WASHINGTON, Feb. 07, 2023 (GLOBE NEWSWIRE) -- The Global Algae Protein Market is valued at USD 2,945.8 Million in 2021 and is projected to reach a value of USD 4700.6 Million by 2028 at a CAGR (Compound Annual Growth Rate) of 8.1% over the forecast period 2022-2028.
Market Overview
The population's increased awareness of the health advantages of algal proteins is the main element driving the market for these proteins upward. Furthermore, it is anticipated that the market for algal protein will experience increased demand due to rising disposable incomes, fast urbanization, and economic growth.
We forecast that the dietary supplements category in algae protein market sales will account for more than 34% of total sales by 2028. The demand for the good is anticipated to increase as domestic consumption of nutritional supplements rises. Algae protein-based dietary supplements based on spirulina and chlorella are popular in the region. They come in liquid, tablet, capsule, powder, and paste forms.
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Market Dynamics
Algal Protein will See Market Growth due to its Advanced Anti-Aging Capabilities
The use of algal protein in beauty products will increase due to the increasing personal care and cosmetics industry. New trends in the beauty industry, including vegan cosmetics and organic skincare, are being fueled by rising disposable income, expanding demand for luxury cosmetics, and rising beauty awareness. Because of 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. All of these factors are fueling market growth.
Government Programmes will help the Market for Algae Protein Grow
A strong presence of end-user sectors such as food and beverage, cosmetics, and animal feed will boost the demand for algal protein in the region. The growing population has highlighted the necessity for large-scale food production and dietary substitutes. To address the growing concerns about a food crisis, several EU organizations are promoting the production of microalgae.
Top Players in the Global Algae Protein Market
- 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)
For Additional Information on Algae Protein Market Players and Detail List, Download a Report PDF Brochure
Top Trends in the Global Algae Protein Market
- One trend that Vantage Market Research (VMR) expects to see in the algae protein industry is growing health concerns amongst consumers. Due to the metabolic advantages that snack foods like alga protein offer, consumers are becoming more aware of their snacking patterns and adopting them. Since healthy snacks give the body essential vitamins and nutrients, they are also widely recognized as a supplement for weight loss.
- Another trend that VMR predicts will continue in the algae protein industry is the rising vegan population. Plant-based protein consumption has expanded over the past ten years due to an expanding vegan population and concerns about animal cruelty, which has improved the growth prospects for the alga protein sector.
Top Report Findings
- Based on Types, most microalgae category controls the algae protein market's revenue. Microalgae are rapidly employed in food and pet food, nutraceuticals, and personal care products due to their high protein, mineral, and vitamin contents.
- Based on the Sources, most of the algae protein market's revenue is controlled by the freshwater category because of spirulina and chlorella's expanding popularity, particularly among the nutraceutical and pet food businesses. Algae is grown in ponds and photobioreactors, primarily utilizing freshwater, by Cyanotech Corporation, EID Parry, and other businesses.
- Based on Applications, most of the algae protein market's revenue is controlled by the dietary supplements category. The demand for the product is anticipated to increase due to the rising usage of health supplements.
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Recent Developments in the Global Algae Protein Market
- 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.
Freshwater Category in Algae Protein Market to Generate Over 66% Revenue
Vantage Market Research has analyzed the market for algae protein to understand its current state and potential future growth factors. Based on the source, the algae protein market is divided into freshwater and marine for better understanding.
During the forecast period, the market for algae protein is anticipated to experience the highest CAGR for the freshwater category. The nutraceuticals and pet food businesses are predicted to have the highest growth rates for chlorella and spirulina demand, respectively.
On the other hand, the marine category is anticipated to grow significantly in the project period. Seaweed, or marine algae, has long been utilized in the human diet, particularly in Asian nations like South Korea and Japan. It is typically eaten as a snack or an ingredient in different cuisines and soups.
Asia Pacific Region in Algae Protein Market to Generate More 45% Revenue
The Asia Pacific dominates the market, and this trend of dominance will continue over the projection period due to domestic and export demand for components made from plants. China is one of the region's leading producers of plant-based compounds due to easy access to raw materials.
Browse market data Tables and Figures spread through 143 Pages and in-depth TOC on Algae Protein Market Forecast Report (2022-2028).
Global Algae Protein Market Segmentation
By Type
- Microalgae
- Macroalgae
By Source
- Freshwater
- Marine
By Application
- Dietary Supplements
- Human Food
- Animal Feed
- Pharmaceutical
- Others
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 2945.8 Million |
| Revenue Forecast by 2028 | USD 4700.6 Million |
| CAGR | 8.1% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | Cyanotech Corporation, Earthrise Nutritional, Far East Bio-Tec Co. Ltd., E.I.D. - Parry Limited, ENERGY bits Inc., Rainbow Light, NOW Foods, Prairie Naturals, Vimergy LLC |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
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