Rising concerns in terms of soil fertility, crop productivity, and focus on reducing reliance on chemical pesticides is fuelling the demand for microalgae in the fertilizers sector. According to a report by Future Market Insights (FMI), the market will reflect a CAGR of 8.7%, surpassing US$ 21,747.6 Thousand by the end of 2031.
Microalgae is an organic, natural material and is a source of renewable energy obtained from marine or freshwater sources. Various species are finding roles of water retention and nutrition for varying soil profiles.
They have been utilized as a soil conditioner for numerous years in various studies, where liquid preparation and powdered extracts are used satisfactorily on cereal crops, resulting in increased crop yield, higher nutrient uptake, and improved herbicide tolerance.
Dry algae is also gaining traction as compost, assisting in soil binding, making it ideal for use as a bio-fertilizer. As dry algae is an organic material, it may store nutrients and provide them to plants via capillary action for a longer period.
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.
Consumer preference for organic and environment-friendly fertilizers to enhance crop yield along with increasing concerns about sustainability drive the demand for microalgae in the fertilizers industry.
Rising concerns pertaining to reduced soil salinization, greenhouse emissions, and abiotic stress in agriculture are driving the demand for natural ingredient-based fertilizers, supporting the incorporation of microalgae.
Key Takeaways from Microalgae in Fertilizers Sector Study
- Spirulina products account for 43.4% of the total market share in 2021 owing to higher yield and easier access to raw materials.
- Freshwater sources accounted for a market value share of more than 81.2% in the year 2021 and is projected to grow with a CAGR of 7.7%.
- The U.S. dominates the North America market, with a value share of around 90% through the assessment period, driven by higher awareness in the agriculture sector.
- China holds the lead in Asia Pacific accounting for over 49% of the market by 2031, owing to a massive agrarian economy and government policies to maintain food security.
- Russia is projected to surpass Germany, France, and the U.K. with 15.1% share by 2031, with impetus from investments into agricultural research.
“Continuing growth in the demand for bio-fertilizers and bio-pesticides for sustainable and environment friendly agriculture practices are key factors responsible for fueling demand for microalgae in fertilizer applications through 2021 and beyond,” said a lead analyst at FMI
Growing Applications of Microalgae Residue
Cyanobacteria and microalgae have numerous applications and are a significant source of bioactive compounds. Generally, microalga is a rich source of essential macro and micro-elements, which can be used as a protein source in food, feed, and fertilizer applications.
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.
Get Valuable Insights into Microalgae Demand Analysis in Animal Feed Sector
Future Market Insights, in its new report, presents an unbiased analysis of the global demand for microalgae in fertilizers sector, covering historical demand data and forecast figures for the period between 2021 and 2031. The study reveals compelling insights into the growth witnessed in the market. Based on the demand for microalgae in fertilizers sector on basis of species type, has been classified as spirulina, chlorella, dunaliella, schizochytrium, euglena, nannochloropsis, nostoc and others. Based on sources, demand for microalgae in fertilizers sector are classified as marine water and fresh water. Based on end use applications, demand for microalgae in fertilizers sector is classified as biofertilizers, biocontrole, soil microalgae, biostimulants, fungicide & insecticide, pesticide, soil conditioner, agriculture herbicide, animal repellent and others. Regionally, demand for microalgae in fertilizers sector covers North America, Latin America, Europe, Asia Pacific and the Middle East and Africa (MEA).