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Algae Protein Market

Algae Protein Market

Global Industry Analysis (2018 - 2021), Growth Trends, and Market Forecast (2022 - 2029)

Published Date: Upcoming | Format:

Industry: Food & Beverage | Author Name: Mohit

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Increasing Health Consciousness Among Consumers to Fuel Growth of Algae Protein Market

Algae – a smarter protein source for a healthy lifestyle, food for life. Consumers all over the world are becoming more health-conscious, which is driving the global algae protein market. The global population is increasingly focused on obtaining additional nutritional values from various food sources. Consumers expect all the major nutrients, such as protein, vitamins, and minerals to be present in their preferred food. Algae protein is a rare protein source containing all the essential amino acids required for a healthy lifestyle. Protein powders or shakes made with plant-based protein sourced from algae meet our body’s demands for protein, and better nutritional balance. Organic blue-green algae, including spirulina, chlorella, and aphanizomenon flos aquae (AFA) are considered superfoods because of their high concentrations of complete protein, vitamins, amino acids, omega-3, and other essential fatty acids. AFA naturally contains the highest level of biologically active chlorophyll than other known foods. Chlorella, and spirulina are composed of 70 percent protein and contain over 65 vitamins, minerals, and enzymes.

Algae proteins come in various forms, including powder, liquid, capsules, and pastes. Algae protein is used to promote weight loss, relieve fatigue and anxiety, and treat diabetes, attention deficit-hyperactivity disorder (ADHD), and premenstrual heart disease, among other things. The product's enrichment of nutrient content in food, positive effect on the immune system, and other health-related benefits are driving demand globally. Consumption of plant-based protein has increased over the last decade due to an increasing vegan population and animal cruelty concerns, giving a good growth opportunity for the algae protein market. Plant-based proteins have gained traction in developed economies such as the United States and Europe, where consumers are increasingly inclined toward vegan, and plant-based foods.

In addition, approximately 10% of the European population is vegetarian or vegan, which is expected to rise steadily in the coming years. Globally, consumers are willing to change their eating habits and gravitate toward plant-based foods. According to Google Trends, interest in 'veganism' increased seven times between 2014 and 2020. Similarly, approximately 10 million people in the US are vegan. Consumers are avoiding meat consumption due to ethical and environmental concerns. As the vegan population grows, demand for alternative proteins such as algae is expected to rise, propelling the algae protein market forward.

Rising Demand for Healthy Food and Beverages Application Segment to Lead the Algae Protein Market

Food and Beverages are expected to be the fastest-growing segment of the algae protein market over the forecast period. Functional drinks containing algae protein, including chlorella ingredients that provide health benefits and a refreshing taste, are gaining popularity worldwide. To meet demand, the segment is primarily driven by emerging food fortification technologies and the discovery of nutrient benefits. Increasing demand for alternative protein sources has led to a rise in the number of investments in the algae protein marketplace. The use of spirulina as a functional food is increasing, owing to its GRAS status by the European Food Safety Authority (EFSA), the Food and Drug Administration (FDA), and other prominent food regulatory bodies. Many algae species provide an excellent protein yield per unit of land, making algae a pivotal solution to the protein problem. Spirulina algae have protein levels of 60-71 grams per 100 grams, making them suitable for various functional food and beverage applications.

Increased Consumption of Dietary Supplements to Drive Growth of North American Algae Protein Market

North America is the largest user of algae proteins and is expected to grow at the fastest rate throughout the forecast period. Dietary supplements and food products are the most critical application segments in the North American market, owing to rising fitness awareness among consumers in the United States, Canada, and Mexico. Busy lifestyles, poor eating habits, and rising health concerns have increased the demand for nutritional supplements to provide adequate nutrients to the body. Growing demand for nutraceuticals, which contain nutritious ingredients, and increased focus on preventive healthcare, are expected to drive product demand in North America.

Growing dietary supplement consumption, stringent regulations restricting the use of synthetic food colouring, and the presence of major Spirulina manufacturers in the United States should propel the algae protein market growth. The company of various food chains and fast-food restaurants, as well as changing consumer dietary habits, are expected to impact overall market growth positively. Though consumption of algae-derived products and additives has generally remained far outside the mainstream in the United States, constantly changing market dynamics and consumer behaviour have created a trend for vegan, and plant-based protein ingredients and products, bolstering market growth for algae protein products. For instance, according to the findings of the National Cancer Institute in the United States of America, a daily intake of 6.0 mg-carotene may be effective in lowering the risk of cancer. A daily serving of 4.0 g spirulina provides 6 mg of carotene.

The market in Asia Pacific is expected to expand significantly owing to increase exports and domestic demand for plant-based ingredients. China is one of the region's foremost producers of plant-based ingredients due to the country's easy access to raw materials. In addition, expansion in the pharmaceutical, cosmetics, animal feed, and F&B industries is expected to drive demand for plant proteins from developing economies such as China, India, Malaysia, Indonesia, and South Korea in the coming years.

Global Algae Protein Market: Competitive Landscape

Companies in the market are launching new products alongside initiation collaborations, alliances, and partnership agreements. For instance, in March 2022, Corbion collaborated with Nestle SA to take a step toward a plant-based product portfolio. The two will collaborate to create microalgae-based ingredients that add more value to sustainability. On the other hand, in June 2021, Nutrex Hawaii announced a collaboration with Netrush, an online retailer that helps impact-driven brands grow on Amazon and other e-commerce platforms. Netrush offers catalog and inventory management, marketing and creative services, and supply chain and logistics services to Nutrex Hawaii.

Few of the players in the algae protein market include Tianjin Norland Biotech Co. Ltd, Cyanotech Corporation, Taiwan Chlorella Manufacturing Company Ltd, C.B.N. Bio-engineering Co. Ltd, NB Laboratories, Far East Microalgae Industries Co. Ltd, Sun Chlorella Corporation, Fuqing King Dnarmsa Spirulina Co. Ltd, Algenol Biotech, and Gong Bih Enterprise Co. Ltd.

Global Algae Protein Market is Segmented as Below:

By Type

  • Spirulina
  • Chlorella

By Application

  • Nutraceuticals/Supplements
  • Food & Beverages
  • Others

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Germany
    • Russia
    • Rest of Europe
  • Asia Pacific
    • Japan
    • South Korea
    • India
    • China
    • Rest of Asia-Pacific
    • Latin America
    • Middle East
    • Africa

Key Elements Included In The Study: Global Algae Protein Market

  • Algae Protein Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value, 2018 - 2021
  • Market Value at Regional and Country Level, 2022 - 2029
  • Market Dynamics and Economic Overview
  • Market Size in Value, Growth Rates, and Forecast Figures, 2022 - 2029
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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