The Global Marine Algae Market generated revenue of around USD 943.48 million in 2021 and is anticipated to grow a CAGR of over 8.07% during the forecast period from 2022 to 2028 to reach around USD 1,690.09 million in 2028. While, cumulative growth opportunity presented by the global Marine Algae is around USD 9.56 billion during 2022 to 2028.
Global Marine Algae Market, 2021 – 2028 (USD Million)
The global marine algae market consists of marine algae extracts and products. Marine algae are high in nutrient content and are used as a nutrient source in various products in the food, beauty and cosmetics, biofuel, and pharmaceutical industries. They are popular because of their anti-bacterial, anti-oxidant, antimicrobial, and anti-inflammatory properties.
Open Pond Marine Algae Cultivation Technology to Grow at Rapid Pace
Open Ponds Cultivation Technology, Raceway Ponds Cultivation Technology, Closed Photo bioreactor Cultivation Technology, and Closed Fermenter Systems Cultivation Technology are some of the important cultivation technology of Marine Algae produced and consumed across different region. However, Closed Photo bioreactor Cultivation Technology, and Closed Fermenter Systems Cultivation held significant share in total revenue generation with over 35% in 2021. While, Raceway Ponds Cultivation Technology to exhibit rapid growth over the forecast period.
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Increasing Application Base is Driving the Growth of Marine Algae
Marine Sector, Aviation Sector, Road Transport, DHA Production (Protein Sales), DHA Production (Pharmaceutical Applications), Bioplastics, and Others) are major application markets for the global Marine Algae industry. Marine Sector segment held the largest share of global Marine Algae industry in 2021 with over 25% contribution to revenue generated by Marine Algae market. Secondly, DHA Production (Protein Sales) and DHA Production (Pharmaceutical Applications) applications are also expected to grow at a significant CAGR which in turn likely to drive demand for Marine Algae. Moreover, climate change will have negligible impact on the productivity and yield of Marine Algae.
Asia Pacific is Second Leading Market for Marine Algae
North America is leading the Marine Algae industry with over 30% share in 2021. U.S. and Europe dominate production as well as consumption of Marine Algae. While, Latin America and Asia Pacific hold very little market share. Demand for Marine Algae is growing in Europe and North America as an alternative to many traditional raw materials in food and pharmaceuticals as well as cosmetics. In Asia Pacific and Latin America, marine algae industry is still nascent stage and holds huge potential for future growth.
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Significance of War between Russia & Ukraine for Marine Algae Importers
As Ukraine and Russia has meager contribution in production as well as consumption of Marine Algae the impact of war between Russia and Ukraine will be minimal on this market.
Major players operating in the Marine Algae industry include Algae Systems LLC, Algae Tec, Algenol, Algix, Dao Energy, LLC, Diversified Energy Corporation, DSM Nutritional Products, Kai BioEnergy Corp., Kent BioEnergy Corporation., LiveFuels, Inc, Phycal LLC, Pond Biofuels Incorporated, Sapphire Energy, Inc. and Solazyme, Inc.
Marine Algae Report Scope
|
Report Attribute |
Details |
|
Market Value in 2021 |
USD 943.48 million |
|
Market Value in 2028 |
USD 1,690.09 million |
|
CAGR |
8.07% between 2021 and 2028 |
|
Past data |
2016 – 2021 |
|
Forecast period |
2022 – 2028 |
Market Segmentation
Global Marine Algae Market by Cultivation Technology, 2016 – 2028
- Open Ponds
- Raceway Ponds
- Closed Photo bioreactor
- Closed Fermenter Systems
- Others
Global Marine Algae Market by Application, 2016 – 2028
- Marine Sector
- Aviation Sector
- Road Transport
- DHA Production (Protein Sales)
- DHA Production (Pharmaceutical Applications)
- Bioplastics
- Others
Global Marine Algae Market by Company, 2016 – 2028
- Algae Systems LLC
- Algae Tec
- Algenol
- Algix
- Dao Energy, LLC
- Diversified Energy Corporation
- DSM Nutritional Products
- Kai BioEnergy Corp.
- Kent BioEnergy Corporation.
- LiveFuels, Inc
- Phycal LLC
- Pond Biofuels Incorporated
- Sapphire Energy, Inc.
- Solazyme, Inc.
- Others
Browse the full report at https://www.credenceresearch.com/report/marine-algae-market
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