Global Algaecides Market 2023 to 2028: Rising Incidences of Harmful Algal Blooms Drives Growth

News provided by

May 29, 2023, 13:30 ET

DUBLIN, May 29, 2023 /PRNewswire/ -- The "Algaecides Market - Forecasts from 2023 to 2028" report has been added to ResearchAndMarkets.com's offering.

The algaecides market is expected to grow at a CAGR of 3.54% from an initial value of US$2.364 billion in 2021 and is estimated to reach a market size of US$3.016 billion in 2028.

Companies Mentioned

BASF Corporation
SePRO Corporation
The Dow Chemical Company
Waterco
BioSafe Systems, LLC
Lonza
Airmax Inc
SANCO INDUSTRIES INC
N Jonas & Company, Inc
Lenntech BV

Algaecides refer to the chemicals that are used in the eradication of algae growth in lakes, ponds, pools, and other water bodies. Owing to the growth in industrial agriculture, there is an increase in levels of nutrients like nitrogen and phosphorus in the water bodies which leads to poor biological conditions of water bodies and causes a rise in the harmful algae growth, which is likely to propel the growth of algaecides during the forecast period.

The application of algaecides helps in enhancing agricultural output by helping with weed and insect control outside farm buildings, greenhouses, nurseries, and other growing operations. The growth of agriculture thereby directly ensures a greater use of algaecides to improve production and crop quality.

According to the USDA (United States Department of Agriculture), in 2020, US$1.05 trillion, came from agriculture, food, and associated businesses, which contributed to 5% of the US GDP. Thus, the expansion of the agricultural sector is expected to drive the demand for agricultural algaecides, thus augmenting market growth.

Growth factors:

The rise in the incidences of harmful algal blooms around the world, caused by various factors like the rise in climate change and industrial pollution is contributing towards the algaecides market growth.

According to the United States Environmental Protection Agency, climate change is warming the water temperature which provides the harmful algae blooms an ideal condition to grow. The alterations in salinity, higher carbon dioxide levels, and changes in rainfall are some other factors that are causing the harmful algal blooms to grow more. For instance, Lake Erie in North America witnesses very thick harmful algae blooms every year.

Further, according to the HAED (Harmful Algae Event Database), there were 516 cases reported of harmful algal blooms in 2019 from various parts of the world and this number is expected to increase in the future. With the rise in occurrences of algal blooms with, the growth of the algaecides market is likely to surge during the forecast period.

Furthermore, the growing popularity of aquaculture has made countries undertake favorable investments and initiatives to further boost their productivity.

For instance, the Australian Government's National Fisheries Plan 2022-2030 aims to provide a strategic framework that will uplift the country's aquaculture, fishing, and seafood community. The aquaculture and fishery sector in Australia grew to $3 billion in the period 2020-2021.

Moreover, the 14th five-year plan introduced by China in January 2021 included plans for boosting aquaculture production by the end of 2025. The country is set to standardize the designs for aquaculture ponds.

Furthermore, in August 2022, the Technology Development of Board under the Department of Science and Technology provided financial assistance of Rs. 8.42 crores to Agro farms Private Limited to support 'Advanced, Intensive, All Male Tilapia Aquaculture Project. Such favorable investments and strategic plans will boost algaecide's demand, thereby simultaneously increasing the market growth over the years.

Key Developments

The key players in the algaecides market have been implementing various growth strategies in order to gain a competitive advantage over each other in this market.

In May 2022, algaecides market players Lonza and ALSA ventures collaborated together to provide manufacturing and development services for biotech firms. Lonza would support the portfolio companies of ALSA Ventures with services supporting early development, de-risking, and manufacturing of new-generation modalities. This would help the company to expand its businesses.

Based on application, aquaculture is estimated to constitute a major market share during the forecast period.

Based on application, the algaecides market is segmented into agriculture, aquaculture, surface water treatment, and others. The growing consumption of fish food coupled with population growth has increased the productivity of aquaculture to cater to the growing fish demand. For instance, according to the Fisheries and Aquaculture Statistics issued by Food and Agriculture Organization in the 2019 Yearbook. With an increase in aquaculture production, the demand and usage of algaecides to prevent algae and other bacteria growth in aquaculture ponds is also expected to increase, thereby adding more to the market growth in the future.

By region, North America constitutes a significant share of the algaecides market.

Based on geography, the algaecides market is segmented into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. A well-established aquaculture market in the North American region is expected to drive the market of algaecides in this region. The rise in climate change-related hazardous algal bloom occurrences in the United States of America is one of the major factors supporting the market growth for algaecides. The United States Environmental Protection Agency claims that as a result of climate change, the water's temperature is rising, creating the apt conditions for hazardous algae blooms to flourish.

Market Segmentation:

By Type

Copper Sulfate
Quaternary Ammonia
Chelated Copper
Peroxyacetic Acid & Hydrogen Dioxide
Others

By Application

Agriculture
Aquaculture
Surface Water Treatment
Others

By Geography

North America
United States
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
Germany
France
UK
Others
Middle East and Africa (MEA)
Saudi Arabia
UAE
Others
Asia Pacific
China
India
Japan
South Korea
Taiwan
Thailand
Indonesia
Others

For more information about this report visit https://www.researchandmarkets.com/r/ukul4m

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets