Marine Algae Market Size Estimated to Reach USD1,690.09 Mn By 2028, With 8.07% CAGR: Statistics Report by Credence Research

May 26 20:17 2022
Marine Algae Market Size Estimated to Reach USD1,690.09 Mn By 2028, With 8.07% CAGR: Statistics Report by Credence Research
Global Marine Algae market has generated revenue of over USD 943.48 million in 2021. It is expected to exhibit CAGR of over 8.07% during the forecast period to reach over USD 1,690.09 million by the end of 2028.

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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