Drastically changing lifestyle trends inclining towards fitness and nutritionally rich diet preferences are offering lucrative opportunities for the growth of the algae protein market
The algae protein market is accelerating at a speedy rate with growing health concerns among the younger population, particularly growing diet-related diseases and disorders resulting in increasing focus on the nutritional supplements thus fuelling the growth of the global algae protein market. Under prevailing market dynamics the global algae protein market is estimated to grow over USD 1.2 billion at a consistent CAGR of 7.5% throughout forecast years 2018 to 2028.
Algae is a broad category of aquatic plants that contain chlorophyl and do not display physiological traits similar to that of regular plants such as true stems and roots. Plant-based proteins are extracted from a range of algal species divided into microalgae, macroalgae and others. Algae is considered to be one of the richest sources of proteins varying in protein content level from 40% to 60% content profile.
Besides, algae is extremely rich in other macro and micro nutrients including series of vitamins, minerals, carbohydrates and fats thus attributing to algae products as a power packed energy and nutrition source. Algae-based nutraceutical products are available in the form of powders, liquid formulations, paste, capsules and tablets.
The existing growth patterns and future progress trajectory of the global algae protein market are assessed to accurately illustrate the market attractiveness and scope of growth. Major influential factors and growth derivatives of the global algae protein market highlight the foreseeable opportunities over the forecast years.
Key factors such as growing consumption of nutraceuticals and plant-based food products, increasing adoption of healthy lifestyle with the emergence of novel diseases and surging prevalence of infectious diseases along with increasing focus on sustainability concerns associated with the growing greenhouses gasses emitted by the meat producing industry are propelling the growth of the global algae protein market over the forecast years.
Rapid adoption of vegan diet lifestyle and millennial trends eliminating meat consumption has resulted in the expansion of plant-based protein market therefore augmenting the growth of the algae protein market throughout the forecast years.
Adroit Market Research report on the global algae protein market provides a comprehensive review of the market from 2018 to 2028 covering broadly every integral aspect such as the qualitative factors covering market drivers, restrains, opportunities and challenges. The market is assessed thoroughly tracing through the historic phase extending through 2018 to 2020 with 2020 standardised as the base year of market research and market estimations for the future forecast period spanning from 2021 to 2028. The report gives exact understanding of current market status along with future trends providing a global as well as country level analysis. Also, the study entails detailed information derived via Porter’s five forces analysis and positions the leading market players operating the global algae protein market based on their strategic initiatives, product portfolio and geographic footprint.
The algae protein market has a fierce competition amongst the well-known existing players and the young emerging market players. Also, the algae protein industry players are advancing the scope for growth and development by pursuing new potential markets in order to gain a competitive lead against other industry players by forming influential partnerships, collaborations, mergers and acquisitions of emerging start-ups and deals to expand the business presence.
Chlorella and spirulina are isolated as the major segments based on product type . Spirulina is the dominant segment with majority of revenue share likely to expand exponentially over the forecast period owing to the more robust nutritional profile and increasing use of the algae protein across animal feed or pet food industry.
Chlorella segment is expected to emerge significantly marking sustainable growth over the forecast years with increasing demand for plant-based products and appealing set of macro and micro-nutrient capabilities.
North America leads the global algae protein market owing to the massive landscape housing a large number of nutraceutical manufacturers, supplement and functional food providers and specifically focused plant-based food product processing companies driving extensive research and development focusing on introduction of novel and high-quality products.
Increasing consumption of protein shakes and bars by the health and fitness conscious community and the trending diets such as veganism are further encouraging the growth of the algae protein market growth across the region.
Europe is witnessing substantial growth in the aquaculture industry led by the consistent escalation in aquafeed demand boosting the algae protein market growth across countries such as Demark, Norway and Ireland. Asia Pacific is likely to register considerable rise in growth with growing domestic consumption of plant-based products.
The key players of the global algae protein market include Earthrise Nutritional, ENERGYbits, Prairie Naturals, Corbion, Far East Bio-Tec, Vimergy LLC, Cyanotech Corporation, E.I.D-Parry Limited, Rainbow light, Heliae Development, Nutrex Hawaii, Phycom Microalgae, Roquette Klotze, and NOW Foods. The algae protein market is composed of well-established large-scale local producers along with the global players. the recognized market players are bringing forth new strategic approach and innovative techniques to scale up production in order to stay competitive in the global market.
Key Segments of the Global Algae Protein Market
Product Type Overview, 2018-2028 (USD Billion)
Source Overview, 2018-2028 (USD Billion)
Application Overview, 2018-2028 (USD Billion)
- Dietary/Nutritional Supplements
- Food & Beverage Products
- Animal Feed
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East & Africa