The global algae protein market is expected to grow at a CAGR of 6.85% to reach a total market size of US$886.802 million by 2024, increasing from US$596.027 million in 2018. The growing global population is increasing the demand for protein worldwide as a result of which sustainable plant-based protein sources are gaining popularity to meet the growing global demand for protein-rich food. The demand for algae protein is augmenting on account of the high protein content in algae as compared to that in other plant-based protein sources including soy and pea.
According to the Environmental Working Group (EWG), the production, processing, and distribution of meat results in the high usage of pesticides, fertilizer, feed, fuel, and water while releasing greenhouse gases into the environment. As a result of the negative environmental impact of meat consumption, there is a growing shift towards alternative sources of protein, thereby positively impacting the growth of the global algae protein market. However, factors such as the high cost of extracting protein from algae and the availability of cheap substitutes in abundance will hamstring the growth of the global algae protein market during the forecast period.
The report provides a brief introduction to the market and deals with detailed research methodology for calculating market size and forecasts, secondary data sources used and the primary inputs which were taken for data validation. This section also outlines various segmentations which have been covered as part of the report.
This section provides comprehensive market dynamics through an overview section along with growth drivers, challenges, and opportunities that exist in the current market. This section of the report also provides supplier and industry outlook as a whole; key industry, global and regional regulations which are determining the market growth, and a brief technological aspect of algae protein. Complete industry analysis has also been covered through Porter’s five forces model as a part of this report section.
|Market size value in 2018||US$596.027 million|
|Market size value in 2024||US$886.802 million|
|Growth Rate||CAGR of 6.85% from 2018 to 2024|
|Forecast Unit (Value)||USD Million|
|Segments covered||Type, End-User, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Corbion Biotech, Inc., Nutrex Hawaii, Cyanotech Corporation, Earthrise Nutritional, Far East Bio-Tec Co., Ltd., Algatechnologies Ltd., Phycom Microalgae|
|Customization scope||Free report customization with purchase|
The global algae protein market is segmented by type, end-user, and geography.
Frequently Asked Questions (FAQs)
Q1. What will be the global algae protein market size by 2024?
A1. The global algae protein market is expected to reach a market size of US$886.802 million in 2024.
Q2. What is the size of the global algae protein market?
A2. Algae Protein Market was valued at US$596.027 million in 2018.
Q3. What are the growth prospects for the algae protein market?
A3. The global algae protein market is expected to grow at a CAGR of 6.85% during the forecast period.
Q4. What factors are anticipated to drive the algae protein market growth?
A4. The growing global population is increasing the demand for protein worldwide as a result of which sustainable plant-based protein sources are gaining popularity to meet the growing global demand for protein-rich food.
Q5. How is the global algae protein market segmented?
A5. The global algae protein market is segmented by type, end-user, and geography.
Corbion Biotech, Inc.
Far East Bio-Tec Co., Ltd.
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