The global algae market is developing at a gradual pace around the world, with a number of algae oil production facilities yet to be fully commercialized. Growing concerns regarding the emission of greenhouse gases have driven the adoption of renewable energy sources, algae being a prominent one. Apart from a rising demand for algae-based biofuels in road, marine, and aviation applications, the plastics industry has also upped its demand for algae to produce biodegradable plastics.
The global algae market was valued at US$ 717.14 Mn in 2018 and is projected to reach US$ 1,365.8 Mn by 2027, at a CAGR of 7.42% therein. In terms of volume, the market is poised to expand at a 5.35% CAGR between 2019 and 2027.