Algae have attracted much attention in recent years for their potential as a sustainable source of food, feed, nutraceuticals and biofuels. Algae have emerged as an alternate raw material in various industries as they are renewable in nature and have applications in biofuel production, chemical synthesis, nutrition and pollution control & wastewater treatment. The algae exhibit a higher photosynthetic efficiency and rapidly proliferating nature. They are grown in a contained environment where optimal growth conditions such as light, temperature, pH levels can be controlled to maximize production.
The global Algae Market is estimated to be valued at US$ 201.99 Bn in 2023 and is expected to exhibit a CAGR of 11.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing demand for alternate biofuel sources has accelerated the growth of the algae market. Algae have potential to address energy security issues and reduce greenhouse gas emissions through production of biofuels like biodiesel from algal oil. Algae derived fuel is considered to be the most promising alternative to petroleum-based transportation fuels. Algae biofuel can be produced in large scale through aquaculture and their growth does not require fertile agricultural land. Moreover, algae biofuel production does not compete with food crops. With the rising crude oil prices and environmental concerns, the usage of algae as a renewable source of biofuel is expected to gain widespread acceptance during the forecast period.
Segment Analysis
The global algae market is dominated by the spirulina subsegment, accounting for over 40% of the market share. Spirulina contains various nutrients such as protein, vitamins, minerals, and antioxidants. It has various health benefits, including boosting the immune system, reducing inflammation in the body, enhancing gastrointestinal health, and improving blood sugar control. Spirulina's high nutrient density and ease of use in the form of powder, tablets, and capsules have led to its widespread popularity among consumers. Producers have been consistently innovating and introducing new product forms of spirulina such as easy-to-dissolve pouches and gummies to propel its demand further.
Key Takeaways
The global Algae Market Size is expected to witness high growth over the forecast period.
North America is currently the largest market for algae globally driven by increasing consumer awareness about plant-based superfoods and nutritional supplements. The growing demand for natural and clean label food ingredients among food manufacturers is also propelling the regional market growth.
Key players operating in the algae market are DyCare, Costaisa, Meditouch, Signo Motus srl, MEYTEC GmbH Informationssysteme, and Raccoon Technologies Poland LLC.
Explore more related article on this topic: https://www.trendingwebwire.com/the-global-algae-market-demand-analysis/
https://masstamilan.tv/naloxone-life-saving-drug-in-opioid-overdose/
Comments
0 comment