Microalgae cultivation is fastest growing segment fueling the growth of global Algaculture Market12/5/2023 The Algaculture Market is estimated to be valued at US$ 8.14 Bn in 2023 and is expected to exhibit a CAGR of 14.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Algaculture involves cultivating algae under controlled conditions for food, feed and various industrial uses. Algae can be cultivated for different purposes such as biofuel production, nutritional supplements, wastewater treatment and for production of cosmetics. Algae have high nutritional value as they contain essential proteins, vitamins, minerals, antioxidants and omega 3 fatty acids. They are a sustainable source of proteins and nutrients. Market key trends: The growing demand for sustainable food sources is one of the key trends driving the algaculture market growth. With increasing global population, the demand for food is surging at a rapid pace. However, traditional agriculture and livestock farming are not sufficient to meet the nutritional demand of the rising population. Moreover, these traditional practices deplete natural resources and release greenhouse gases. Algae cultivation provides a sustainable solution as algae have high growth rates and can be grown via photosynthesis using wastewater, seawater or brackish water. They do not require fertile agricultural land and have lower carbon footprint than traditional livestock farming. This increases their adoption as a sustainable food source. Porter’s Analysis Threat of new entrants: The high capital requirement and technical know-how required to cultivate algae act as a barrier for new companies. Bargaining power of buyers: Individual buyers have weak bargaining power due to availability of substitutes however food and beverage industries purchasing in bulk have higher bargaining power. Bargaining power of suppliers: Few suppliers of algae cultivation equipment and strains leads to higher bargaining power. Threat of new substitutes: Alternative sources of proteins and Omega-3 fatty acids pose a threat. Competitive rivalry: Intense competition in production of nutraceuticals and biofuels. SWOT Analysis Strength: High protein content of algae, viable source of Omega-3 fatty acids, nutrients. Sustainability of algae cultivation. Weakness: High initial capital investment, dependence on climate and environment, operational challenges. Opportunity: Growing demand for natural colors, flavors, nutraceuticals. Scope in agriculture, aquaculture industries. Threats: Substitution by conventional sources, regulations around use of algae based products. Key Takeaways The Global Algaculture Market Share is expected to witness high growth, exhibiting CAGR of 14% over the forecast period, due to increasing demand for plant-based proteins and nutraceuticals. The market size is expected to reach US$ 45 Bn by 2030. North America dominates the global algaculture market currently. However, Asia Pacific is fastest growing market attributed to rising aquaculture industry in China and India. Key players operating in the algaculture market are Algenol, Solazyme, Sapphire Energy, Cyanotech Corporation, Algae Systems, E.I.D.- Parry Limited, Evonik Industries, Cargill, Incorporated, DIC Corporation, Cellana. These companies are focused on development of algal strains for biodiesel production as well as proteins and nutraceuticals. Read more https://www.ukwebwire.com/algaculture-market-size-share-growth-outlook-2023/
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