MRRSE has added a new research report on the "Algae Market - Global Industry Analysis, Size, Share, Growth, Trends, And Forecast 2016 - 2024" to its collection.

1. Algae Market to Expand at 5.32% CAGR From 2016 to 2024
Report Description
The global algae market is developing at a gradual pace
around the world, with a number of algae oil production
facilities yet to be fully commercialized. Growing concerns
regarding the emission of greenhouse gases have driven the

2. adoption of renewable energy sources, algae being a
prominent one. Apart from a rising demand for algae-based
biofuels in road, marine, and aviation applications, the
plastics industry has also upped its demand for algae to
produce biodegradable plastics.
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The global algae market was valued at US$608.0 mn in 2015
and is projected to reach US$1.1 bn by 2024, at a CAGR of
7.39% therein. In terms of volume, the market is poised to
expand at a 5.32% CAGR between 2016 and 2024.

3. Low Investment Requirements Drive Adoption of Open Pond
Cultivation Technology
In terms of cultivation technology, the algae market has been
classified into open ponds cultivation technology, raceway
ponds cultivation technology, closed photo bio-reactors, and
closed fermenter systems. On a global scale, more than 80%
of algal biomass is generated through open pond cultivation
technology. Open pond cultivation systems require low
investment and as a result are utilized on a larger scale.
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4. However, in recent years, established players such as Algae
Tec and Solazyme, Inc. have been investing more on
emerging cultivation technologies such as closed photo
bioreactors and fermenter systems for better productivity
under the close monitoring of automated systems.
Closed photo bio-reactors are an emerging technology used to
promote biological growth by controlling environmental
parameters such as light. The only disadvantages presented
by this technology are high capital costs and long payback
periods.
Surge in Algae Cultivation in North America a Key
Contributing Factor

5. In terms of geography, the global algae market comprises
North America, Europe, Asia Pacific, the Middle East and
Africa, and Latin America. In 2015, North America led the
global algae market. Countries such as the U.S., Canada, and
Mexico house more than 135 companies engaged in algae
cultivation and this is a key factor driving the algae market
in the region. The North America algae market is single-
handedly driven by the U.S., constituting around 86.4% of
the market by volume and around 87.6% by value in 2016.
The U.S. is anticipated to dominate the algae market through
2024 thanks to the expansion of production facilities and
efforts to overcome the demand-supply gap. The North
America algae market is considerably more mature than other

6. regional markets such as Europe, Asia Pacific, Latin America,
and MEA.
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Countries in Asia Pacific are focusing on algal biotechnology
in wastewater bioremediation and CO2 capture and
utilization. Asia Pacific hosts five of the top 10 carbon
emitters in the world –India, China, Japan, Indonesia, and
Iran – who contribute to more than 40% of the global
emissions. Strong movements are under way to fully
commercialize the production of biofuels from algae.
Currently, more than 50% of the algae produced through

7. various cultivation technologies are utilized in DHA
production to manufacture chemical components for
medicines, health foods, cosmetics, and food additives.
Key players in the global algae market include Algae Tec,
Pond Biofuels Incorporated, LiveFuels, Inc., Algae Systems
LLC, Sapphire Energy, Inc., Solazyme, Inc., Diversified
Energy Corporation, Algenol, Kai BioEnergy Corp., Algix,
DSM Nutritional Products, Dao Energy, LLC, Phycal LLC, and
Kent BioEnergy Corporation.
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