ALBANY, New York, Nov. 14, 2017 (GLOBE NEWSWIRE) — The global market for algae is highly consolidated with the top three companies, namely Solazyme, Inc., Algenol, and Sapphire Energy, Inc. accounting for a lion’s share in it – around 91.3% in 2015. In order to surge ahead of one another in the market, key players are focused on building robust distribution and sales channel, so as to gain access to potential markets.
Yet another popular strategy with savvy players in the global market for algae is carefully-considered collaborations. For example, Algae Systems LLC collaborated with Japan-based IHI Corporation in August 2014 to come up with a new biofuel production process that will converse algae and wastewater into biofuel and clean water.
A report by Transparency Market Research forecasts the global market for algae, which was worth US$608.0 mn in 2015, to attain a value of US$1.1 bn by 2024 by rising at a steady 7.39% CAGR from 2016 to 2024. Volume-wise, the market is expected to rise at a CAGR of 5.32% from 2016 to 2024.
Depending upon technology, the global market for algae can be divided into open ponds cultivation technology, closed photo bioreactor cultivation technology, raceway ponds cultivation technology, and closed fermenter systems cultivation technology. Among them, open ponds cultivation technology leads the market with maximum share since they need comparatively lower investment. Around 80.0% of algal biomass is manufactured leveraging the technology.
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Geographically, the key segments of the global algae market are North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. Currently, North America dominates the market owing to the presence of many key players in the region. The U.S. is the primary engine of growth in the region. In 2016, it constituted around 86.4% of the volume in the market. In the years ahead too, the U.S. is expected to maintain its leading position in the algae market due to expansion of production facilities and thrust on overcoming the demand-supply gap.
Thrust on Renewables Drives Demand
Algae, which is a crucial ingredient for manufacture of biofuel, is seeing its demand increase steadily because of the thrust on the use of renewable sources of energy that lower carbon footprints. Apart from that, rising application of algae in wastewater treatment acts is also a key growth driver. “The growth in population and rising industrial activities is causing freshwater resources to deplete fast, which in turn, has upped demand for algae,” explains the lead analyst of the report.
Expansion of Facilities by Existing Players Boost Market
Apart from that, strategies adopted by leading vendors for expansion of existing algae production facilities and the emphasis on the commercialization of algae cultivation technologies is also stoking market growth.
The global market for algae is developing at a gradual pace around the world, with a number of algae oil production facilities yet to be fully commercialized. In addition, rising demand for algae-based biofuels in marine, road, and aviation applications, the plastics industry has also upped its demand for algae to produce biodegradable plastics.
The global algae market is segmented as below:
Global Algae Market, by Application
- Marine Sector
- Aviation Sector
- Road Transport
- DHA Production (Protein Sales)
- DHA Production (Pharmaceutical Applications)
Global Algae Market, by Cultivation Technology
- Open Ponds Cultivation Technology
- Raceway Ponds Cultivation Technology
- Closed Photo bioreactor Cultivation Technology
- Closed Fermenter Systems Cultivation Technology
Global Algae Market, by Region
- North America
- The U.S.
- The U.K.
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
- Latin America
- Rest of Latin America
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