AI And Algae! Together Can fight Climate Change in Near Future”
The latest market report published by Credence Research, Inc. “Global Algae Products Market: Growth, Future Prospects, and Competitive Analysis, 2019 – 2027” the global market is worth US$ 33.9 Bn in 2018, and is projected to reach US$ 56.5 Bn by 2027, expanding at a CAGR of 6.0% from 2019 to 2027.
“Growing application of algae accelerating its demand in the market”
The growing applications of algae in the pharmaceuticals and nutraceuticals industries have a high demand for algae. Commercial produced algae products such as Spirulina, chlorella, astaxanthin, and beta carotene have good demand in the global market. However, emerging and novel algae products have significant potential in the future. In the nutraceuticals and pharmaceutical industry, algae bioactive compounds such as Lutein, Zeaxanthin, Fucoxanthin, and Phycobiliprotein are widely used for in preventing age-related macular degeneration (AMD) and anti-tumor, anti-obesity from aging population across the world.
With the rising trend of sustainable product uses across the globe, the algae offer great potential in the long run. Algae-based wastewater treatment benefitting companies to reduce their current expensive process of wastewater treatment. Major industries applying algae for sewage and water treatment include pharmaceuticals, paper & pulp, fertilizers, food & dairy, chemical, metal finishing, textile dyeing, and biotechnology. Furthermore, coal-based power plants, cement, iron & steel, mining, and sugar plants that emit a large quantity of CO2 are also using CO2 sequestration and benefitting from cost-cutting and in return also getting fuel feedstock.
Moreover, as algae capture and transform CO2 at a rate substantially higher than tress with much lesser space, algae have been used for fighting climate change. For instance, in December 2019, Hypergiant, LLC, an AI technology company, developed Eos bioreactor which uses chlorella Vulgaris algae capable of sucking CO2 400 times faster than trees. Further, the biomass produced as end-product can be harvested and processed to produce fuels, oils, protein-rich foods sources, fertilizers plastics, cosmetics and more.
The overall algae products market is competitive in nature and it is growing at moderate rate. The market players are adopting strategies such as launching new solutions, partnership, and agreements to stay competitive in the market. Some of the leading global players included in the reports are Juniper Networks Inc., F5 Networks Inc., Microsoft Corporation, IBM Corporation and Cisco Systems, Inc., etc. among others.
• In April 2018, Cellana Inc. announced that it has signed the letter of intent with POS Bio-Sciences for joint development cum-commercialization of EPA Omega-3 oils using Cellana’s algae biomass. With this partnership, both the company will get benefits in the long run.
• In September 2018, Cellana Inc. announced that the Thai Union Feedmill Co., Ltd. will conduct large scale shrimp feeding trials using Cellana’s Omega-3 algae biomass. With this partnership, Cellana expected to grow its market share in the region.
Key Market Movements:
• Based on type, hydrocolloids segment captured the major share of the global algae products market.
• Based on application, nutraceuticals segment captured over 45% share of the global market and anticipated to grow with 6.5% CAGR from 2019 to 2027.
• Based on region, Europe was the largest region, capturing about 32% of the global algae products market in 2018. Subsequently, the same region anticipated to grow at 6.4% of CAGR from 2019 to 2027.
List of Companies Covered:
• Algaetech International
• BlueBioTech International GmbH
• Cellana Inc.
• Cyanotech Corporation
• DIC Corporation
• Fuqing King Dnarmsa Spirulina Co., Ltd.
• Parry Nutraceuticals
• TAAU Australia Pty Ltd.
• Cargill, Incorporated
• Earthrise Nutritionals, LLC
Browse the full report at https://www.credenceresearch.com/report/algae-products-market
The Global Algae Products Market is Segmented into:
|Segmentation||By Type Segment (2017-2027; US$ Bn)|
|By Source Segment (2017-2027; US$ Bn)|
|By Application Segment (2017-2027; US$ Bn)|
|By Geography Segment (2017-2027; US$ Bn)|
*Complete segmentation list is on report page