Microalgae fertilizers are some of the fastest-growing factions in the fertilizer market. The microalgae fertilizer has enormous potential, and the market is expected to rise in the coming years to reach a valuation of over US$ 22 million eventually. Microalgae is phytoplankton that is not visible to the naked eye but is found in fertilizer. It is an organic material that explains the rise in demand in the microalgae fertilizer market. There is a global trend in the worldwide market focusing on better and more sustainable farming. Therefore, it is necessary to recognize that the eutrophication caused by normal fertilizer is no longer acceptable in the fertilizers market. The Microalgae fertilizer marker provides a counterpoint to the problems of inorganic fertilizers. Technology improvement has also added to the greater demand in microalgae fertilizers markets.
The Global Microalgae Fertilizers market is expected to witness a CAGR of 9.75% during the forecast period. The revenue generated by the global Microalgae Fertilizers market in 2021 was over USD 11.33 million and is expected to generate revenue worth USD 22.28 million in 2028. Therefore, the incremental growth opportunity offered by the global Microalgae Fertilizers is estimated to be USD 120.3 million between 2022 and 2028.
Interesting Facts about Microalgae Fertilizers Industry
Microalgae are highly efficient in the recovery of nutrients and have strong potential as a source of fertilizers
Large-scale commercial production of microalgae fertilizers still has a lot of challenges
Microalgae can be grown using CO2
Microalgae fertilizers are still in their nascent stage and need to be researched
S. and UK are leading research & development in the field of microalgae fertilizers
Growing Trend of Organic Food & Farming
As there is a more significant trend in the more sustainable farming of food products, we see an opportunity for the microalgae fertilizers market. There is also a rise in demand for microalgae made in marine water rather than freshwater, so as the demand grows, people are likely to move from microalgae in freshwater to marine water. There will be a rise in organic farming due to industry-wide trends, where the microalgae fertilizers market can flourish. The increase in organic food consumption will increase organic food production, which means a greater need for bio-fertilizers. The lack of bio-fertilizers will lead to a rise in microalgae fertilizers. Microalgae also leave room for R&D practices on how effectively companies can provide fertilizers for organic production. The trends also support the shift to better agricultural practices for greater soil stability and enhanced productivity. Companies may invest in further research on microalgae to understand if they can use these cohesively for their benefit. Governments are also supporting the agricultural industry in the form of granting funds. There is funding for raw materials, agrochemicals, and other products to help drive the demand for microalgae fertilizers. Consumers now have better lifestyles and healthier habits. The trend has led to creating better and more organic food products, strengthening the demand for bio-fertilizers to improve food quality. This fact can prove fruitful for the industry in the long run as health is closely related to the quality of life.
Spirulina to Lead the Demand
Spirulina, Chlorella, Dunaliella, Schizochytrium, Euglena, Nannochloropsis, Nostoc, and Others are some of the major species used in microalgae fertilizers. Spirulina is the leading type of species used in microalgae fertilizers and accounted for over 35% of the total revenue generated in 2021. Biocontrole, Soil microalgae, Biostimulants, and Soil conditioners are significant applications for microalgae fertilizers.
Unfavorable Climate Change or Pose Major Challenge
Climate change is one of the major restraints in the microalgae fertilizers market. As climate change affects different countries, the microalgae production in various fresh water and marine water bodies may reduce. There's also the restraint of accessibility. Countries in the developing world do not have access to the tools to extract microalgae from these bodies. Thus the restraint for the microalgae fertilizers market may be that of accessibility. The developing world also lacks awareness, which can severely hamper the adoption of microalgae in the fertilizer sector.
Fresh Water Microalgae Fertilizers to Dominate
Fresh water and marine water are two primary sources of microalgae fertilizers. Freshwater microalgae fertilizers are leading the demand with over 70% share in total revenue generation in 2021. Growing government support, rising demand for organic products, and growing awareness among end-user regarding the heath benefits of organic products are some of the significant factors fueling the need for microalgae fertilizers in North America. North America accounted for over 35% share in 2021 and was closely followed by Europe. In contrast, Asia Pacific is likely to report strong growth over the forecast period in the years to come.
Some of the key players operating in the global microalgae fertilizers market include but are not limited to Algaenergy, Algatec (Lusoamoreiras), Algatechnologies Ltd., Algenol, Algix, Allmicroalgae, BASF SE, BGG (Beijing Gingko Group), Cellana LLC, Cyanotech Corporation, DIC Corporation, Fuji Chemical Industries Co., Ltd., Inner Mongolia Rejuve Biotech Co. Ltd., INNOBIO Corporation Limited, KDI Ingredients, Koninklijke DSM NV, Nikken Sohonsha, Nikken Sohonsha Corp, Parry Nutraceuticals, Roquette Frères, and Sinoway Industrial Co., ltd.
Frequently asked questions about global Microalgae Fertilizers industry
Likewise other industries, COVID 19 also taken a toll on Microalgae Fertilizers market with around 7.98% decline in its revenue in 2020 as compare to 2019
North America is the largest regional market with highest share in the total revenue generation of Microalgae Fertilizers consumed in 2021
Growing organic farming and rising demand for bio-fertilizers to drive the demand for Microalgae Fertilizers
Biofertilizers segment dominated the Microalgae Fertilizers market in 2021 with over 35% share
Spirulina was the largest application of Microalgae Fertilizers in 2021 with over 30% share
