The latest microalgae in fertilizers sector market offers insights into chief growth drivers and restrains impacting the overall growth trajectory. As per the report, rising focus on sustainably improving agricultural yield will fuel the demand for microalgae in fertilizer sector.
DUBAI, U.A.E, July 15, 2021 /PRNewswire/ -- As per a study by FMI, the demand for microalgae in fertilizer sector is expected to rise at a CAGR of 8.7% during the forecast period. The market is expected to surpass a valuation of US$9479 thousand, exhibiting a year on year growth of over 7.7% in 2021.
According to a study by FMI, the global demand for microalgae in fertilizer sector grew at a CAGR of 5.2% during the historical period of 2016-2020 owing to improved organic farming and increasing implementation of bio-fertilizers.
Improvement in technology used for sustainable farming is expected to shift focus from microalgae sourced from freshwater to species derived from marine water due to the ample availability of the latter. The demand for marine water microalgae in fertilizers sector is expected to rise at a CAGR of 12.1% during the forecast period of 2021 to 2031.
Rise in organic farming owing to increasing adoption of organic food consumption is driving the market towards bio-fertilizers. This is in turn is boosting the demand for use of microalgae in fertilizer formulations.
There has been a considerable shift towards environmental friendly agriculture practices to enhance productivity of crop, quality of crop, and improve soil stability. Key manufacturers are thus investing in research and development (R&D) activities to boost their sales and expand consumer base.
"Key players in the global microalgae in fertilizer sector are actively focusing on overcoming problems associated with chemical fertilizer and they are investing in R&D activities to innovate novel products. Through this, they aim at gaining competitive advantage," says the FMI analyst.
Agricultural herbicides segment is expected to hold 41% of the market in 2021 and rise at a CAGR of 7.5% during the forecast period owing to its increasing application in boosting crop yield.
Fresh water sources of microalgae will hold a dominant share of 81.2% in 2021 and project a rise of 7.7% CAGR as more preferred source of microalgae in the fertilizer sector.
Spirulina microalgae is expected to hold dominant share of 43.4% during 2021 as it is extensively used in fertilizers to improve plant growth and crop yield.
India will remain a key market in Asia Pacific and is expected to clock a growth rate of 10.0% CAGR during the forecast period backed by modernization in agricultural sector.
The demand for bio-fertilizers is increasing as farmers look for novel methods to maintain soil fertility in sustainable manner. The shift of consumer preference is boosting demand for environmental friendly solutions including microalgae ingredients.
Government support to the agricultural industry in the form of granting funds for raw materials, agrochemicals, seeds, fertilizers, and other products will encourage demand for microalgae in fertilizer sector.
Consumers are adopting a healthier approach towards their lifestyle and habits. This has resulted in demand for healthy and organic foods, hence bolstering demand for bio-fertilizers to improve the quality of food. This will bode well for the market in the long run.
Climate change and abiotic stresses will act as a restrain in the demand for microalgae in fertilizer sector in numerous countries.
Non-availability and lack of awareness will hamper larger adoption of microalgae in fertilizer sector during the forecast period.
The key players operating in the global microalgae in fertilizer sector are focusing on expanding their product portfolio to cater the agricultural requirements of farmers worldwide as it is increasingly becoming popular in fertilizer sector.
Rising prevalence of organic food consumption is boosting demand for organic farming. This is expected to encourage manufacturers to increase investment in research and development focusing on microalgae and fertilizers.
Various new players are entering the market, hence reducing the gap between demand and supply. Product launches are therefore gaining momentum in the market. For instance:
HyFlexFuel in June 2021, launched biocrudes from biomasses including microalgae, manure, food waste, and others. Meanwhile, VegaAlga is expected to establish sustainable agricultural ecosystem by incorporating microalgae based fertilizers.
The key companies operating in the global microalgae in fertilizer sector market profiled by FMI are
Koninkliijke DSM NV
Fuji Chemical Industries Co., Ltd.
BGG (Beijing Gingko Group)
Sinoway Industrial Co., ltd.
INNOBIO Corporation Limited
Nikken Sohonsha Corp
Inner Mongolia Rejuve Biotech Co. Ltd.
More Insights on the Demand for Microalgae in Fertilizer Sector:
FMI provides an unbiased analysis of the demand for microalgae in fertilizer sector, presenting historical demand data (2016-2020) and forecast statistics for the forecast period from 2021-2031. The study divulges compelling insights into factors fuelling the demand for microalgae in fertilizers sector with a detailed segmentation on the basis of
Key Questions Covered in the Microalgae in Fertilizer SectorMarket Report
The report offers detailed insights into demand or microalgae in fertilizer sector outlook for 2021-2031
The market study also highlights projected sales growth for microalgae in fertilizer sector between 2021 and 2031
Demand for microalgae in fertilizer sector survey identifies key growth drivers, restraints, and other forces impacting prevailing trends, evaluation of current market size, and technological advancements within the industry
Demand for microalgae in fertilizer sector report offers market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
Explore FMI's Extensive Coverage on the Food and Beverage Domain
Citrus Molasses Market: The citrus molasses market study by Future Market Insights (FMI) provides deeper insights on the new trends while incorporating the impact of ongoing trends, and growth & restraining factors during the forecast period of 2021 to 2031. Market dynamics have been presented on the basis of prominent drivers, trends and opportunities prevailing across key geographies for the aforementioned decade.
Low Sodium Sea Salt Market: ESOMAR-certified market analysis and consulting company Future Market Insights (FMI) provides insights driving Low Sodium Sea Salt Market demand in latest report. Additionally, to find the effect of COVID-19 on the Low Sodium Sea Salt Market in general, the study monitors global Low Sodium Sea Salt sales in 20+ high-growth markets and address their end-user in particular.
Encapsulated Flavors and Fragrances Market: In its latest study, ESOMAR-certified market research and consulting firm Future Market Insights (FMI) offers in-depth insights on key factors that influence the demand for Encapsulated Flavors and Fragrances. The report covers global demand for Encapsulated Flavors and Fragrances in more than 20 high potential markets, in addition to an in-depth analysis of the impact of COVID-19 on the global citrus pulp market.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.