Algae Protein Market estimated to grow at a CAGR of 6.85% to reach US$886.802 million by 2024

Knowledge Sourcing Intelligence announces the publication of a new report on “Algae Protein Market – Forecasts from 2018 to 2024" to their offering.

Algae protein is a type of plant-based protein which is sourced from blue-green or green algae which can contain up to 50-60% protein that can used as food ingredients. Algae proteins have a high nutritional value, amino acid quality, omega-3s and essential amino acids and is better and more effective than other plant-based proteins. Algae proteins are of various types like spirulina, chlorella, seaweed and others.

According to the report, the algae protein market is projected to increase at a CAGR of 6.85% over the forecast period 2018-2024. The market for algae protein is expected to surge during the forecast period as the demand for better and healthier protein products is rising and many people are shifting towards plant-based proteins.  Moreover, the market growth will be further bolstered due the fact that algae has more protein content than other products which is increasing its usage in different applications and industries. The algae protein market has been segmented on the basis of type, end-user, and geography. Geographically, North America is expected to hold a significant share in the market owing to the fact that there is high consumer awareness and about negative impacts of high meat consumption and people are demanding other protein-based products which are healthier and have more protein content. Asia Pacific region is also expected to increase its share in the algae protein market over the coming years due to consumption of seaweed in some countries and rising demand for a better animal protein substitutes.

Also, On the basis of end-user, dietary supplement segment is poised to hold a notable market share owing to the fact that there is a rise in disposable income of people and their consumption pattern and preferences which is boosting the demand for algae proteins. Furthermore, the rising investments and participation of key players and new product launches will also play a role in augmenting the market growth. For example, Furthermore, the rising investments and participation of key players and new product launches will also play a role in augmenting the market growth. For example, In August 2019, a company Plantsy has launched a range of beverages in the UK which are based on algae protein which is available in two flavors. The product is a perfect source of plant protein and have a range of health benefits. Another company, ADM has partnered up with algae cultivator company Qualitas Health to offer three different Onavita DHA and Almega EPA blends. These blends contain omega-3, omega-6 and omega-9.

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Some of the major players covered as part of the report are Corbion Biotech, Inc., Nutrex Hawaii, Cyanotech Corporation, Earthrise Nutritional, Far East Bio-Tec Co., Ltd. (ALGAPHARMA BIOTECH CORP.), Algatechnologies Ltd. and Phycom Microalgae.

This report segmented the algae protein market on the basis following terms

  • By Type

    • Spirulina
    • Chlorella
    • Seaweed
    • Others
  • By End-User

    • Dietary Supplements
    • Food Items
    • Animal Feed
    • Pharmaceutical
    • Cosmetics and Personal Care
  • By Geography
  • North America

    • USA
    • Canada
    • Mexico
  • South America

    • Brazil
    • Argentina
    • Others
  • Europe

    • Germany
    • France
    • United Kingdom
    • Spain
    • Others
  • Middle East and Africa

    • Saudi Arabia
    • Israel
    • Others
  • Asia Pacific

    • Japan
    • China
    • India
    • South Korea
    • Others