Global Algae Protein Market by Source (Marine, Freshwater), by Application (Dietary Supplements, Food Products), by Product (Spirulina, Chlorella) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

In 2018, the global market for algae protein was valued at USD 690.8 millions. It is forecast to grow at 6.6% CAGR over the forecast period. The market has seen a rise in consumption of protein products due to lifestyle changes and growing health consciousness.

Algae protein is used for promoting weight loss, reducing fatigue & anxiety, and in case of diabetes, attention deficit-hyperactivity disorder (ADHD), and premenstrual heart diseases among other health issues. The market is driven by the positive effects of algae protein on the immune system and the enrichment of nutrients in food. A shift in consumer preferences towards plant-based products has also been driven by rising sustainability concerns such as the increase in greenhouse gasses and loss of biodiversity in meat production.

As a result, millennials around the globe are choosing to live a healthy lifestyle. Many millennials are involved in sports, events, and other activities that promote fitness. In order to build muscles and strengthen their bodies, millennials are more likely to consume meat, eggs, and nutritional supplements. This is a contributing factor to the worldwide demand for protein-rich foods.

There are many different protein sources. Beef has a high protein content at 17.4% while beer yeast is at 45%. Food & beverage manufacturers and nutraceuticals continue to search for nutrient sources that will increase the protein content in processed foods. The highest levels of protein are found in spirulina, chlorella algae and other sources. Manufacturers of food & beverage, pet food, nutraceuticals, and food & beverages are increasingly using algae in their products. Algae is a profitable source of protein and will see a rise in demand over the next few years.

The millennial generation has seen a decrease in the intake of nutrients due to increased consumption of junk food and a more hectic lifestyle. Changes in food habits and obesity have also led to serious health problems. Nutraceuticals are a great option for maintaining a healthy diet. They are simple to eat and have high nutritional value.

Algae protein is similar to traditional sources like soy, whey and pea. Companies are choosing algae as a nutraceutical component. Several dietary supplement companies, such as Vimergy LLC and NOW Foods, have started offering products containing algal protein.

Product Insights

Spirulina accounted for almost 54% of all market revenues in 2018. It was the most popular product on the market. Spirulina, which contains almost 50%-70% of its dry weight in protein, is the most protein-rich plant-based source. Soya flour only contains 35%. Spirulina's low nucleic acids, high levels of vitamins and minerals and easy digestion have attracted many food and feed manufacturers.

Because of its high protein, mineral and vitamin content, Nutraceuticals and food & pet foods manufacturers are increasingly including spirulina in their products. The future will see a rise in demand for plant-based nutrients, which is expected to increase spirulina demand.

Chlorella, a microalgae unicellular in structure, is mostly grown in freshwater. It is found mainly in Japan and Taiwan. Chlorella is rich in various nutritional components. It contains between 50-60% protein and 20-20% fat. Because of these nutritional components, chlorella has been increasingly grown commercially in artificial lakes.

Over the next few years, the pharmaceutical industry will drive the demand for chlorella. Personal care companies also use chlorella in their manufacturing of skincare products. It stimulates collagen synthesis and helps to prevent/delay wrinkles. Chlorella is a popular ingredient in many pet and food food products due to its high level of bioactive, such as vitamins, minerals, proteins, and carotenoid colors.

Source Insights

In 2018, freshwater algae was the most important source, accounting for nearly 69% of industry revenues. Many companies, including Cyanotech Corporation and EID Perry, are growing algae in photobioreactors and ponds using freshwater. In the next few years, freshwater algae will see a significant increase in demand, mainly from pet food and nutraceuticals.

Two types of marine algae are available, microalgae or macroalgae. Both types can be used in the nutraceutical sector because of their abundance of vitamins and minerals. Microalgae can be used as a source of many food ingredients, including Vitamins C, A and E, Vitamins H, B1, and B2, as well as vitamins C, A and E, Vitamins B1, B2, and B6, astaxanthin and polysaccharides and polyunsaturated fat acids.

Macroalgae is also known as seaweed and is a major source of essential nutrients. Both red and brown seaweeds are rich in nutrients such as vitamins, minerals and proteins. They also contain essential fatty acid sources. These can be used to make bioactive peptides or improve their digestibility. The marine algae segment is expected to grow at a higher CAGR of more than 7.5% in the coming years.

Application Insights

In 2018, 42% of global algal protein markets were accounted for by dietary supplements. Over the forecast period, the growth of the nutraceuticals market in China, Japan and India will drive demand for the product. The most popular forms of algae protein-based dietary supplement in the region are liquid, powder, capsule, tablet, and paste forms.

A significant increase in global demand for dietary supplements has been caused by changing lifestyles and rising chronic diseases. As dietary supplement manufacturers increasingly incorporate algae protein-based products into their product lines, this trend will benefit the global market.

To meet the increasing demand for healthy food, food manufacturers around the world are developing healthier products. Food processors are now incorporating algae protein into their products. Algae protein has many health benefits and high levels of protein. Algae protein is a primary ingredient in many food products, including juices, chips and chocolate bars.

Due to decreased land fertility and an increase in dependency on existing land due to increasing population, protein scarcity has been a growing problem for animal feed. Algae protein, an environment-friendly protein source, has been gaining significant popularity in the animal feed industry. Due to its high protein and amino acids content, the product is mainly being used by animal feed manufacturers, including those for poultry, pets, and cows.

Regional Insights

With a revenue share exceeding 28%, North America dominated global markets in 2018. It is expected to maintain its dominance until 2025. Due to increasing fitness awareness in America, Canada and Mexico, the North American market is dominated by dietary supplements and food product applications.

In North America, the future is expected to see a rise in demand due to increasing awareness of the health benefits of protein bars.

The demand in Europe has seen a significant rise in the last few years, mainly due to the growth of marine aquaculture in countries like Norway, Denmark and Ireland. Over the forecast period, the product's demand will rise due to the expansion of the European aquaculture industry.

Due to growing demand and exports of plant-based ingredients, the market in Asia Pacific will grow rapidly. China is the biggest producer of plant-based ingredient in the region, due to its easy access to raw materials. The growth of the pharmaceutical, cosmetic, food & drink, and animal feed industries will likely drive demand for plant proteins in developing countries like China, India and Indonesia over the next few decades.

Market Share Insights & Key Companies

With the presence of medium-sized businesses, the market is somewhat fragmented. Corbion, Cyanotech Corporation, Earthrise Nutritional, Far East Bio-Tec Co. Ltd.; E.I.D. Parry Limited, ENERGYbits Corporation; Cyanotech Corporation; Earthrise Nutritional; Far East Bio-Tec Co., Ltd.; E.I.D. These companies offer products in capsule, tablet, and powder forms.

Due to the growing demand from end-users for the product, large-sized companies are increasing their research and development as well as production capabilities. Corbion purchased SB Oils in 2018, a joint venture between Bunge Limited and Corbion. Corbion now has full control of the Brazilian-based algae facility in their joint venture. This acquisition will allow Corbion to increase its overall production of the alga-based product.

The increasing product demand from the end-user sectors drives strategic market initiatives by key market players. Due to the increased product demand, there will be more acquisitions and expansions of the global market in the future. A market attractiveness will also lead to new entrants.

Algae Protein Market Report Scope

The report covers segments

This report predicts revenue growth at both a country and regional level. It also analyzes industry trends for each sub-segment from 2014 through 2025. Grand View Research segmented the global market for algae protein based on product type, source, application and region.

• Product Outlook (Revenue USD Million; 2014-2025)

  • Spirulina

  • Chlorella

  • Other

• Source Outlook (Revenue USD Million; 2014-2025)

  • Freshwater

  • Marine

• Outlook for Application (Revenue, USD million; 2014-2025)

  • Supplements for the diet

  • Food Products

    • Bakery & Confectionery

    • Beverages

    • Cereals for Breakfast

    • Sauces, Dressings & Spreads

    • Snacks

    • Other

  • Animal Feed

  • Other

• Regional Outlook (Revenue USD Million; 2014-2025)

  • North America

    • The U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Spain

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

  • Central & South America

    • Brazil

  • Middle East & Africa

These are the most frequently asked questions about this report

b. Global market for algae protein was valued at USD 734 million in 2019, and is forecast to grow to USD 781.3 millions in 2020.

b. Global market for algae protein is expected to grow at 6.6% compound annual growth rate between 2019 and 2025, reaching USD 1,081.8million by 2025.

b. With a 28% share in 2019, North America was the dominant market for algae protein. This can be attributed to increasing fitness awareness in the U.S., Canada and Mexico.

b. Corbion, Cyanotech Corporation, Earthrise Nutritional, Far East Bio-Tec Co., Ltd., and E.I.D. are some of the key players in the market for algae protein. - Parry Limited, ENERGYbits Inc., Rainbow Light; NOW Foods and Prairie Naturals; Vimergy LLC.

b. The market growth is being driven by the increasing consumption of protein products around the globe, due to changing lifestyles and rising health consciousness.

Up Market Research published a new report titled “Algae Protein Market research report which is segmented by Source (Marine, Freshwater), by Application (Dietary Supplements, Food Products), by Product (Spirulina, Chlorella), By Players/Companies Ltd; EID - Parry Limited; ENERGYbits Inc; Rainbow Light; NOW Foods; Prairie Naturals; and Vimergy LLC, Corbion; Cyanotech Corporation; Earthrise Nutritional; Far East Bio-Tec Co”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Algae Protein Market Report Segments:

The market is segmented by Source (Marine, Freshwater), by Application (Dietary Supplements, Food Products), by Product (Spirulina, Chlorella).

Algae Protein Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Algae Protein Market

Overview of the regional outlook of the Algae Protein Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Algae Protein Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Algae Protein Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Marine

                2. Freshwater

                1. Dietary Supplements

                2. Food Products

                1. Spirulina

                2. Chlorella

9. Market scenario by region, sub-region, and country.
10. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
11. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
12. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Algae Protein Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Algae Protein Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.