NEW YORK, May 08, 2019 (GLOBE NEWSWIRE) -- The worldwide protein extracts from single cell protein sources market was valued at $5.3 billion in 2017 and is expected to advance at a CAGR of 8.6% in the forecast period (2018–2023), according to P&S Intelligence. The sector is growing due to the increasing initiatives to spread awareness about the health and environmental advantages of alternative protein sources, growing production of animal feeds, and initiatives by public and private organizations to meet the rising demand for proteins.
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Protein extracts from single cell protein (SCP) sources refer to the proteins obtained from different types of unicellular microorganisms, such as fungi, bacteria, yeast, and algae. These microorganisms need varied carbon sources for the generation of new proteins and other metabolites, such as fats, vitamins, and carbohydrates.
Based on the source, the protein extracts from single cell protein sources market is classified into algae, bacteria, yeast, and fungi. Out of these, algae were the dominating category in 2017, with 33.4% revenue share in the market. The increasing usage of commercialized algae-based spirulina and chlorella in diverse industries, such as food and beverages, cosmetics, pharmaceutical and biotechnology, agriculture, and animal feed, is resulting in the rapid growth of the sector.
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When segmented by application, agriculture and fertilizer, biotechnology, animal feed, and others would be the different divisions of the market. Among these, animal feed was the largest application area in the global protein extracts from single cell protein sources market in 2017. This is attributed to the increasing population of livestock, due to which the production of animal feed is rising, resulting in it being the largest application area around the globe.
Due to the increasing population of animals, the demand for animal proteins is also rising. Across the globe, the protein extracts from single cell protein sources market is predicted to witness fastest growth in Asia-Pacific (APAC), advancing at a CAGR of 9.8% during forecast period. In recent years, the production of animal feed has witnessed significant growth in APAC countries. Further, in APAC, the rate of livestock production is quite high, which raises the consumption of protein and other nutrients.
In addition, people suffering from malnourishment or suspected with AIDS heavily rely on spirulina. The high protein component of spirulina helps in boosting immunity, and is hence considered an ideal food supplement. Further, due to the increasing production of alternative sources of proteins, such as spirulina and chlorella for the use of humans and animals, key players in the market are focusing on producing commercialized alternative proteins to replace plant and animal-based variants as part of safety and quality measures.
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Further, SCP is expected to play an important role in boosting the production of animal feed along with helping in the prevention of malnutrition in pregnant women, infants, and children, as it is enriched with proteins and other nutrients. SCPs, such as Rejuv-A-Wafers by Sun Chlorella Corporation, ProFloc by Nutrinsic, and UnIProteIn by Unibio International plc, are few commercialized alternative proteins used in animal nutrition products.
Thus, the increase in the production of animal feed is expected to augment the growth of the protein extracts from single cell protein sources market.
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