are working on improving strains, cultivation methods and harvesting and processing techniques to commercially produce algae on a large scale. This will boost the use of algae in various industries like pharmaceuticals, nutraceuticals,biofuels and others.
The global algaculture market is segmented based on product type, cultivation technology, application and region. By product type, the spirulina segment holds the largest market share owing to its rich nutritional profile and rising demand in the food and feed industry. It contains high levels of protein, vitamins (A, B1, B2, B3 and B9), carotenoids (beta-carotene and zeaxanthin), minerals (iron, magnesium and potassium), and is low in fat and carbohydrates.
Political: Governments across regions are supporting algaculture market growth through funding for R&D projects and promoting adoption in agriculture and wastewater treatment industries. Economic: The market is expected to witness high economic growth due to rising demand for natural nutrients and supplements. Algae have potential to emerge as sustainable and economic feedstock for industries like biofuels. Social: Increasing health awareness is driving demand for superfoods like spirulina which possesses antioxidant and anti-inflammatory properties. Technological: Players are investing in new cultivation technologies like open pond systems and closed photo-bioreactors to improve productivity and lower production costs.
The Global Algaculture Market Share was valued at US$ 8.14 Bn in 2023 and is expected to reach US$ 18.67 Bn by 2030, expanding at a CAGR of 14.7% during the forecast period. The rising demand for natural colorants, food additives and nutritional supplements from food, pharmaceutical and personal care industries is fueling market revenue growth.
Regional analysis for the global algaculture market comprises North America, Europe, Asia Pacific, and RoW. Asia Pacific dominates and holds around 45% market share owing to large production of seaweeds in China, Korea and Japan. China is the leading producer and consumer of seaweeds worldwide.
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. Companies are innovating new algal strains through genetic engineering and focusing on R&D to commercialize algae-based biofuels and biochemicals production.
1. Source: Coherent Market Insights, Public sources, Desk research
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