Key Highlights
TMR foresees the global algae market to expand at a 7.42% CAGR
during the forecast tenure 2019-2027 to earn around US$
1.37 bn by the end of 2027. By cultivation technology,
open pond cultivation could continue to generate higher demand in the market.
By region, North America is anticipated to take the lead in the market. In
2018, the U.S. accounted for around 87% share of the regional
market by value.
Alarming Increase in Carbon Emission Helps Algae
Biomass Take Center Stage
As pointed out by a TMR analyst, there has been a tremendous rise of the
world algae market in the recent years. Of late, the need to shift from fossil
fuel resources to renewable energy sources has become prominent. This could be
due to the worrying increase in carbon emission from scores of industries. As a
result, demand for algae biomass is projected to increase at a telling rate
since it is an important ingredient used to produce biofuel.
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Vendors operating in the world algae market could expect lucrative
growth opportunities birthing on the back of high focus on the use of renewable
energy sources in both developing and developed countries. Furthermore,
increasing demand for biofuel because of the implementation of tight emission
standards and policies is forecasted to set the tone for valuable growth in the
market.
Expensive Research for Advancement of Algae Production
Techniques Dents Market
In the foreseeable future, growth of the international algae market is
foretold to slow down due to the negative impact of reduction in crude oil
prices. Another factor that could deter market growth is expensive capital investment
required for research and development to develop advanced algae production
techniques.
However, the international algae market is envisaged to gather pace in
terms of growth as rising application of algae in wastewater treatment creates
a wealth of opportunities in the near future. Furthermore, constant increase in
industrial activities is prognosticated to augment the demand in the market.
Use of algal biotechnology in carbon dioxide capture and utilization could act
as another opportunity for market growth. Increasing efforts to commercialize
biofuel production from algae could help raise more demand in the market.
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Global Algae Market Highly Consolidated
The global algae market is predicted to bear a largely consolidated
vendor landscape with three key players securing a colossal aggregate
share. Sapphire Energy Inc., Algenol, and Solazyme Inc. are the
three companies that have showcased their prominence in the market. In order to
cement their place in the market, players are expected to put high emphasis on
building strong distribution channels. Other players such as Pond Biofuels
Incorporated and Algae.Tec are looking to make their presence known in the
market.
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Global Algae Market – Key Developments
·
In October
2019, Algatechnologies, subsidiary of Solabia Group, had announced that the
company has tripled its production capacity for FucoVitalTM. The company’s Fucovital
proprietary fucoxanthin oleoresin is the world’s first microalgae derived
extract which is standardised to 3% fucoxanthin, plus naturally occurring
omega-3’s (EPA) and other beneficial fatty acids. The company had taken this
step due to increasing demand of the product from the dietary supplements
market. Fucovital’s composition is derived from a unique strain of
Phaeodactylum tricornutum microalgae. This type of microalgae is a naturally
rich source of fucoxanthin and compounds such as omega-3’s (EPA) and other
beneficial fatty acids.
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Regulations,
both region-specific and global, have made massive influence on the
microeconomics of the materials and chemicals sector. Governments are intent on
promoting the reduce the carbon footprint of the entire chemical and materials
manufacturing. As a result, forward-looking organizations in the algae market are
fervently looking for ‘green’ or low-carbon footprint processes across the
entire the value chain. The trend has gained huge momentum from the growing
awareness among customers of the affects that chemicals have on the ecology and
environment.
In coming
years, as the debate on the potential impact of the chemical manufacturing
across industries on the ecology gets fiercer, new monitoring technologies will
emerge. Latest compliance regulations will expand the scope of green
chemistries for businesses in the downstream value chain. Further,
manufacturers in the market will increasingly leverage digital channels to reach
high-value customers. Many will use them to avoid disruption such as by pandemics.
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