The market is expected to surpass a valuation of $9479 thousand, exhibiting a year-on-year growth of over 7.7 per cent in 2021
As per a recent study by Future Market Insight (FMI), the demand for microalgae in the fertiliser sector is expected to rise at a CAGR of 8.7 per cent during the forecast period. The market is expected to surpass a valuation of $9479 thousand, exhibiting a year-on-year growth of over 7.7 per cent in 2021.
According to FMI, the global demand for microalgae in the fertiliser sector grew at a CAGR of 5.2 per cent during the historical period of 2016-2020 owing to improved organic farming and increasing implementation of bio-fertilisers.
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 the fertilisers sector is expected to rise at a CAGR of 12.1 per cent during the forecast period of 2021 to 2031.
The rise in organic farming owing to the increasing adoption of organic food consumption is driving the market towards bio-fertilisers. This is in turn is boosting the demand for use of microalgae in fertiliser formulations.
There has been a considerable shift towards environmental friendly agriculture practices to enhance the productivity of crops, quality of the crop, and improve soil stability. Key manufacturers are thus investing in research and development (R&D) activities to boost their sales and expand their consumer base.
