With rising global population, the food & agriculture sector is facing the daunting challenge of increasing food production in the background of resources like land and water becoming scarcer day by day. The global population is projected to reach 9 billion by 2050 and securing food and nutrition for such a large population is not a small task.
So, we have to find new ways to use our scarce resources more efficiently while generating the least amount of wastes. Aquaculture has been playing a key role in meeting the food and nutrition requirements of a large section of the global population. The industry has shown impressive growth over the past decade.
The aquaculture industry has helped increase fish production while keeping their prices low, thus making fish and seafood affordable to a wide section of the population. Algae paste is widely used in the aquaculture industry as a feed for fish, shrimp, and various mollusks.
Algae paste is obtained from microalgae, which is an important source of food for some marine gastropods, marine bivalve mollusks, fish, shrimps, and zooplanktons. Algae pastes or freeze-dried cubes of algae are obtained from microalgae. These can be stored in refrigerators for about 3 months and can be used directly. This is the reason why algae paste is considered the best alternative to live microalgae.
The global algae paste in aquaculture market is expected to grow at a CAGR of 8.4% during 2019 to 2026 and reach USD 84.9 million by 2026, from USD 44.7 million in 2018. As mentioned already, aquaculture has helped increase fish and seafood production dramatically while keeping their prices low. This has increased the adoption of aquaculture, which in turn, has raised the demand for algae paste in the aquaculture market.
So, growing aquaculture production, along with rising fish and seafood consumption, will drive the global algae paste in aquaculture market. However, algae paste is quite expensive even though it is commercially produced in many countries. This can hinder the growth of the market to some extent. But algae paste is a good alternative to microalgae and its accessibility is benefitting the local aquaculture industry by helping in lowering the production cost.
The Asia-Pacific algae paste in aquaculture market is expected to grow at the highest CAGR over the next few years. Fisheries and aquaculture have been providing income generating opportunities to the people of this region.
The major global players operating in the global algae paste in aquaculture market include AlgaEnergy, Aquatic Live Food, BlueBioTech, Aliga microalgae, Brine Shrimp Direct, neo Algae, Reef Culture, Reed Mariculture, Phycom, and PhytoBloom. These global players are adopting strategies like product innovation, product launches, join ventures & partnerships, geographical expansion, and mergers & acquisitions, in order to strengthen their position in the market.