Algae is a diverse group of organisms ranging from unicellular to multicellular. The complex and largest marine algae are called seaweeds. The algae consist of chloroplast, which is similar to cyanobacteria in structure. Algae has its wide application in agar, alginates, fertilizer, energy source, nutrition, pigments, and bioremediation. Algae has wide range of usage in terms of pollution control. It is used as an alternative for toxic chemicals to treat sewers, to capture fertilizer runoff in farms, and to treat water in ponds and aquaria.
Algae has the ability to offer higher yield as compared to biofuel feedstock containing sorghum, corn Stover, beet, and corn. Thus, creating immense opportunities for growth of the algae market. Growing research and development activities among manufacturers is expected to fuel the market growth. Increasing demand for reliable, sustainable, and low cost sources of energy to ease the petroleum supply chain and to meet the increasing demand from aviation and automotive sector, are major factors expected to drive growth of the global algae market during the forecast period. Moreover, the demand for algae in the plastic industry to manufacture biodegradable plastic, is another factor boosting market growth.
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Algae Market Taxonomy:
On the basis of cultivation technology, the global algae market can be segmented into:Raceway Ponds Cultivation,Open Ponds Cultivation Technology,Closed Fermenter Systems Cultivation Technology,Closed Photo Bioreactor Cultivation Technology
On the basis of application, the global algae market can be segmented into:Marine Sector,Road Transport,Bio plastic,Aviation Sector,DHA production( Protein sales),DHA production( Pharmaceutical applications),Others
Algae Market outlook:
North America accounts for the largest market share in the global algae market due to favorable government support related to renewable energy coupled with high investment by manufacturers. Also, DHA has various health benefits such as improving eye, brain, heart and immunity system hence it is a major component of pharmaceutical and healthcare products. These factors are expected to augment the growth of algae market in this region.
Increasing demand for biofuels due to government regulations and high adoption rate in the European countries are expected to propel demand for algae, in turn, boosting growth of the algae market. Furthermore, various regulations laid down by the European Union such as biofuels directives, target to achieve 6% reduction of GHG in transport fuel by 2020, Renewable Energy Directives (RED) initiative of replacing 10% of transport fuels with biofuels are the major factors driving the algae market in Europe. The need for a clean energy source in the region has further surged the demand for algae in the region. Germany, Russia, and UK are extensively using and commercializing various solar powered technology for the production of algae.
The usage of algae in the pharmaceutical industries has substantially increased over the recent past. Companies are investing in R&D activities to develop treatments for Alzheimer’s, Parkinson’s, and dementia using algae. East Asia and South Asia have the highest number of people suffering from dementia in the world, accounting for above 9 million in East Asia and around 5 million in South Asia.
Key players are adopting various organic and inorganic growth strategies. For instance, a Belgian-based company, Tomalgea, has launched a new product in 2017 for oyster cultivators in Asia and Algae Systems LLC merged with IHI Corporation in 2014 for the development of a new production process for biofuel from algae. Pond biofuels Inc., DSM Nutritional Products, Kai BioEnergy Corp., Diversified Energy Corporation, Algenol, Dao Energy LLC, Kent BioEnergy Co., Sapphire Energy Inc., Algaetech International, Aurora Algae, BlueBioTech International, and Alltech Algae are some of the key players in the global algae market.
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