According to a new report published by Introspective Market Research, titled, “Algae Market by Type, Application and Region Global Market Analysis and Forecast, 2024-2032. Global Algae Market was valued at $ 3.18 billion in 2023 and is expected to reach $ 4.3 billion by the year 2032, at a CAGR of 3.40 %. Algae are a diverse group of marine species that can carry out photosynthesis. Most people are familiar with algae such as pond farming, fermentation, algae, pond debris, or lake algae blooms. Algae-derived products can be used in many industries, including food and beverage, feed, nutrition, personal care, and pharmaceuticals. The producers of these different algae focus heavily on omega-3 fatty acids. Considering that in today's world, manufacturers do not only focus on advertising but educate stores and parents through pamphlets and brochures that algae products are increasing, the importance of calcium levels and blood pressure. In addition, the direct utilization of seaweed as a food product makes it a safe and highly nutritious natural food, which is required by the growing population, and can also be considered as the engine of the seaweed industry. These are the parameters that will greatly increase the sales of algae products in the future. The increase in consumer awareness when choosing seaweed is the main reason for product sales.
Algae products such as carrageenan are used as a new extrusion aid in the production of pellet polymers, as a matrix in oral sustained-release tablets, and as a stabilizer in micro- or nanoparticle systems. It is used as a gelling agent and viscosity enhancer to ensure controlled release of drugs and longer shelf life due to the unique properties of carrageenan such as gelation and high negative charge. In addition, sodium alginate from seaweed is used as a gel in medicinal preparations. Major competitors such as DSM respond to the growing demand for algae products with their wide range of products. According to the World EPA and DHA Organization (GOED), omega-3 is the most researched nutrient in the world. Over 8,000 clinical trials have been conducted over the past decade. On the market, omega-3 is mostly known as an algae-based product. The expansion of the seaweed products market has been fueled by rising healthcare spending worldwide, as well as an increased prevalence of omega-3 and consumer awareness of preventive treatment.
Algae extraction and production require expensive equipment and processes. Governments and businesses are expected to spend significantly on R&D to improve manufacturing processes and reduce costs, presenting a huge opportunity for the industry. For example, by using algae strains that do not need to be kept for a long time in the photobioreactor, production costs can be reduced. It is possible to build an effective and inexpensive liner in outdoor ponds. The design of the impeller can be improved or other, cheaper methods of mixing can be developed. More metabolic pathways have been explored to link fertilizers with nitrogen deficiency to maximize lipid content and production. Advanced energy-efficient methods such as electromagnetic fields or solvent extraction are available for the separation of algal biomass. Solar drying is another way to save money on electricity. Drying of seaweed can be done by solar water heating or direct sunlight.
Global Algae Market, Segmentation
The Algae market is segmented based on type, application, and region.
Type:
The type segment is further classified into Open Ponds Cultivation, Raceway Ponds Cultivation, Closed Photo bioreactor Cultivation, and Closed Fermenter Systems Cultivation. Among these, the Open pond system sub-segment accounted for the highest market share in 2023. Open pond systems are the most common algae cultivation system already used commercially in the United States for food production and wastewater treatment. Open pond systems use shallow ponds (usually one foot deep) ranging in size from about 1 acre to several acres where the algae are exposed to natural solar radiation (sunlight) which they convert into biomass. The most promising seems to be the production of microalgae in race ponds, especially on a large scale. Some environmental (farming system location, rainfall, solar radiation, etc.), technical (pond depth, CO2 distribution system, mixing methods, current consumption, etc.), and biological (light, pH, oxygen accumulation, salinity, algae). predation, etc.) parameters affect biomass productivity in an open pond system. Closed bioreactors were mostly considered too expensive. A photobioreactor (PBR) can be used to grow microalgae against changing weather conditions and insufficient cultivation. Indoor environmental conditions can be artificially controlled in PBRs.
Application:
The application segment is further classified into the DHA Production, Protein Sales, DHA Production, Pharmaceutical Applications. Among these, the Docosahexaenoic acid (DHA) sub-segment is anticipated to show the fastest growth by 2023.Docosahexaenoic acid (DHA) and eicosapentaenoic acid (EPA) are essential for humans and marine fish. Currently, the main source of these fatty acids is fish oil. Docosahexaenoic acid (DHA) defines omega-3 and other PUFAs in pharmaceutical applications. It has extensive experience in the processing and purification of omega-3 from various biomass sources such as fish oil, algae, etc. Bioplastics are plastic materials made from renewable biomass sources such as vegetable fats and oils, corn starch, straw, wood chips, sawdust, and recycled food. garbage etc. Docosapentaenoic acid (DPA), the human body can synthesize various saturated and unsaturated fatty acids, but cannot synthesize some polyunsaturated fatty acids (PUFA), such as omega-3 and omega-6 fatty acids, due to their deficiency of certain lengths.
Region:
North America is the leader in the algae products market due to increasing demand for nutrients due to an aging population and increased health awareness. In the EU, seaweed companies are focusing on food-related sectors, with Spain, France, and Ireland leading the way in seaweed production. China expects growth in the Asia-Pacific region, fueled by urban health awareness and rising incomes. The region has a high demand for algae-based drugs, especially omega-3 and protein, and China's dominant production is influencing the market.
Some of The Leading/Active Market Players Are-
- LiveFuels (U.S.)
- Algae Systems (U.S.)
- SAPPHIRE ENERGY (U.S.)
- SOLAZYME (U.S.)
- Diversified Energy Corporation (U.S.)
- Algenol (U.S.)
- Algix (U.S.)
- Pond Biofuels Incorporated (Canada)
- Algae Tec (Australia)
- KAI BIOENERGY (China) Other Active Players
Key Industry Developments
- In Aug 2023, recently identified strains of phosphorus-rich algae can improve wastewater treatment. Several strains of algae with high phosphorus content have been isolated from wastewater. These strains can improve phosphorus recovery in water treatment systems and the recovery of harmful or valuable metals. Phosphorus in wastewater is a major factor in harmful algal blooms in water bodies around the world, which can harm wildlife and livestock. and even people. To avoid this, water treatment plants often use chemical and energy-intensive techniques to remove phosphorus before it can affect downstream waterways. Researchers at the National Renewable Energy Laboratory (NREL) are developing a new technique to remove phosphorus from wastewater. the ability of algae to use solar energy to efficiently collect and remove phosphorus from water and store it in their cells as polyphosphate.
- In Oct 2022, Xylem Singapore and Gross-Wen Technologies are collaborating to increase the sustainability and efficiency of algae-based water treatment technology. Xylem Water Solutions Singapore Pte Ltd and Gross-Wen Technologies Inc. (GWT), a leading eco-friendly company focused on sustainable wastewater treatment solutions, today announced a Memorandum of Understanding on a new joint research and development (R&D) project to introduce algae-based treatment solutions in Singapore. The project focuses on developing GWT's existing Rotating Algal Biofilm (RAB) technology, an algae-based water treatment solution that promotes nutrient recovery while reducing the carbon footprint of water utilities. The project specifically involves wastewater treatment from GWT's algae-based anaerobic digester (AD) to reduce the carbon footprint and recover nutrients. This includes sequestration of carbon dioxide in the atmosphere with algae, low-energy nitrogen and phosphorus sequestration, and reduction of NOx emissions from concentrated AD wastewater. The algae produced during the process are harvested and transformed into fertilizers, bioplastics, and biofuels.
Key Findings of the Study
- Innovations in algae cultivation methods, such as open pond systems and photobioreactors, are improving efficiency, although environmental, technical, and biological challenges remain.
- North America is the market leader for algae products due to the increasing demand for nutrients, especially among the aging population.
- Although the potential of algae product extraction and production processes is still expensive, significant investment in research and development is needed to improve product efficiency and reduce costs.
