Global Algae Market by Cultivation Technology, Product Types, Applications, and Regions — Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2020–2026

Global Algae Market is valued to grow at a healthy CAGR of 6.5% over the forecast period 2020–2026. The key factors augmenting the market are robust demand for superfoods, especially macroalgal & microalgal food amidst growing consumer health & fitness craze coupled with innovations in algae technology for application expansion and sustained growth in the market.

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In terms of cultivation technology, the algae market has been classified into open ponds cultivation technology, raceway ponds cultivation technology, closed photo bio-reactors, and closed fermenter systems. On a global scale, more than 80% of algal biomass is generated through open pond cultivation technology. Open pond cultivation systems require low investment and as a result are utilized on a larger scale.

However, in recent years, established players such as Algae Tec and Solazyme, Inc. have been investing more on emerging cultivation technologies such as closed photo bioreactors and fermenter systems for better productivity under the close monitoring of automated systems.

Closed photo bio-reactors are an emerging technology used to promote biological growth by controlling environmental parameters such as light. The only disadvantages presented by this technology are high capital costs and long payback periods.

Market Trends, Drivers, Restraints, and Opportunities:

High demand for micro and macro algae is increasing due to the rise in the awareness regarding the various health benefits, as it consist of different nutrients. This, in turn, boosts the algae market.
Larger quantity of oil can be extracted from algae as compared to sorghum, corn stover, beet, and corn. This is projected to create new opportunity in the algae market.
Presently, the demand for automobile is increasing. The oil derived from algae can be used in the automobile and aviation industry. This projected fuel market growth.
The demand for algae is high from the biodegradable plastic industry due to its biodegradable nature. Rise in awareness among people about the side effects associated with plastic is boosting the growth of the market.
Algae extraction and production involves high-cost equipment and expensive technology. High investments for R&D to improve production techniques by governments and companies are expected to create major opportunities in the market.