Algae Protein Market to Grow with a CAGR of 8.53% through 2028
The rise of plant-based diets
and expanding market reach are expected to drive the Global Algae Protein
Market growth in the forecast period, 2024-2028.
According to TechSci Research
report, “Algae Protein Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Global Algae
Protein Market stood at USD 3.22 billion in 2022 and is anticipated to grow
with a CAGR of 7.85% in the forecast period, 2024-2028. This can be attributed
to global awareness and market expansion. Algae protein's appeal transcends
geographical boundaries. As awareness about its benefits spreads globally, the
market for algae protein is expanding beyond its traditional strongholds. New
markets in Asia, Europe, and North America are emerging, presenting significant
growth opportunities for industry players.
Furthermore, blending algae
protein with other plant-based proteins, such as pea or soy, can create
products with improved taste, texture, and nutritional profiles. This trend of
creating hybrid protein sources can address consumer demands for better alternatives.
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The algae protein market is
poised for growth in the foreseeable future, driven by several factors. These
include the increasing vegan population, greater adoption of algae protein in
the food and beverage sector, and growing awareness of the benefits of a
healthy dietary lifestyle. The COVID-19 pandemic did have a slight impact on
the algae protein market. Global lockdowns led to the closure or reduced
capacity of numerous commercial algae production facilities, resulting in
decreased global production. However, some research has indicated that
algae-based nutraceuticals might boost immunity against COVID-19 and other
viral illnesses. This, along with the rising popularity of algae-based
products, particularly those containing spirulina, has boosted consumer demand
and supported industry growth during the pandemic. Microalgae protein offers
various health benefits, including immune system enhancement and improved
nutrition, which could drive demand in the nutraceutical market. Additionally,
the search for plant-based nutritional supplements to enhance overall
well-being is encouraging market expansion.
Algae protein is employed for
diverse purposes such as weight management, fatigue and anxiety reduction, and
the treatment of conditions like premenstrual syndrome, ADHD, and diabetes,
among others. Global demand for algae protein is increasing due to its rich
nutrient content and positive impact on the immune system, among other
health-related benefits. Changing consumer preferences towards plant-based and
alternative meat sources, driven by sustainability concerns such as increased
greenhouse gas emissions and biodiversity loss in traditional meat production,
are also contributing to market growth.
However, there are potential
challenges to consider. High production costs, which can result in higher
product prices, may hinder the revenue growth of the global algae protein
market. Additionally, some individuals may experience allergic reactions to algae
protein and related products, limiting their use. The cultivation of algae is
highly dependent on humidity and climate conditions, which can vary
significantly. These climatic factors could pose challenges to algae farming
and potentially impede the expansion of the algae protein market in the coming
years.
The Global Algae Protein Market
is segmented into type, source, application, regional distribution, and
company.
Based on its application, dietary
supplements emerged as the dominant source of total revenue in 2022. The
anticipated expansion of the nutraceuticals industry in India, China, and
Japan, driven by increased consumption of health supplements, is expected to
drive demand for this product throughout the forecast period. Chlorella and
spirulina, available in various forms such as powder, liquid, tablets, paste,
and capsules, are widely recognized as algae protein-based dietary supplements,
both in the region and globally.
Within the segment of human food,
a remarkable CAGR is anticipated during the forecast period. Algae protein
possesses valuable qualities, including allergen elimination, stability at low
temperatures, and the addition of dietary fiber. These attributes are likely to
contribute to an increased demand for the product. The demand for processed
food items is being stimulated by factors such as a growing working population,
rapid urbanization, and population growth, all of which are expected to have a
positive impact on the growth of the algae protein market. Moreover, the
increasing consumer preference for plant-based food and beverage products,
driven by the adoption of a vegan lifestyle, is expected to further bolster the
growth of the algae protein market in the food and beverage sector.
Based on region, the Asia Pacific
region held a dominant position in the market, owing to the increasing exports
and domestic demand for plant-based ingredients. China, in particular, stands
out as one of the largest producers of plant-based ingredients in the region,
thanks to its easy access to raw materials. Moreover, the anticipated growth in
the pharmaceutical, animal feed, food & beverage, and cosmetics industries
is expected to drive up the demand for plant proteins in developing countries
like India, China, Indonesia, South Korea, and Malaysia in the years to come.
The North American market for algae proteins is
expected to exhibit a noteworthy CAGR by the year 2030. This growth can
primarily be attributed to the increasing interest in fitness among consumers
in the United States, Canada, and Mexico, leading to a rise in demand for algae
proteins in the dietary supplements and food sectors. Furthermore, the
expanding aquaculture industry is anticipated to contribute to the heightened
demand for these products during the forecast period.
Major companies operating in
Global Algae Protein Market are:
- Corbion NV
- Cyanotech Corp
- Earthrise Nutritionals, LLC
- Far East Bio-Tec Co Ltd
- EID Parry India Ltd
- ENERGYbits Inc.
- Rainbow Light Nutritional Systems LLC
- NOW Foods
- Vimergy LLC
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“The global algae protein market
is at the forefront of innovation and sustainable food production. As consumers
become more conscious of their dietary choices, the market is evolving to meet
their demands for sustainable, nutritious, and plant-based protein sources. The
trends outlined above represent exciting opportunities for the algae protein
market to thrive and continue its contribution to a more sustainable and
health-conscious global food industry. As the market continues to evolve,
staying attuned to these emerging trends will be crucial for industry players
and consumers alike,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“Algae Protein Market By Type
(Microalgae (Spirulina, Chlorella, Others), Macroalgae), By Source (Freshwater,
Marine), By Application (Dietary Supplements, Human Food, Animal Feed,
Pharmaceuticals, Others), By Region, By Competition Forecast
& Opportunities, 2018-2028F”, has evaluated the future growth
potential of Global Algae Protein Market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Algae Protein Market.
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