The global algae paste in aquaculture market accounted for USD 44.7 million in 2018 and is expected to reach USD 84.9 million in 2026 at a CAGR of 8.4% from 2019 to 2026. Growing aquaculture production followed by increasing consumption of fish products are expected to increase market concentration over the coming years. Algae paste is commercially produced in many countries but still, it is as expensive as imported products. The accessibility of home-grown algae paste as an alternate to live microalgae is a benefit to the local aquaculture industry, mainly for those engaged in shrimp, milkfish, and tilapia hatcheries, as its usage can lower the production cost.
”The Asia-Pacific region is expected to witness the fastest growth during the forecast period”
Microalgae are also an important food source in all stages of marine bivalve mollusks (oysters, clams, and scallops), the larvae of few marine gastropods (abalone and conch), some marine fish, and shrimp and zooplanktons. Thus, microalgae are concentrated and cultivated to yield algae pastes or freeze-dried cubes. Such forms can be kept refrigerated and then used directly by aquaculture industrialists.
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Key Developments/Recent News:
Aquaculture has grown at an impressive rate over the past decade. It has helped to produce more food fish, kept the overall price of fish down, and made fish and seafood more accessible to consumers across the globe. These factors are expected to offer greater investment in the industry for new and safer technologies, their adaptation to local conditions, and their adoption in appropriate settings.
Algae refers to a diverse group of organisms including macroalgae, microalgae, and cyanobacteria. Macroalgae (seaweed) and some microalgae can be grown at commercial scale at sea to provide biofuels, animal feed, and other co-products. Micro and macroalgae have high levels of structural polysaccharides and low concentrations of lignin that can be made into feedstock for the production of liquid biofuels. Many algal species contain organic chemicals that are used in several industrial and agricultural processes, ranging from food processing to supplementing animal feed. This is expected to create opportunity for algae paste in aquaculture market.
CPs & CI
The major players operating in the global algae paste market in aquaculture are AlgaEnergy, Aliga microalgae, Aquatic Live Food, BlueBioTech, Brine Shrimp Direct, Innovative Aquaculture Products, LTD, neo Algae, Phycom, PhytoBloom, Reed Mariculture, and Reef Culture, among others.
The major players operating in the algae paste market in aquaculture industry are emphasising on new product development, product launches, and several other strategies such as mergers and acquisitions, in order to grab the attention of a greater number of customers.