The algaecides market is expected to grow at a compound annual growth rate of 4.33% to reach a market size worth US$2.845 billion by 2026. This market was valued at US$2.115 billion in 2019. Algae are microscopic organisms that develop in water or moist environments. In a pond, algae growth consumes all of the oxygen that other underwater living species require to exist. Furthermore, certain species of algae can be dangerous to humans, fish, and plants, thus excessive algae should be avoided or eradicated. It is a chemical that kills and prevents algae and cyanobacteria from growing. Algaecides are divided into two categories: natural and synthetic algaecides. They are typically employed to keep filamentous, branching, and planktonic algae at bay. Algaecide effectiveness is determined by a variety of parameters, including application volumes, water chemistry, and product formulation.
Analysts Predict That the Market Will Grow as the Number of Harmful Algal Blooms Increases as a Result of Climate Change
The rise in the frequency of toxic algal blooms around the world as a result of climate change is one of the primary factors fueling the algaecides market growth. Climate change, according to the US Environmental Protection Agency, is raising water temperatures, creating an ideal habitat for harmful algae blooms to thrive. Other variables that are causing the dangerous algal blooms to grow faster include changes in salinity, greater carbon dioxide levels, and variations in rainfall. The increase in algal blooms has resulted in an increase in demand for algaecides, which is predicted to fuel the algaecides market’s expansion throughout the forecast period, as climate change is expected to continue to have an impact in the coming years.
The algal bloom induced by Karenia brevis, a saltwater microorganism, is steadily spreading up Florida’s southwest coast. K. Brevis was found in different levels in Pinellas, Hillsborough, Manatee, Sarasota, Lee, and Collier Counties as of June 4, 2021. A measure that will mandate the Florida Department of Environmental Protection to procure technology effectively in eliminating hazardous algae, pollutants and nutrients from water bodies was passed on November 30, 2021. Local government entities can apply for a technology grant through the agency. According to a legislative staff report, the initiative aims to rehabilitate Florida’s water bodies by using short-term measures to address algal blooms and nutrient contamination.
Similarly, every year, thick harmful algae bloom occurs in Lake Erie in North America. Scientists have warned that the problem of harmful algal bloom in the lake is worsening as a result of climate change. In 2021, Lake George experienced two significant harmful algal blooms (HABs), one in July and the other in October, recording the lake’s third and fourth HABs, respectively. Since the early October bloom, the state’s Department of Conservation has documented six more small, localized shoreline HABs on Lake George. Between July 6 and August 25, 2021, 24 reports of suspected HABs were received along Lake Champlain’s New York shoreline, according to the Department of Environmental Conservation. This year, the state recorded 192 HAB-affected water bodies, up from 184 in 2020.
The Intergovernmental Oceanographic Commission of UNESCO launched an unprecedented examination of nearly 10,000 harmful algal bloom (HAB) incidents worldwide during the previous 33 years in June 2021. The first-ever global statistical research looked at 9,500 HABs incidents over 33 years and discovered that the harm caused by HABs increases in tandem with the aquaculture industry’s growth and increased marine exploitation. Although algaecides are not a long-term solution, they are still utilized for short-term objectives, and with the rise in algal blooms due to climate change, the algaecides is anticipated to expand greatly throughout the forecast period.
During the Forecast Period, the Aquaculture Segment Is Expected to Maintain a Significant Share in the Global Algaecides Market
Because of the structured expansion of aquaculture in both freshwater and marine areas for the purpose of maintaining water quality and the increased prevalence of algal bloom in the North and Latin American regions, which affects fish and mussel farmers in the region, algaecides are used the most in aquaculture. According to the United Nations’ Food and Agriculture Organization (FAO), aquaculture production is expected to reach 109 million tonnes in 2030, up 32 percent (26 million tonnes) from 2018. The total quantity of fish produced is expected to rise from 179 million tonnes in 2018 to 204 million tonnes in 2030. The need for aquaculture production and fish consumption is continuing to rise, necessitating increased aquaculture productivity. As a result, the use of algaecides in aquaculture has grown over time and hence plays a substantial role in aquaculture production, which is why the aquaculture segment of the algaecides market has a notable market share and is expected to continue to dominate the algaecides market during the forecast period.
According to Regional Analysis, the Algaecides Market in North America Is Expected to Hold a Significant Share During the Projected Period
The global algaecides market is segmented into five regions based on geography: North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. Because of a well-established aquaculture business in countries like the United States and Canada, the North American region is expected to occupy a considerable proportion of the algaecides market and to have significant expansion. The market will further propel due to the rising worries about algae blooms and the region’s increased focus on reducing water pollution, particularly in the United States. Furthermore, the country’s high industrialization necessitates the use of algaecides to prevent the growth of undesired algal, which will boost the market in the region.
The market was negatively impacted by business disruptions and price fluctuations caused by the COVID-19 pandemic. Because the algaecide business caters primarily to non-essential end-user sectors, the most substantial effects of the pandemic occurred in the first quarter of the year, with a steady but uneven recovery taking root as the second half of the year progressed. The COVID-19 pandemic altered the global economy and supply and demand fundamentals. For instance, the Dow Chemical Company witnessed net sales of $38.5 billion in 2020, down 10% from net sales of $43.0 billion in 2019.