Algae are photosynthetic eukaryotic organisms that thrive in watery environments and generate biomass by using light and carbon dioxide (CO2). The market demand for macroalgae and microalgae food is always increasing, owing to the functional benefits that go beyond the usual health and nutrition concerns. Furthermore, algae can provide a greater oil production than biofuel feedsalgaetock comprising sorghum, maize Stover, beet, and corn. As a result, there are several chances for the worldwide algae market to develop.
Manufacturers' increased R&D activities are likely to drive market expansion. The increasing need for dependable, sustainable, and low-cost energy sources to alleviate the petroleum supply chain and satisfy rising demand from the aviation and automotive sectors are projected to boost the worldwide algae market over the forecast period.
The extraction and production of algae need expensive equipment and procedures. The government's and firms' high investments in R&D for developing manufacturing processes to lower costs are likely to serve as a key opportunity for the market.
The United States Department of Energy (DOE) promotes the development of fuels that include biomass-derived stocks. This feedstock is used in basic research to enhance biomass conversion, production, and sustainability. The National Renewable Energy Laboratory (NREL), for example, studies the economic generation of these fuels using technologies such as algal biomass systems and terrestrial biomass.