The fertilisers sector's demand for microalgae is anticipated to soar at a 10% CAGR over the evaluation period of 2023 to 2033. By 2033, it is anticipated that its total value, which was US$ 11 million in 2023, will have surpassed US$ 28.7 million.
According to Future Market Insights (FMI), the demand for microalgae in the fertilisers sector is expected to expand steadily. Its total market value is predicted to exceed US$ 28.7 million by 2033, up from US$ 11 million in 2023. The demand for microalgae in the fertilisers sector is expected to increase at a 10% CAGR from 2023 to 2033.
Microalgae is an organic, natural material that produces renewable energy from seawater or freshwater. Various species are discovering water retention and nutrition roles for various soil profiles.
They have been successfully utilised as a soil conditioner for cereal crops in various studies for many years. This has led to increased crop output, higher nutrient uptake, and improved herbicide tolerance.
Dry algae is also becoming popular as compost since it helps to bond the soil, making it perfect for usage as a bio-fertilizer. Dry algae can store nutrients and deliver them to plants via capillary action for a longer time because it is an organic material.
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Conventional chemical fertilizers dissolve in water and settle deep in the ground. Consequently, nutrients in fertilizers become unavailable over time. Microalgae fertilizers are used to resolve this problem. It also increases the soil’s water-holding capacity and the intermolecular space between soil molecules, allowing sufficient aeration to reach the root system.
The demand for microalgae in the fertilisers sector is driven by consumer preference for organic and environmentally friendly fertilisers to increase crop output as well as growing concerns about sustainability. Microalgae are being included into fertilisers more and more because of growing concerns about reduced soil salinization, greenhouse gas emissions, and abiotic stress in agriculture.
Growing Applications of Microalgae Residue
Microalgae and cyanobacteria are important sources of bioactive chemicals and have a variety of uses. Microalgae can be used as a source of protein in food, feed, and fertiliser applications since they are often a rich supply of important macro and micro-elements.
Microalgae contain lipids, carbohydrates, and proteins. Lipids extracted from algae are rich in oxygen (O) (26.3%), C (49.0%), N (5.76%) and hydrogen (H) (6.96%).
Untreated microalgae and microalgae biomass are rich in organic matter and macronutrient contents. This supports soil fertility, which in turn helps consumers to gain higher crop yield. Moreover, the cost of microalgae is comparatively low. Therefore, several fertilizer manufacturers utilize algae waste in their products.
Who is Winning?
Key players who are engaging in producing and supplying microalgae in fertilizers sector are actively involved in changing market strategies and expanding production capacities to keep up with the demand for microalgae in the fertilizers sector.
Some of the key players operating in microalgae demand analysis in the animal feed sector include DIC Corporation, Cyanotech Corporation, Koninkliijke DSM NV, Roquette Frères, BASF SE, Fuji Chemical Industries Co., Ltd., Parry Nutraceuticals, BGG (Beijing Gingko Group), KDI Ingredients, Sinoway Industrial Co., ltd., INNOBIO Corporation Limited, Yunnan Alphy Biotech Co., Ltd, Algaecan Biotech Ltd., Algatechnologies Ltd., Cardax, Inc, Igene Biotechnology, Inc., Fenchem Biotek Ltd., AstaReal Inc., Valensa International, Kunming Biogenic Co., Ltd., and many others.
Demand for Microalgae in Fertilizers Sector by Category
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Key Questions Answered in the Report
Propelled by improvements in research and development and emerging technologies in the fertilizers sector, the global demand for microalgae in fertilizers sector will surpass US$ 9,479.4 Thousand in 2021 and it is also expected to surpass US$ 21,747.6 Thousand by 2031.
According to FMI’s analysis, demand for microalgae in fertilizers sector sales have grown at 6.6% CAGR between 2016 and 2020. The market’s valuation stood at over US$ 8,805.2 Thousand in 2020.
Key trends shaping the market include growing environment-friendly and sustainable agricultural practices. Organic farming will continue fuelling the demand for microalgae in the fertilizers sector across the forecast period. High biotechnology potential for soil research is driving consumer attention.
Growing requirements of soil conditioners, efforts to improve abiotic stress tolerance to improve crop yield and stability of soil drive the demand for microalgae in fertilizers sector over forecast period.
Demand for microalgae in the fertilizer sector in North America is set to rise, aided by the demand for bio-fertilizers across the U.S. and Canada. As per FMI research, North America will hold 34.3% of the global demand in 2021.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Demand for Microalgae in Fertilizers Sector review , outlook , forecast , demand , size , share , keytrends , analysis , Research , overview
Jul 05, 2023
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