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Algae-Based Animal Feed And Ingredients Market Report 2024 - Algae-Based Animal Feed And Ingredients Market Growth, Trends, And Forecast
Algae-Based Animal Feed And Ingredients Market
According to The Business Research Company's, The algae-based animal feed and ingredients market size has grown strongly in recent years. It will grow from $3.42 billion in 2023 to $3.75 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to sustainability concerns in animal agriculture, demand for nutrient-rich animal nutrition, search for alternative protein sources, regulatory support for sustainable practices, awareness of environmental impact in livestock farming..
The algae-based animal feed and ingredients market size is expected to see strong growth in the next few years. It will grow to $5.22 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to continued emphasis on sustainable agriculture, growing demand for functional feed ingredients, expanding aquaculture industry, consumer preference for sustainable animal products, research and development in feed technology.. Major trends in the forecast period include diversification of algae species in feed formulations, collaborations and partnerships in the industry, integration of algae-based ingredients in pet nutrition, technological innovations in algae cultivation, global regulatory support and standards..
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Market Drivers and Trends:
The increasing meat consumption is expected to propel the growth of the algae-based animal feed and ingredient market going forward. Meat consumption refers to consuming or eating meat, which is the flesh of animals typically used as food. Algae-based animal feed and ingredients are used as a sustainable and nutritious protein source for animal feed, as they contain essential nutrients like amino acids, vitamins, and minerals, making them a viable option to replace traditional feed ingredients, which improves health and increases the weight of animals. For instance, in 2022, according to the OCED (Organization for Economic Co-operation and Development), a France-based intergovernmental organization, US consumption of meat increased from 10,177.30 thousand metric tons in 2020 to 10,191.61 thousand metric tons in 2021. Further, global population growth is predicted to support a 15% rise in worldwide meat consumption by 2031. Therefore, increasing meat consumption is driving the development of the algae-based animal feed and ingredient market.
Product innovations have emerged as the key trend gaining popularity in the algae-based animal feed and ingredients market. Major companies operating in the algae-based animal feed and ingredients market are developing innovative products to strengthen their position in the market. For instance, in March 2021, Triton Algae Innovations Ltd, a US-based startup harnessing freshwater algae species, introduced its plant-based algae ingredients and first retail product, Plant-Based Tuna, to demonstrate the undersea crop's potential in alternative proteins to consumers. Chlamydomonas reinhardtii, the single-celled algae species used by Triton, is capable of producing plant proteins, and the business has succeeded in creating it in a scalable, cost-effective heterotrophic method. The product is an alternative protein ingredient, and solutions are made utilizing Chlamydomonas reinhardtii, green algae that Triton develops in its fermentation tanks. It claims protein levels equivalent to more well-known algae species such as chlorella and spirulina.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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Major Key Players of the Market:
Alltech Inc.; Cargill Inc.; Corbion NV; Evonik Industries AG; Ajinomoto Co. Inc.; Cellana Inc.; BASF SE; Centafarm SRL; DuPont de Nemours Inc.; Kemin Industries Inc.; Koninklijke DSM NV; Novozymes A/S; Nutreco N.V.; Técnica Ganadera S.L.; Aliga Microalgae; Triton Algae Innovations Inc.; Archer Daniels Midland Company; Algalita LLC; Erulia Limited; Green Plains Natural Gas LLC; Heineken N.V.; InnovaFeed SAS; JBS S.A.; Microalgae Technology Inc.; Neptune Bioenergy Inc.; Nova Algae Inc.; OriginOil Inc.; Pond Technologies Inc.; Seaweeds for Aquaculture LLC; Solazyme Inc.; TerraVia Inc.; UniBio Inc.
Algae-Based Animal Feed And Ingredients Market 2024 Key Insights:
• The algae-based animal feed and ingredients market will grow to $5.22 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%.
• Surging Meat Consumption Propels Growth In Algae-Based Animal Feed And Ingredient Market
• Innovative Products Propel Growth In Algae-Based Animal Feed And Ingredients Market
• North America was the largest region in the algae-based animal feed and ingredients market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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