Global algae protein market was valued at 650 USD Million in 2018 and is anticipated to be valued at 1043.8 USD Million at a CAGR of 6.1%.
Algae Protein Market
The global algae protein market was valued at 650 USD Million in 2018 and is anticipated to be valued at 1043.8 USD Million at a CAGR of 6.1%. The global algae protein market report covers forecast and analysis on a global as well as regional level. The study presents an in-depth valuation of the market, opportunities, rivalry, emerging trends, and industry-validated market statistics. The report offers notable data from 2016 to 2018 along with estimation from 2019 to 2026 based revenue (USD Million).
Algae, particularly blue-green & green algae contain a high level of protein around 40 to 60%, which can be used as a functional food ingredient. Algae protein is used to promote weight loss reduce fatigue and anxiety, premenstrual heart diseases, and other health problems. Increasing demand for plant-based protein owing to the shifting of consumers towards vegan diet is bolstering the market growth. Enhancement in nutrition coupled with positive effect on the immune system and other health benefits is fueling the market value. Rising concerns regarding health and fitness, especially among millennial across the world is further paving the way for the global algae protein market growth.
Based on the product, the global algae protein market has been classified into spirulina, chlorella, and others. Spirulina has accredited for the largest market in terms of revenue in 2018. Spirulina is a rich source of protein among all plant-based foods. Moreover, it also has remarkable characteristics such as low nucleic acid, easy digestibility, and a high concentration of minerals and vitamins. Hence, the segment is contributing to the growth of the market.
The global algae protein market is categorized into freshwater and marine on the basis of the source. In the global algae protein market, the freshwater algae segment has accounted for the largest share in 2018. Manufacturers are consistently cultivating algae in ponds and photo bioreactors, especially using freshwater. The segment is further anticipated to continue its dominance over the forecast period.
Based on the application, the global algae protein market has been classified into dietary supplements, food products, animal feed, and others. The food products segment is further classified into bakery & confectionery, beverages, breakfast cereals, sauces, dressings & spreads, snacks, and others. The dietary supplements segment has dominated the market value over the years. Rising consumption of plants-based dietary supplements, especially in the U.S. owing to the expanding nutraceuticals industry is fueling the segment growth.
Based on the region, North America accounted for the largest market share over the years. Increasing consumption of dietary supplements and healthy foods coupled with rising awareness regarding health and wellness is boosting the regional market growth. Expansion of marine culture in Europe has positively affected the market growth. Growing aquaculture in countries such as Denmark, Norway, and Ireland has boosted the demand for the product over the years. The Asia-pacific market is expected to show remarkable growth over the forecast timeframe owing to rising exports and domestic demand for plant-based ingredients. Moreover, growing pharmaceutical, animal feed, cosmetics, and food and beverage industries in the region are anticipated to accelerate the market growth in the next few years.
The global algae protein market is fused with major players including Vimergy LLC, Prairie Naturals, NOW Foods, Rainbow Light, ENERGYbits Inc., E.I.D. - Parry Limited, Far East Bio-Tec Co., Ltd., Earthrise Nutritional, Cyanotech Corporation, and Corbion among others. The major tactics implemented by these leading companies in the market are mergers & acquisitions, new product launches, and partnerships. These companies are focusing more on making an investment in collaborations, innovations, and expansions to increase their market share.
This report segments the global cannabis concentrates market as follows:
Global Algae Protein Market: Product Segment Analysis
Global Algae Protein Market: Source Segment Analysis
Global Algae Protein Market: Application Segment Analysis
Global Algae Protein Market: Regional Segment Analysis