The global algae market is highly consolidated as
the top three players accounted for a whopping combined share of
91.3% of the overall algae market in 2015, finds Transparency Market
Research (TMR). These leading companies are Sapphire Energy, Inc.,
TerraVia Holdings, Inc., and Algenol. Several players are taking
active initiatives in boosting their distribution and sales channels
to gain a competitive edge over others, notes TMR.
TMR observes that several players are venturing
into commercialization of algae cultivation technologies and making
significant investments in projects focused on algae-derived biofuels
to gain a competitive edge over others. Leading players are
diversifying their portfolio and making strategic collaborations,
such as equity tie-ups, to consolidate their presence in major
markets.
This 236 page report gives readers a
comprehensive overview of the Algae market. Browse through 114 data
tables and 86 figures to unlock the hidden opportunities in this
market@
The global algae market was valued at US$608.0 mn
in 2015 and the opportunity in the market is anticipated to reach
US$1.1 bn by the end of 2024. The market is expected to expand at a
CAGR of 7.39% from 2016 to 2024.
Substantial Demand for Algae in Docosahexaenoic
Acid (DHA) Production
Geographically, North America occupied a major
market share in 2016 and expected to lead throughout the forecast
period. The growth is majorly driven by substantial developments in
algae cultivation in the U.S. The upsurge in production facilities
and initiatives by several players in the U.S. have led to the
dominant growth in the country. In addition, countries such as Canada
and Mexico have the presence of a large number of algae producers.
Based on application, the algae market is
segmented into marine sector, aviation sector, road transport,
docosahexaenoic acid (DHA) production, and bioplastics. Of these, the
application of algae for DHA production, for protein sales and
pharmaceutical products as well, is the leading segment and is
expected to lead the forecast period. Algae biomass has numerous
applications in the healthcare, pharmaceutical, and food and
beverages sectors.
Growing Demand for Algae-Based Biofuels to
Catalyze Market Growth
The growth of the algae market is primarily driven
by its demand in the production of biofuels to be used in various
sectors such as marine, transport, and aviation. The mounting concern
of rising carbon emission in various industries has led to a
paradigmatic shift from fossil fuel to renewable sources of energy.
The stricter implementation of energy norms in order to reduce carbon
emissions is a key factor boosting the market, especially in several
developed and developing regions. The growing use of algae in
wastewater treatment has also fueled the market. The continued
depletion of freshwater resources has led to the demand for
wastewater treatment using sustainable technologies and algae has
emerged as a viable option for this.
However, the high capital investments required for
the research and development of algae productions may hinder the
growth of the market to some extent in developing and less-developed
regions. Moreover, the recent reduction in prices of crude oil has
slightly hampered the demand for algae-based biofuels. Nevertheless,
rapidly growing R&D investments for the production of genetically
engineered algae and for emerging cultivation technologies are
expected to boost the algae market. In addition, soaring initiatives
for the commercialization of algae-based fuels to be used in
aircrafts are anticipated to open up lucrative growth avenues for
market players in developed nations.
Get accurate market forecast and analysis on
the Algae market. Request a sample to stay abreast on the key trends
impacting this market@
The study presented here is based on a report by
Transparency Market Research (TMR) titled, “Algae Market (
Application - Marine Sector, Aviation Sector, Road Transport, DHA
Production (Protein Sales), DHA Production (Pharmaceutical
Applications), and Bioplastics; Cultivation Technology - Open Ponds
Cultivation, Raceway Ponds Cultivation, Closed Photo bioreactor
Cultivation, and Closed Fermenter Systems Cultivation) - Global
Industry Analysis, Size, Share, Growth, Trends, And Forecast 2016 -
2024.”
The global algae market is segmented based on:
Application
- Marine Sector
- Aviation Sector
- Road Transport
- DHA Production (Protein Sales)
- DHA Production (Pharmaceutical Applications)
- Bioplastics
- Others
Cultivation Technology
- Open Ponds Cultivation Technology
- Raceway Ponds Cultivation Technology
- Closed Photo bioreactor Cultivation Technology
- Closed Fermenter Systems Cultivation Technology
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