Microalgae Fertilizers Market Share

North America Market Statistics

North America industry is set to dominate majority revenue share of 35% by 2037.The market growth in the region is also expected on account of the growing demand for bio-based goods. The use of microalgae-based fertilizers by farmers is encouraged by policies that support organic fertilizers, which speeds up market expansion.

In terms of microalgae usage in fertilizer products, the United States leads the world. Growing knowledge of environmentally friendly farming methods, better soil stability, and increased output and caliber of corps fuel biofertilizers are all contributing factors in the US agriculture industry.

The Canadian government is highly investing in R&D to create sustainable substitutes for chemical fertilizers to address issues and provide long-term potential. According to a report, in 2022, the Canadian government spends more than USD 1.6 million on cutting-edge technologies for very effective fertilizers. There has been a growing focus on sustainable agriculture practices in Canada. Fertilizers based on microalgae complement this trend by providing organic and eco-friendly substitutes for traditional chemical fertilizers.

European Market Analysis

Europe microalgae fertilizers market is poised to capture revenue share of around 26% by the end of 2037, and will hold the second position owing to the growing focus on organic farming. According to the European Commission, in the EU, the area devoted to organic agriculture production is still growing. Between 2020 and 2021, it grew from 14.7 million hectares (ha) to 15.9 million ha or 9.9% of the EU's total utilized agricultural area (UAA). Also, strict regulations on chemical fertilizer usage in the region is augmenting the market expansion in the region.

The agriculture sector in Germany faces growth and productivity challenges due to abiotic stressors and climate changes. Farmers have begun using biocides and NPK fertilizers in addition to traditional methods to boost yield. Fertilizers often contain microalgae to lessen abiotic stress. As a result, the nation's need for microalgae in fertilizer formulations rises. Furthermore, Germany actively looks for environmentally friendly solutions in a variety of industries, including agriculture, due to its high level of environmental concern.