DUBAI, United Arab Emirates, Dec. 06, 2022 (GLOBE NEWSWIRE) -- According to Future Market Insights' most recent market estimate, the algae proteins market is worth US$ 3.7 billion in 2023. A CAGR of 8.4% is anticipated in the market during the forecast period.
Algae proteins are becoming more popular owing to their superior nutritional content and sustainability. It is projected that consumers' growing desire for plant-based proteins and their increasing concern for their health is likely to increase demand for algae proteins.
As the demand among consumers for products that boost immunity and promote metabolism rises, it is anticipated that sales of algae proteins capsules are likely to grow. Pills and capsules are simpler to transport than powdered or liquid dosage forms, which should support the growth of the capsule dosage form industry.
With more nutrients, a strengthening effect on the immune system, and other health advantages, manufacturers can search for the best market opportunities.
Customers' preferences for plant-based and other meat substitutes have also changed as a result of growing sustainability worries, such as the increased greenhouse gas emissions and biodiversity loss associated with the production of meat.
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Additionally, the single-celled green algae genus chlorella has demonstrated promising results in detoxifying the body and lowering cholesterol levels, which boosts the market share for algae proteins.
However, humidity and climate are also the key determinants of algae cultivation. The effects of various climatic factors on algae farming may make it more difficult to adopt algae proteins in the coming years.
Asia Pacific accounted for the largest market share due to the rising exports and regional demand for ingredients made from plants. Due to its easy access to raw materials, China is one of the region's top producers of plant-based compounds.
Key Takeaways
- The algae proteins market is likely to have a CAGR of 8.4% during the forecast period.
- Historically, the algae proteins market had a CAGR of 16% between 2018-2022.
- The value of the algae proteins market is expected to be US$ 8.29 billion by 2033.
- Based on type, the microalgae segment dominates the algae proteins market.
- North America shows significant growth in the algae proteins market by 2033.
- During the forecast period, the algae proteins market in Asia Pacific is likely to dominate.
Competitive Landscape
Top corporations in the market are also looking to utilize their distribution ties with organizations across numerous industries by merging or acquiring in order to utilize the customer base for any prospective product launches.
AlgoSource SA, Cyanotech Corporation, Duplaco B.V, Roquette Freres, Seagrass Tech Private Limited, and others are some major players in the market.
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Recent Developments:
- In September 2021, Tofurky, a manufacturer of plant-based meat, partnered with Triton Algae Innovations to market "algae-based meat innovations" that make use of Triton's "essential red" non-GMO algae, which is high in protein.
- In June 2021, it was revealed that Nutrex Hawaii and Netrush, an online retailer that aids businesses with a social conscience to expand on Amazon and other e-commerce platforms, would work together.
- Netrush provides Nutrex, Hawaii with catalog and inventory management services, marketing and creative services, and supply chain and logistics services.
- In March 2022, Corbion and Nestle SA joined together to expand their line of plant-based products. To increase sustainability, the two collaborate to produce microalgae-based components.
Key segments
By Type:
- Microalgae
- Macroalgae
By Source:
- Freshwater
- Marine
By Application:
- Dietary Supplements
- Human Food
- Animal Feed
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
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