Algaculture involves cultivation of algae for commercial applications. Algae are simple plants that possess several advantages over traditional crops such as higher productivity, ability to thrive in non-arable lands and marginal quality waters. They are rich sources of proteins, vitamins, antioxidants, polyunsaturated fatty acids (PUFAs) and bioactive compounds. Major types of algae cultivated include spirulina, chlorella and haematococcus pluvialis. The algae farming market is driven by increasing demand for algae-based products across various industries such as food & beverages, dietary supplements, animal & aquaculture feed, biofuels, fertilizers and chemicals. Algae are ecologically sustainable crops that require fewer nutrients and freshwater for growth.
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. The key opportunities in the algaculture market include development of algae-based biofuels and development of mass production systems to cater to the growing demand for algal products. The market is witnessing expansion across North America, Asia Pacific and Europe due to rising investments by companies and availability of suitable climatic conditions for large-scale algal cultivation.
Key drivers for the Algaculture Market Growth include significant for algae-based products from various industries and ability of algae to serve as sustainable replacements for traditional crops and fossil fuels. Algae possess high growth rates and productivity even in adverse climatic conditions such as drought and saline waters. Their cultivation does not compete with food crops for arable lands or freshwater resources. Algae have emerged as promising feedstocks for production of renewable fuels, nutraceuticals, animal feed and other commercial products. This is promoting large investments in algae R&D and farming activities globally.
PEST Analysis
Political: Governments across various countries are supporting the development of algae industry by formulating favorable policies and offering subsidies. They are promoting algae cultivation to reduce dependence on fossil fuels.
Economic: The consistent rise in demand for biofuels and nutraceuticals is driving investment in algae production. Cost-effective cultivation techniques are making algae farming commercially viable.
Social: Consumers are increasingly preferring sustainable and natural products. The health benefits of algae-derived foods are raising awareness. Algae with high nutritional value find applications in dietary supplements.
Technological: Advancements in biotechnology, genetic engineering and photobioreactor design have enhanced algae growth and productivity. Computer-controlled bioreactors facilitate precise monitoring and harvesting of algae. Genome sequencing aids strain improvement for higher yields.
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