Algae Market - Global Industry Insights, Trends, Outlook and Opportunity Analysis, 2018-2026
Algae is a diverse group of organisms ranging from unicellular to multicellular. The complex and largest marine algae are called seaweeds. The algae consist of chloroplast, which is similar to cyanobacteria in structure. Algae has its wide application in agar, alginates, fertilizer, energy source, nutrition, pigments, and bioremediation. Algae has wide range of usage in terms of pollution control. It is used as an alternative for toxic chemicals to treat sewers, to capture fertilizer runoff in farms, and to treat water in ponds and aquaria. Request For Sample Copy of this Research Report : https://www.coherentmarketinsights.com/insight/request-sample/818 Algae has the ability to offer higher yield as compared to biofuel feedstock containing sorghum, corn Stover, beet, and corn. Thus, creating immense opportunities for growth of the algae market. Growing research and development activities among manufacturers is expected to fuel the market growth. Increasing demand for reliable, sustainable, and low cost sources of energy to ease the petroleum supply chain and to meet the increasing demand from aviation and automotive sector, are major factors expected to drive growth of the global algae market during the forecast period. Moreover, the demand for algae in the plastic industry to manufacture biodegradable plastic, is another factor boosting market growth. Algae Market outlook: North America accounts for the largest market share in the global algae market due to favorable government support related to renewable energy coupled with high investment by manufacturers. Also, DHA has various health benefits such as improving eye, brain, heart and immunity system hence it is a major component of pharmaceutical and healthcare products. These factors are expected to augment the growth of algae market in this region. Increasing demand for biofuels due to government regulations and high adoption rate in the European countries are expected to propel demand for algae, in turn, boosting growth of the algae market. Furthermore, various regulations laid down by the European Union such as biofuels directives, target to achieve 6% reduction of GHG in transport fuel by 2020, Renewable Energy Directives (RED) initiative of replacing 10% of transport fuels with biofuels are the major factors driving the algae