GLOBAL- The algae-based animal feed and ingredients market is set to witness substantial growth, projected to increase by USD 928.69 million from 2022 to 2027, as per the latest analysis by Technavio, an esteemed market research specialist.
Anticipated to progress at a CAGR of 6.07% during the forecast period, this growth is attributed to the expanding production and consumption of meat and dairy products in response to global demand.
As the consumption of these products continues to rise, the need for efficient and sustainable animal feed solutions becomes imperative, thus boosting market growth.
However, challenges such as the high processing cost of algal biomass and technical intricacies might pose hurdles to market expansion.
The market is segmented based on applications, including poultry, swine, ruminant, and aquaculture, and distribution channels, comprising offline and online avenues.
Notably, the offline segment is expected to witness substantial growth during the forecast period. Offline channels encompass specialty stores, department stores, hypermarkets, supermarkets, convenience stores, clubhouses, and drugstores.
Brands offer a diverse range of animal feed and ingredient products derived from algae in these outlets, making it a convenient and attractive choice for consumers due to discounted offers and personalized assistance.
Leading specialty retailers like Bentoli, AgrinutritionalCare, and Ace Peel Hardware actively contribute to the market by retailing algae-based animal feed and ingredient products.
Increased awareness to drive growth in APAC region
Geographically, the Asia-Pacific (APAC) region is anticipated to play a pivotal role, contributing around 42% to the global market’s growth during the forecast period.
This surge is driven by the increasing awareness and adoption of algae-based animal feed and ingredients in countries within the APAC region.
The competitive landscape of the algae-based animal feed and ingredients market is marked by concentration, with key market players employing both organic and inorganic growth strategies to stay competitive.
Major companies analyzed in the market report include Ajinomoto Co. Inc., Aliga ApS, Alltech Inc., Archer Daniels Midland Co., BASF SE, BIOTECNOLOGIAS APLICADAS SL, Bluetec Naturals Co. Ltd., Cargill Inc., Cellana Inc., Corbion NV, Cyanotech Corp., DuPont de Nemours Inc., EID Parry India Ltd., Evonik Industries AG, INNOBIO Corp. Ltd., Kemin Industries Inc., Koninklijke DSM NV, Novozymes AS, Nutreco N.V., and Roquette Freres SA.
In conclusion, the algae-based animal feed and ingredients market is on the brink of a significant growth phase, fueled by the burgeoning demand for high-quality meat and dairy products and the need for sustainable animal feed solutions.