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Marine Algae Market by Cultivation Technology (Open Ponds, Raceway Ponds, Closed Photo bioreactor, Closed Fermenter Systems, Others) by Application (Marine Sector, Aviation Sector, Road Transport, DHA Production (Protein Sales), DHA Production (Pharmaceutical Applications), Bioplastics, Others) – Ukraine War, Future Prospects And Competitive Analysis, 2016 - 2028

Global Marine Algae Market: A Study of Changing Market Dynamics, Growth, Future Prospects, and Russia – Ukraine War impact Analysis, 2016 – 2028

The marine algae market is expected to grow higher in the next forecasted period. The demand for marine algae is highly dependent on the industries that use the algae as raw material, i.e., the food, beauty, and pharmaceutical industries. These industries have been forecasted to see high growths, contributing to a steady rise in demand for marine algae.

The global Marine Algae market generated over USD 943.48 million in 2021. It is expected to exhibit a CAGR of over 8.07% during the forecast period to reach around USD 1,690.09 million by the end of 2028. At the same time, the cumulative growth opportunity offered by the global Marine Algae market stood above USD 9,565.84 million for the analysis period ranging from 2022 to 2028.

marine-algae-market

Interesting Facts about Marine Algae Industry

  • Marine Algae produces almost 87% of Earth’s oxygen
  • Marine Algae is a significant component of the marine ecosystem
  • Certain species of Marine Algae can be used in the pharmaceutical industry
  • Marine Algae is a rich source of minerals and vitamins
  • There are over a thousand species found in Marine Algae

Increasing Investment in R&D to Drive the Future Growth of the Marine Algae Market

The biggest driver of the global marine algae market is the rise in research and development and the investment in R&D by leading industries. Marine algae are a relatively discovery, and widespread research is being conducted on their benefits and uses. For example, many pharmaceutical companies believe that marine algae can be used to cure fatal and chronic diseases and have conducted large-scale studies on the matter. Therefore, research on marine algae is the foremost driver of marine algae extracts and products.

Ever Expanding Application Market for Marine Algae

Some of the major application markets for marine algae include Marine Sector, Aviation Sector, Road Transport, DHA Production (Protein Sales), DHA Production (Pharmaceutical Applications), Bioplastics, and Others). Another driver to the marine algae market is a change in global lifestyles whereby more and more people are interested in using the newest and best products to enhance their health and beauty. For example, beauty products, cosmetics, vitamins, and other natural health products that use organic ingredients are highly advertised and consumed worldwide. Therefore, marine algae products are advertised as organic, highly nutritious, and beneficial, increasing their demand. Also, as veganism and vegetarianism are becoming more popularized, more people search for plant-based proteins. Therefore, marine algae food products are in high order because they offer protein alternatives to these subsets of people.

Challenges Associated with Extraction Process of Marine Algae

The complex algae extraction process is one of the most considerable restraints to the marine algae market. Not only is the process long and expensive, requiring specific technology and trained extractors, but factors like government regulations, water pollution, oil spills, and waste disposal in water bodies all make the extraction process more difficult.

Environmental Regulations to Arrest the Growth of Marine Algae

Another restraint to the market is the fight for environmental protection and management. For example, a colossal movement aims to protect algae colonies from exploitation because of their natural habitat for marine life. However, the pharmaceutical, beauty, and cosmetic industries face massive pushback from this movement.

Open Ponds Cultivation to Lead the Marine Algae Production Technology Segment

Open Ponds Cultivation Technology, Raceway Ponds Cultivation Technology, Closed Photo bioreactor Cultivation Technology, and Closed Fermenter Systems Cultivation Technology are significant segments based on Marine Algae cultivation technology. Open pond cultivation technology held over 35% share in the global industry in 2021. In contrast, Closed Fermenter Systems Cultivation is likely to grow at a considerable pace over the years to come.

Slow Growth Rate in Developing Countries

Lastly, there is a lack of research and development in developing countries. The marine algae market has not been able to expand much outside of the North American and European regions. The market penetration in African countries is particularly low, so that the R&D and extraction in those countries are significantly low. Extraction of marine algae and the production of algae products are also very expensive, which discourages new players from entering the market.

Large Number of Players to Venture into Marine Algae Industry

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. are some of the most promising players in global Marine Algae market. Marine Algae industry is rapidly evolving and expected to offer numerous future growth opportunities. In a quest to explore the future opportunities, large number if new entrants are expected to venture in Marine Algae industry oer the span of forecast.

Frequently asked questions about global Marine Algae industry

Like other industries, Marine Algae market also suffered from COVID 19 pandemic which resulted into decline of over 8.34% in revenue generated in 2020

North America is the largest regional market with highest share in the total volume of Marine Algae consumed in 2021

Growing popularity of Marine Algae in wide ranging applications coupled with increasing investment in R&D is driving the demand for Marine Algae

Open Pond Cultivation segment dominated the Marine Algae market in 2021 with over 40% share

Marine Sector application segment was the largest application of Marine Algae in 2021 with over 25% share

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
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Trusted By
Godaddy
Published Date:  May 2022
Category:  Biotechnology
Report ID:   60543
Report Format:   PDF
Pages:   190
Rating:    4.8 (60)
Delivery Time: 24 Hours to 48 Hours   
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