Algae Protein Market

The global Algae Protein Market is valued at USD 3180.60 Million in 2022 and is projected to reach a value of USD 5887.07 Million by 2030 at a CAGR of 8.00% over the forecast period.

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Algae or Algae Protein is extracted from algae, mainly from the blue-green and green algae groups. They contain a higher degree of protein levels. The Algae Protein help improve muscle health, increase strength in the human body, and boost the immunity system. A primary driver for the growth in the Algae Protein market is increasing product adoption within the food & beverage sector and increasing awareness about a healthier lifestyle. Research studies have further indicated that nutraceuticals acted as protein delivery supplements during the pandemic, increasing the popularity of algae nutraceuticals. Algae Protein such as spirulina-based products increased in consumption due to rising consumer demand, which was aided during the pandemic.

MicroAlgae Protein involves many health advantages, such as increasing human immunity and improving dietary intake. This has led to an increase in the Algae Protein market during the forecast period. Market expansion has also surged due to increasing consumer searches for plant-based supplements to boost their innate strength. Increasing awareness about using Algae Protein such as weight loss, relieving fatigue and anxiety loss, and treating premenstrual heart diseases. Consumers have begun recognizing these health benefits, which is expected to increase the sales of Algae Protein on a larger scale.

Consumers across the globe have begun preferring alternatives for plant-based and other meat-based alternatives. This change in diet has been growing due to increasing emissions of new greenhouse emissions and losing biodiversity during meat production. During the forecast period, these staple diet changes have given rise to the global Algae Protein market. Algae Protein have proven to be successfully reliable in alternative proteins. Increased demands in developed economies such as the U.S. and Europe have seen higher traction for plant-based proteins due to the rising vegan population.

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Additionally, a good portion of the global population has been witnessing increased spending to change their eating habits. These eating habits are translating towards shifting their preferences towards a plant-based diet. During the forecast, these factors are expected to exceed expectations for the Algae Protein market. However, higher algae production costs could impede the growth of the global market. Also, algae and other related items could be the root cause of many allergic reactions in some people, restricting the consumer base. Humidity and climate also determine the production capacity of algae cultivation, limiting the growth of the global Algae Protein market.

Top Market Trends

1. Recognizing of Higher Protein Intake: Studies have indicated that the amount of protein within various sources varies greatly. For instance, beef has 17.4%, while beer yeast contains more than 45.0% proteins. Manufacturers of processed food products, beverages, and nutraceuticals are constantly looking for wider nutrient sources to boost their protein content.

2. Ongoing Trend of Plant-Based Diets: According to a study, Google trends indicated that between 2014 to 2019, there has been an increase of 7X in the interest of "veganism.” Additionally, more than 10 million people in the U.S. have shifted to a vegan diet.

3. Increasing Awareness Regarding Animal Cruelty to Propel Growth: Ethical and environmental concerns regarding animal treatment for their by-products have increased. Additionally, an increasing number of animal-rights groups on a global scale will push alternative sources of proteins.

4. Favourable R&D Program to Encapsulate a Surge in Sales: The increasing popularity of seaweed within western countries is attributed to a wider scope of the global Algae Protein market during the forecast period. A myriad usage of health benefits has integrated Algae Protein in a heavy scale within Asian cuisine. A group of researchers from the University of Connecticut (UConn) and Connecticut Sea Grant leveraged their prowess to improve the accessibility and profitability of seaweed in the U.S.

5. Rising Consumption of Dietary Supplements & Capsules: Supplements and capsules are expected to be the main form of Algae Protein that is expected to be witnessed during the forecast period. Rising health benefits and an increasing number of health-conscious people will contribute to the growth of these supplements.

6. Wider Availability of Algae Protein to Supplement Demand: Increasing availability of a wide range of protein supplements in various forms is expected to increase the footprint of the global Algae Protein market.

7. Increased Consumption of Dietary Supplements Among Emerging Economies: The region of Asia Pacific is expected to offer lucrative opportunities for the Algae Protein market. A budding sport nutrition sector in India and Japan will enable an increased demand for nutraceuticals in the region.

8. Rising Athletes and Bodybuilders: The global population has been seeing an increase in athletes and bodybuilders owing to an ongoing fitness trend. This growth can be attributed to robust sports infrastructure, increasing availability of health supplements, and rising acceptance of energy drinks.

Market Segmentation

The global Algae Protein market can be categorized by Types, Sources, Applications, and Region. Based on Types, the market can be segmented across Microalgae & Macroalgae. Furthermore, based on the Sources, the market can be differentiated across Freshwater & Marine. In terms of Applications, the market can be split between Dietary Supplementary, Human Food, Animal Feed, Pharmaceuticals, and Others. Likewise, based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Types

Microalgae to Occupy Larger Revenue Owing to Higher Nutrient Content

The microalgae segment is expected to occupy the largest market share in sales during the forecast period. Microalgae are found in higher content in a wide range of nutrients such as astaxanthin, Vitamins A, C, E, H, B1, B6, and B12, along with polysaccharides, polyunsaturated fatty acids, and carotene. Numerous food manufacturers are expected to increase spirulina intake because of their properties, such as higher concentrations of proteins, vitamins, and minerals. This will contribute to segmental growth. Macroalgae will grow with the fastest growing CAGR owing to the offer of a refreshing taste and increasing integration within staple diets across the globe.

Based on Sources

Freshwater to Dominate Market Owing to Growing Demand for Chlorella & Spirulina

The segment about freshwater is expected to hold the largest revenue in terms of revenue and sales. Major market leaders, including EID Perry and Cyanotech Corporation, are choosing freshwater algae cultivation as their primary method for production. These algae are often cultivated in ponds and photobioreactors. Additionally, increasing demand for chlorella and spirulina from the nutraceutical and pet food industries is expected to push the segmental growth towards a higher rate. Marine algae will grow at a moderate CAGR due to the increasing usage of seaweed within traditional diets in Asia Pacific countries, such as South Korea & Japan.

Based on Applications

Dietary Supplements to Out shadow Segmental Growth Owing to Increased Consumption

Dietary supplements are expected to occupy the largest market share during the forecast period owing to an expanding nutraceutical sector in emerging sectors, including China, India, Japan, and South Korea. Increased consumption of healthier supplements like chlorella and spirulina are becoming widely acceptable dietary supplements worldwide. Increased integration of dietary supplements in powder, liquid, paste, and capsule forms. The human food segment will grow with the fastest growing CAGR during the forecast period owing to useful health benefits such as eliminating allergens, staying stable at lower temperatures, and fiber.

Based on Region

Asia Pacific to Reign Dominance During Forecast Owing to Risen Exports & Increasing Demand

The region of Asia Pacific is expected to dominate the Algae Protein market in terms of consumption and sales. The region is the highest exporter of Algae Protein due to increased demand from the general population. Easy raw material availability in the region will prompt market leaders to shift their regional manufacturing facilities. Cheap labor and the availability of a skilled workforce will further enable a festering manufacturing pathway for international players. China is one of the largest producers of plant-based proteins in the world. Additionally, an expansion of pharmaceutical, animal and human feed, and the cosmetics sector will enable the growth of the Algae Protein market during the forecast period.

North America is expected to grow with the fastest growing CAGR during the forecast period owing to increasing application for dietary supplements. Consumers in the regions are willing to pay a premium due to rising disposable income and increased per capita spending. An increasing fitness trend in the U.S., Canada, and Mexico countries will increase demand for the Algae Protein market.

Competitive Landscape

The global Algae Protein market is a highly competitive marketplace due to the presence of many players. The market leaders focus on expanding their production capabilities, partnerships, mergers & acquisitions, and the latest product developments. Such developments are expected to increase the developmental footprint for various cosmetics, animal feed, and food & beverage applications.

The key market players in the global Algae Protein market are Cyanotech Corporation (US), Earthrise Nutritional (US), Far East Bio-Tec Co. Ltd. (China), E.I.D. - Parry Limited (India), ENERGY bits Inc. (US), Rainbow Light (US), NOW Foods (India), Prairie Naturals (Canada), Vimergy LLC (US) to name a few.

Recent Market Developments

· March 2022: Nestle announced that they would be partnering with Corbion. This partnership is being formulated to explore the microalgae ingredients for Nestle's plant-based product line. Factors such as improved nutrition, taste, and new sustainability for Nestle are being harvested within this partnership.

· Parry Nutraceuticals, a division of EID Parry and part of the Murugappa Group), announced a joint venture with Synthite Industries Ltd. This venture is expected to leverage Parry's Spirulina cultivation strength and Synthite's extraction capabilities.

Segmentation of the Global Algae Protein Market