Demand for Microalgae in Fertilizer Sector will Rise at 8.7% CAGR Spurred by increasing use of Bio-Fertilizers: Future Market Insights finds in Latest Survey

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.

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Key Takeaways

Key Drivers

Key Restrains

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Competitive Landscape

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

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

Species Type

Source

End Use Application

Region

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Key Questions Covered in the Microalgae in Fertilizer Sector Market Report 

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