In terms of revenue, the Global Algae Protein Market is expected to reach USD 4,700.6 Million by 2028, growing at a CAGR (Compound Annual Growth Rate) of 8.00% from 2022 to 2028.
Due to factors such as the growing vegan population, higher product usage in food and beverage applications, and growing public awareness of the benefits of a healthy eating lifestyle, the market for Algae Protein is anticipated to expand throughout the projected period. In addition, the COVID-19 epidemic has had a minor influence on the market for Algae Protein. Due to the global shutdown, many commercial algae manufacturing and processing facilities were shut down or operated at reduced capacity, severely decreasing global production. However, according to recent research, algae nutraceuticals may work as immune system boosters against COVID-19 and other viral diseases. As a result, the growing demand from consumers for algae nutraceuticals has surged, notably for spirulina-based products. This has helped the sector flourish throughout the pandemic.
Key Highlights from the Report
- Among Types, the Microalgae segment is anticipated to dominate the Algae Protein market with the highest market share during the forecast period. Macroalgae, commonly known as seaweed, is a significant source of essential nutrients and cutting-edge bioactive compounds.
- By Sources, the Freshwater algae accounted for the highest CAGR in the forecast period. Growth in this segment is driven primarily by increasing demand for chlorella and spirulina from the nutraceuticals and pet food industries.
- Geographically, Asia Pacific held the largest market share and is promising to be the most profitable market in the forecast period. As a result of rising public demand, the region is the top exporter of Algae Protein.
Globally, functional beverages are gaining popularity, including Algae Protein and chlorella ingredients that offer health advantages and a refreshing taste. To meet demand, the industry is primarily driven by newly developed food fortification technologies and the understanding of nutrient advantages. An increase in investments in the Algae Protein market results from the rising need for alternative protein sources. Due to its generally recognized as safe (GRAS) designation by the European Food Safety Authority (EFSA), the Food and Drug Administration (FDA), and other essential food regulatory authorities, the use of spirulina as a functional food is expanding quickly. Many species of algae produce great protein yields per unit of land, so they are increasingly recognized as a significant component of the protein problem solution. Spirulina algae are used in various functional foods and beverages because they contain 60–71 grams of protein per 100 grams.
Due to the wide range of health advantages provided by marine algae and its predominance in Asian cuisine, seaweed is becoming more and more popular in western nations. For example, to increase the availability and profitability of seaweed in the United States, a team of researchers from the University of Connecticut and Connecticut Sea Grant are combining R&D and community engagement. Iodine, a vital mineral that aids in regulating and enhancing thyroid function, is abundant in marine algae, including seaweed. They are also a great source of vitamins A, K, B1, B2, C, and E, as well as calcium, folate, iron, manganese, and other minerals.
Furthermore, the market expansion is anticipated to be driven by the cosmetics applications segment. Algae Protein use in cosmetics will increase due to the increasing personal care and cosmetics industry. New trends in the beauty industry, such as vegan cosmetics and organic skincare, are fueled by rising disposable income, expanding demand for luxury cosmetics, and growing beauty awareness. Due to their anti-aging effects, cosmetics companies have increased their use of various algae species in recent years, including brown kelp, red & green seaweed, and spirulina. Antioxidants with a high concentration ensure efficient defense against free radicals, delaying the onset of aging.
High production costs that raise the finished product price are among the factors that could impede the revenue growth of the worldwide Algae Protein market. Furthermore, Algae Proteins and similar compounds can also cause allergic reactions in some persons, which could restrict their use. Additionally, humidity and the environment are critical determinants of algae cultivation. Therefore, different climatic factors could impact algae farming, which might impede the expansion of the Algae Protein market.
Asia Pacific Algae Protein market is anticipated to observe significant market growth with the highest CAGR in the coming years. This can be attributed to the increasing exports of Algae Protein to foreign markets to meet domestic market demand. Additionally, a high demand for Algae Protein is anticipated from a variety of end-use industries, including the pharmaceutical, cosmetic, animal feed, and food industries, as a result of the continuously expanding demand for Algae Protein from economies like China, India, Indonesia, Malaysia, and South Korea.
The Global Algae Protein Market is Segmented as follows
- Dietary Supplements
- Human Food
- Animal Feed
- Other Applications
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Algae Protein Market is
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)
The Global Algae Protein Market Scope can be Tabulated as below
|Market Size Provided for Years
|2017 - 2030
|2017 - 2021
|2023 - 2030
|Regions & Counties Covered
|Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis