Algaculture involves cultivation of algae in fresh water or seawater under controlled conditions for commercial purposes. Algae are known to be a rich source of proteins, vitamins, minerals, antioxidants, and other nutrients, which are increasingly utilized in food and feed industries. Spirulina and chlorella are among the most popular types of algae cultivated commercially for use in nutraceuticals, dietary supplements, foods, animal feed, and cosmetics. The growing trend of adopting flexitarian and vegan diets is fueling the demand for algae-based protein alternatives. The global Algaculture Market is estimated to be valued at US$ 10.7 Million in 2024 and is expected to exhibit a CAGR of 14.% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising health consciousness among individuals is driving the demand for algae-based protein-rich foods and nutritional supplements. Growing vegetarianism and flexitarianism has accelerated the need for sustainable and environment-friendly protein sources as an alternative to meat. Algae farming offers a sustainable solution producing feed and food from microalgae using lesser land and water resources compared to traditional agriculture. Research into new applications and production processes are expected to make algal cultivation more commercially viable. Advancements in cultivation and harvesting technologies will help increase production yields and lower production costs, facilitating widespread commercialization of algae cultivation.
Segment Analysis
The global Algaculture market is dominated by the microalgae sub-segment. Microalgae finds wide applications in industries like food & beverages, dietary supplements,cosmetics and biofuel production which is supporting the growth of this sub-segment. Microalgae are unicellular organisms that can grow rapidly and are rich in compounds like beta-carotene, DHA, EPA and antioxidants. Due to their nutritional richness, microalgae are predominantly used in the production of food & dietary supplements.
Key Takeaways
The global Algaculture market is expected to witness high growth over the forecast period of 2024 to 2031.
Regional analysis: Asia Pacific region is forecasted to grow at the fastest rate due to supportive government policies and increasing investments by key players in developing algae cultivation facilities in countries like China, India and Indonesia. China, being the largest producer and consumer of algae globally, is a major growth driver for the region.
Key players operating in the Algaculture market are Algenol, Solazyme (TerraVia Holdings), Sapphire Energy, Cyanotech Corporation, Algae Systems, E.I.D.- Parry (India) Limited (Parry Nutraceuticals), Evonik Industries, Cargill, Incorporated, DIC Corporation (Spirulina production), Cellana. These players are focusing on expanding their production capacities and developing innovative algae cultivation technologies to meet the growing demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
