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.
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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.
Demand for Microalgae in Fertilizers Sector by Category
By Species Type:
- Spirulina
- Chlorella
- Dunaliella
- Schizochytrium
- Euglena
- Nannochloropsis
- Nostoc
- Others
By Source:
- Marine water
- Fresh Water
By End Use Application:
- Biofertilizers
- Biocontrole
- Soil microalgae
- Biostimulants
- Fungicide & Insecticide
- Pesticide
- Soil Conditioner
- Agriculture Herbicide
- Animal Repellent
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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Key Questions Answered in the Report
- What is demand for microalgae in fertilizers sector market size?
Propelled by improvements in research and development and emerging technologies in the fertilizers sector, the global demand for microalgae in fertilizers sector will surpass US$ 9,479.4 Thousand in 2021 and it is also expected to surpass US$ 21,747.6 Thousand by 2031.
- At what rate did the demand for microalgae in fertilizers sector expand in the last five years?
According to FMI’s analysis, demand for microalgae in fertilizers sector sales have grown at 6.6% CAGR between 2016 and 2020. The market’s valuation stood at over US$ 8,805.2 Thousand in 2020.
- What are the key trends shaping the demand for microalgae in fertilizers sector?
Key trends shaping the market include growing environment-friendly and sustainable agricultural practices. Organic farming will continue fuelling the demand for microalgae in the fertilizers sector across the forecast period. High biotechnology potential for soil research is driving consumer attention.
- What are the key factors driving demand for microalgae in fertilizers sectors?
Growing requirements of soil conditioners, efforts to improve abiotic stress tolerance to improve crop yield and stability of soil drive the demand for microalgae in fertilizers sector over forecast period.
- What are the statistics of microalgae demand in the North America fertilizer sector?
Demand for microalgae in the fertilizer sector in North America is set to rise, aided by the demand for bio-fertilizers across the U.S. and Canada. As per FMI research, North America will hold 34.3% of the global demand in 2021.
- Which countries are key producers of microalgae in fertilizers sector?
The U.S, France, Japan, Germany and China are the key producing countries of microalgae in fertilizers sector.
- What is the cumulative share of top five companies engaged in the production of microalgae in fertilizers sector?
The cumulative market share of the top 5 players, including Algenol, Algatec (Lusoamoreiras), Allmicroalgae, Cellana LLC, and Nikken Sohonsha Corp cumulatively responsible for 55-65% of market share in 2021.
- Which countries are key exporters of microalgae in fertilizers sector?
The U.S., Russia, China, Germany and Spain are key exporters of microalgae in fertilizers sector.
- Which are the top countries driving demand for microalgae in fertilizers sector?
The U.S., Germany, France, China and Japan are the top 5 countries which are driving the demand of microalgae in fertilizers sector.
- What are the key statistics for demand for microalgae in fertilizers sector in Japan and India?
Japan is expected to hold 5.1% of the global market share during the forecast period while India accounts for 9.1% in 2021.