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Algae Protein Market

Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

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Industry: Food & Beverage


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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.

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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.

Regional Classification of the Global Algae Protein Market is Listed Below:

North America

  • U.S.
  • Canada

Europe

  • Germany
  • France
  • Spain
  • U.K.
  • Italy
  • Russia
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia
  • Rest of Asia Pacific

 Latin America

  • Brazil
  • Mexico
  • Rest of Latin America

Middle East and Africa

  • GCC
  • South Africa
  • Rest of Middle East & Africa

*Regions and countries are subject to change based on data availability.

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, 2019 - 2022
  • Market Value at Regional and Country Level, 2023 - 2030
  • Market Dynamics and Economic Overview
  • Market Size in Value, Growth Rates, and Forecast Figures, 2023 - 2030
  • 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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1. Executive Summary
     1.1. Global Algae Protein Market Snapshot
     1.2. Key Market Trends
     1.3. Future Projections
     1.4. Analyst Recommendations

2. Market Overview
     2.1. Market Definitions and Segmentations
     2.2. Market Dynamics
            2.2.1. Drivers
                     2.2.1.1. Driver A
                     2.2.1.2. Driver B
                     2.2.1.3. Driver C
            2.2.2. Restraints
                     2.2.2.1. Restraint 1
                     2.2.2.2. Restraint 2
            2.2.3. Market Opportunities Matrix
     2.3. Value Chain Analysis
     2.4. Porter’s Five Forces Analysis
     2.5. Covid-19 Impact Analysis
            2.5.1. Pre-covid and Post-covid Scenario
            2.5.2. Supply Impact
            2.5.3. Demand Impact
     2.6. Technology Landscape
     2.7. Key Regulations
            2.7.1. FDA Regulations
            2.7.2. Import/Export Regulations
     2.8. Economic Analysis
     2.9. PESTLE

3. Production Output and Trade Statistics, 2019 - 2022
     3.1. Regional Production Statistics
            3.1.1. North America
            3.1.2. Europe
            3.1.3. Asia Pacific
            3.1.4. Latin America
            3.1.5. Middle East & Africa
     3.2. Trade Statistics

4. Price Trends Analysis and Future Projects, 2019 - 2030
     4.1. Key Highlights
     4.2. Prominent Factors Affecting Prices
     4.3. By Application
     4.4. By Region

5. Global Algae Protein Market Outlook, 2019 - 2030
     5.1. Global Algae Protein Market Outlook, by Source, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            5.1.1. Key Highlights
                     5.1.1.1. Microalgae
                             5.1.1.1.1. Spirulina
                             5.1.1.1.2. Chlorella
                     5.1.1.2. Seaweed
     5.2. Global Algae Protein Market Outlook, by Application, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            5.2.1. Key Highlights
                     5.2.1.1. Dietary Supplements
                     5.2.1.2. Food & Beverage
                     5.2.1.3. Animal Feed
                     5.2.1.4. Cosmetics
                     5.2.1.5. Misc.
     5.3. Global Algae Protein Market Outlook, by Region, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            5.3.1. Key Highlights
                     5.3.1.1. North America
                     5.3.1.2. Europe
                     5.3.1.3. Asia Pacific
                     5.3.1.4. Latin America
                     5.3.1.5. Middle East & Africa
            5.3.2. BPS Analysis/Market Attractiveness Analysis

6. North America Algae Protein Market Outlook, 2019 - 2030
     6.1. North America Algae Protein Market Outlook, by Source, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            6.1.1. Key Highlights
                     6.1.1.1. Microalgae
                             6.1.1.1.1. Spirulina
                             6.1.1.1.2. Chlorella
                     6.1.1.2. Seaweed
     6.2. North America Algae Protein Market Outlook, by Application, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            6.2.1. Key Highlights
                     6.2.1.1. Dietary Supplements
                     6.2.1.2. Food & Beverage
                     6.2.1.3. Animal Feed
                     6.2.1.4. Cosmetics
                     6.2.1.5. Misc.
     6.3. North America Algae Protein Market Outlook, by Country, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            6.3.1. Key Highlights
                     6.3.1.1. U.S.
                     6.3.1.2. Canada
            6.3.2. BPS Analysis/Market Attractiveness Analysis

7. Europe Algae Protein Market Outlook, 2019 - 2030
     7.1. Europe Algae Protein Market Outlook, by Source, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            7.1.1. Key Highlights
                     7.1.1.1. Microalgae
                             7.1.1.1.1. Spirulina
                             7.1.1.1.2. Chlorella
                     7.1.1.2. Seaweed
     7.2. Europe Algae Protein Market Outlook, by Application, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            7.2.1. Key Highlights
                     7.2.1.1. Dietary Supplements
                     7.2.1.2. Food & Beverage
                     7.2.1.3. Animal Feed
                     7.2.1.4. Cosmetics
                     7.2.1.5. Misc.
     7.3. Europe Algae Protein Market Outlook, by Country, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            7.3.1. Key Highlights
                     7.3.1.1. Germany
                     7.3.1.2. France
                     7.3.1.3. U.K.
                     7.3.1.4. Italy
                     7.3.1.5. Spain
                     7.3.1.6. Russia
                     7.3.1.7. Rest of Europe
            7.3.2. BPS Analysis/Market Attractiveness Analysis

8. Asia Pacific Algae Protein Market Outlook, 2019 - 2030
     8.1. Asia Pacific Algae Protein Market Outlook, by Source, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            8.1.1. Key Highlights
                     8.1.1.1. Microalgae
                             8.1.1.1.1. Spirulina
                             8.1.1.1.2. Chlorella
                     8.1.1.2. Seaweed
     8.2. Asia Pacific Algae Protein Market Outlook, by Application, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            8.2.1. Key Highlights
                     8.2.1.1. Dietary Supplements
                     8.2.1.2. Food & Beverage
                     8.2.1.3. Animal Feed
                     8.2.1.4. Cosmetics
                     8.2.1.5. Misc.
     8.3. Asia Pacific Algae Protein Market Outlook, by Country, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            8.3.1. Key Highlights
                     8.3.1.1. China
                     8.3.1.2. Japan
                     8.3.1.3. South Korea
                     8.3.1.4. India
                     8.3.1.5. Southeast Asia
                     8.3.1.6. Rest of Asia Pacific
            8.3.2. BPS Analysis/Market Attractiveness Analysis

9. Latin America Algae Protein Market Outlook, 2019 - 2030
     9.1. Latin America Algae Protein Market Outlook, by Source, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            9.1.1. Key Highlights
                     9.1.1.1. Microalgae
                             9.1.1.1.1. Spirulina
                             9.1.1.1.2. Chlorella
                     9.1.1.2. Seaweed
     9.2. Latin America Algae Protein Market Outlook, by Application, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            9.2.1. Key Highlights
                     9.2.1.1. Dietary Supplements
                     9.2.1.2. Food & Beverage
                     9.2.1.3. Animal Feed
                     9.2.1.4. Cosmetics
                     9.2.1.5. Misc.
     9.3. Latin America Algae Protein Market Outlook, by Country, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            9.3.1. Key Highlights
                     9.3.1.1. Brazil
                     9.3.1.2. Mexico
                     9.3.1.3. Rest of Latin America
            9.3.2. BPS Analysis/Market Attractiveness Analysis

10. Middle East & Africa Algae Protein Market Outlook, 2019 - 2030
     10.1. Middle East & Africa Algae Protein Market Outlook, by Source, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            10.1.1. Key Highlights
                     10.1.1.1. Microalgae
                             10.1.1.1.1. Spirulina
                             10.1.1.1.2. Chlorella
                     10.1.1.2. Seaweed
     10.2. Middle East & Africa Algae Protein Market Outlook, by Application, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            10.2.1. Key Highlights
                     10.2.1.1. Dietary Supplements
                     10.2.1.2. Food & Beverage
                     10.2.1.3. Animal Feed
                     10.2.1.4. Cosmetics
                     10.2.1.5. Misc.
     10.3. Middle East & Africa Algae Protein Market Outlook, by Country, Volume (Kilo Tons) and Value (US$ Mn), 2019 - 2030
            10.3.1. Key Highlights
                     10.3.1.1. GCC
                     10.3.1.2. South Africa
                     10.3.1.3. Rest of Middle East & Africa
            10.3.2. BPS Analysis/Market Attractiveness Analysis

11. Competitive Landscape
     11.1. Company Market Share Analysis, 2021
     11.2. Competitive Dashboard
     11.3. Company Profiles
            11.3.1. AlgaEnergy
                     11.3.1.1. Company Overview
                     11.3.1.2. Product Portfolio
                     11.3.1.3. Financial Overview
                     11.3.1.4. Business Strategies and Development
(*Note: Above details would be available for below list of companies based on availability)
            11.3.2. Heliae Development LLC
            11.3.3. ENERGYbits Inc.
            11.3.4. E.I.D. - Parry (India) Limited.
            11.3.5. Earthrise Nutritionals, LLC (DIC Corporation)
            11.3.6. Far East Bio-Tec Co., Ltd. (FEBICO)
            11.3.7. Roquette Klötze GmbH & Co. KG
            11.3.8. Corbion N.V.
            11.3.9. Allmicroalgae
            11.3.10. Duplaco BV
            11.3.11. AlgoSource SA
            11.3.12. Cyanotech Corporation

12. Appendix
     12.1. Research Methodology
     12.2. Report Assumptions
     12.3. Acronyms and Abbreviations

BASE YEAR

HISTORICAL DATA

FORECAST PERIOD

UNITS

2022

 

2019 - 2022

2023 - 2030

Value: US$ Million
Volume: Kilo Tons

 

REPORT FEATURES

DETAILS

Source Coverage

  • Microalgae
    • Spirulina
    • Chlorella
  • Seaweed

Application Coverage

  • Dietary Supplements
  • Food & Beverage
  • Animal Feed
  • Cosmetics
  • Misc.

Geographical Coverage

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Leading Market Companies

  • AlgaEnergy
  • Heliae Development LLC
  • ENERGYbits Inc.
  • E.I.D. - Parry (India) Limited.
  • Earthrise Nutritionals, LLC (DIC Corporation)
  • Far East Bio-Tec Co., Ltd. (FEBICO)
  • Roquette Klötze GmbH & Co. KG
  • Corbion N.V.
  • Allmicroalgae
  • Duplaco BV
  • AlgoSource SA
  • Cyanotech Corporation

Report Highlights

Market Estimates and Forecast, Market Dynamics, Industry Trends, Production Output, Trade Statistics, Competition Landscape, Source-, Application-, Region-, Country-wise Trends & Analysis, COVID-19 Impact Analysis (Demand and Supply), Key Market Trends

Our Research Methodology

Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.

View Methodology
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