As stated in our extensive report, the Global Algae Market accounted for USD 19.8 Billion in the year 2021.Algae are a class of creatures that are primarily aquatic, photosynthetic, and nucleus-bearing but lack the real roots, stems, leaves, and specialized multicellular reproductive systems of plants. Algae proliferate quickly and require just sunshine to do so (or another form of energy such as sugar). Algae species are in the tens of thousands all over the world. Using enhanced CO2, autotrophic microalgae are grown on land in huge ponds or enclosed photobioreactors. Sugar or starch is used to produce heterotrophic microalgae in big fermenters. In seawater, seaweed (macroalgae) is grown. Algae can be found in a variety of businesses. Human food, animal and aquaculture feed, organic farming, and fertilizer products all use them.
The global market is being driven by an increase in the acceptance of algae-based foods and a rise in the vegan food trend. Algae are already widely employed in various industries, including food, cosmetics, biofuel, bio-packaging, bioplastics, and pharmaceutical and nutraceutical applications. By providing shelter for aquatic organisms, algae cultivation improves and restores biodiversity. In addition, absorbing carbon and lowering methane emissions can also assist in preventing climate change. According to the United Nations University Institute on Comparative Regional Integration Studies (UNU-CRIS), the algae business has experienced remarkable growth in recent years. However, to maintain long-term sustainability, it must strike a balance between economic profitability and environmental, human, and organism health.
Asia Pacific held the largest share in the market. This is due to the region's growing population and increased demand for food, along with the use of algae as a feed supplement. Asia Pacific is expected to grow faster during the projected period owing to increased health consciousness among the region's consumers.
Some of the key and prominent players in the Global Algae Market include- Cynotech Corporation, Algenol, FEMICO, Algae Health Science, Pond Technologies Holdings Inc., Seagrass Tech Pvt Ltd, Parry Nutraceutical, Firglas, Manta Biofuel Earthrise Nutritionals and others.