Algae Protein Market size worth US$1,216.113 million by 2029
The global algae protein market is expected to grow at a CAGR of 6.52% to reach a total market size of US$1,216.113 million by 2029, increasing from US$886.802 million in 2024.
Algae protein is a predominant choice for protein sources due to its nutritional value and sustainability advantages. Produced from aquatic plants, algae incorporate all nine essential amino acids, and also provide iron, and vitamins, and are low in calories, which makes it reasonable for weight management. Algae production needs negligible land, and less water consumption, and helps in carbon sequestration, benefiting climate change mitigation. It can be utilized in food products such as protein powders, nutritional supplements, and plant-based meat alternatives, as well as in pharmaceutical items and animal feed.
The market for algae protein is witnessing substantial expansion due to growing consumer demand for plant-based proteins, the dietary benefits of algae, and technological progressions in the cultivation and extraction of algae to make it cost-effective. Further, the market is extending to developing regions, with rising markets developing products to increase the attraction of consumers to this sustainable protein source. Additionally, growing consumer acknowledgment of algae protein as a reasonable food source, and raising clear regulatory standards for plant-based food products including algae protein production and labeling, could lead to the continuous expansion of the market in the coming future.
The market is witnessing diverse collaborations and innovative technological advancements, for instance, in June 2024, Brevel, Ltd. initiated its first commercial plant, measuring 27,000 square feet, adequate for hundreds of tons of production of microalgae protein powder. The clean, non-GMO, and planet-friendly protein is a market-viable arrangement within the elective protein market and is anticipated to begin rolling out its first products in Q1 2025.
Based on the type, the algae protein market is divided into spirulina, chlorella, seaweed, and others. The spirulina segment is anticipated to contribute significantly to the growth of the algae protein market. This is due to it being packed with protein, offers great nutritional content, grows cost-effectively, and has many uses in food, drinks, supplements, and also used in animal feed. Athletes, vegetarians, and vegans are attracted to spirulina for its high protein content and its wealth of vitamins, minerals, and antioxidants.
Based on the end user, the algae protein market is classified into dietary supplements, food items, animal feed, pharmaceuticals, cosmetics, and personal care. The dietary supplements are expected to boost the algae protein market majorly because health-focused shoppers want natural, plant-based protein sources. Algae protein contains essential amino acids, vitamins, and minerals, which makes it a go-to choice for dietary supplements. It’s also an easy way to add plant-based protein to a user’s diet and thus is widely accepted among the health-conscious population.
Based on geography, the algae protein market is extending majorly in the Europe region due to various variables. The rapidly increasing population in the region is contributing to the rising consciousness of consumers on health and well-being. This is leading them to choose plant-based foods which will fuel the market growth in the region. Further, countries in Europe are emphasizing on development of eco-friendly products and the adoption of sustainability practices through policies and grants.
As a part of the report, the major players operating in the algae protein market that have been covered are Corbion Biotech, Inc., Nutrex Hawaii, Cyanotech Corporation, Earthrise Nutritional, Far East Bio-Tec Co., Ltd., Algatechnologies Ltd, and Phycom Microalgae.
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This analytics report segments the algae protein market on the following basis:
- By Type
- Spirulina
- Chlorella
- Seaweed
- Others
- By End-User
- Dietary Supplements
- Food Items
- Animal Feed
- Pharmaceutical
- Cosmetics and Personal Care
- By Geography
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- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- UK
- Germany
- France
- Italy
- Others
- Middle East and Africa
- Saudi Arabia
- Israel
- Others
- Asia Pacific
- Japan
- China
- India
- South Korea
- Indonesia
- Thailand
- Others
- North America
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