Algae Market Size, Sales, Share and Forecasts by 2027
TMR foresees the global algae market to expand at a 7.42% CAGR during the forecast
tenure 2019-2027 to earn around US$ 1.37 bn by the end of 2027. By cultivation technology,
open pond cultivation could continue to generate higher demand in the market. By region,
North America is anticipated to take the lead in the market. In 2018, the U.S. accounted for
around 87% share of the regional market by value.
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Alarming Increase in Carbon Emission Helps Algae Biomass Take Center Stage
As pointed out by a TMR analyst, there has been a tremendous rise of the world algae market
in the recent years. Of late, the need to shift from fossil fuel resources to renewable energy
sources has become prominent. This could be due to the worrying increase in carbon
emission from scores of industries. As a result, demand for algae biomass is projected to
increase at a telling rate since it is an important ingredient used to produce biofuel.
Vendors operating in the world algae market could expect lucrative growth opportunities
birthing on the back of high focus on the use of renewable energy sources in both developing
and developed countries. Furthermore, increasing demand for biofuel because of the
implementation of tight emission standards and policies is forecasted to set the tone for
valuable growth in the market.
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Expensive Research for Advancement of Algae Production Techniques Dents Market
In the foreseeable future, growth of the international algae market is foretold to slow down
due to the negative impact of reduction in crude oil prices. Another factor that could deter