The high cost of fish oil and fish meal has stoked the demand for alternatives in aquafarming, says Fortune Business Insights in a report, titled, “Microalgae-based Aquafeed Market Size, Share and Global Trend by Species (Spirulina, Chlorella, Tetraselmis, Isochrysis, Pavlova), Aquatic Animal (Larval Fish, Molluscs, Crustaceans), Cultivation Technique (Open Systems, Closed Systems) & Geography Forecast till 2029.” Microalgae has been identified as a sustainable alternative for the needs of aquaculture as feed due to the presence of a wide range of biochemical and physiological characteristics. This will likely result in the growth of global microalgae-based aquafeed market.
According to the Food and Agriculture Organization of the United Nations, 73% of fish oil and 70% of fish meal is consumed by the aquaculture industry. But, the production of fishmeal declined by 2.4% from 2005 to 2015. This was because of a shift in demand from aquaculture industry. Fortune Business Insights predicts that due to the expensive nature of microalgae products, growth of the market is likely to get hampered. The aquafeed additives that are produced from microalgae are considered to be special products due to their high cost. Hence, prominent players from the industry are conducting various trials to increase their efficiency in order to produce cost-effective alternatives to fish oil and fish meal out of microalgae.
The global microalgae-based aquafeed market is divided into four segments, namely, by species, by aquatic animal, by cultivation technique, and by geography. In terms of species, the market is further segmented into chlorella, spirulina, tetraselmis, pavlova, isochrysis, and others. Amongst these, isochrysis, chlorella, tetraselmis, pavlova, and spirulina are the most significant species of microalgae used as aquafeed ingredients. There has been a trend of using the spirulina species of algae in the aquaculture industry. In terms of cultivation technique, the market is divided into two segments, namely, open and closed systems. For cultivating microalgae that are used in feed applications for livestock, open systems are preferred the most.
Asia Pacific and North America Market Likely to Show Notable Growth
Geographically, the global microalgae-based aquafeed market is segmented into North America, South America, Asia Pacific, Europe, the Middle East and Africa. Amongst these regions, Asia Pacific and North America are currently leading the global microalgae-based aquafeed market. However, Fortune Business Insights states that these two regions are anticipated to grasp a significant amount of market share by the end of 2026. In Asia Pacific, India, China, Indonesia, Thailand, and Vietnam are the major countries that hold a large market share of the global aquafarming units.
Strategic Collaborations Among Leading Companies to Aid Expansion
DSM, a science-based multinational company headquartered in Heerlen and Evonik, a speciality chemical company announced their plan to move forward with a joint venture for omega-3 fatty acid products in March 2017. This innovation will help to produce omega-3 fatty acids from natural marine algae for animal nutrition. It will be initially used as pet food and salmon aquaculture. Solazyme, Inc., a pioneer in algae innovation and Bunge Limited, an agribusiness company have launched AlgaPrime DHA in May 2016. It is a native and whole algae DHA that is a sustainable speciality feed ingredient.
Some of the key companies that are present in the global microalgae-based aquafeed market are DSM, Cellana Inc, Cargill, Cyanotech Corporation, Algatechnologies ltd., Corbion, CP Kelco, and other players.
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