The Algae-Based Animal Feed And Ingredients Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Algae-Based Animal Feed And Ingredients Global Market Report 2024, 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..
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.
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The algae-based animal feed and ingredients market covered in this report is segmented –
1) By Product: Feed, Feed Ingredient
2) By Distribution Channel: Offline, Online
3) By Application: Poultry, Swine, Ruminant, Aquaculture
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.
The algae-based animal feed and ingredients market report table of contents includes:
1. Executive Summary
2.Algae-Based Animal Feed And Ingredients Market Characteristics
3.Algae-Based Animal Feed And Ingredients Market Trends And Strategies
4. Algae-Based Animal Feed And Ingredients Market analysis
5.Algae-Based Animal Feed And Ingredients Market Size And Growth
6. Algae-Based Animal Feed And IngredientsSegmentation
7. Algae-Based Animal Feed And IngredientsRegional And Country Analysis
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27.Algae-Based Animal Feed And Ingredients Competitive Landscape And Company Profiles
28. Algae-Based Animal Feed And IngredientsKey Mergers And Acquisitions
29.Algae-Based Animal Feed And Ingredients Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Alltech Inc.
- Cargill Inc.
- Corbion NV
- Evonik Industries AG
- Ajinomoto Co. Inc.
- Cellana Inc.
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