Demand for Microalgae in Fertilizers Sector Market Size 2021 Global Key Findings, Industry Demand, Regional Analysis, Key Players Profiles, Future Prospects and Forecasts to 2031
As per a study by FMI, the demand for microalgae in fertilizer sector is expected to rise at a CAGR of 8.7% during the forecast period. The market is expected to surpass a valuation of US$9479 thousand , exhibiting a year on year growth of over 7.7% in 2021. According to a study by FMI, the global demand for microalgae in fertilizer sector grew at a CAGR of 5.2% during the historical period of 2016-2020 owing to improved organic farming and increasing implementation of bio-fertilizers. 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 fertilizers sector is expected to rise at a CAGR of 12.1% during the forecast period of 2021 to 2031. Rise in organic farming owing to increasing adoption of organic food consumption is driving the market towards bio-fertilizers. This is in turn is boosting