Algae Protein Market Size, Share, Trends Analysis, 2032

Algae Protein Market: Industry Perspective

The global algae protein market size was worth around USD 796.91 million in 2023 and is predicted to grow to around USD 1268.43 million by 2032 with a compound annual growth rate (CAGR) of roughly 5.30% between 2024 and 2032. The report analyzes the global algae protein market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the algae protein industry.

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Algae Protein Market: Overview

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 a vegan diet is bolstering the market growth. Enhancement in nutrition coupled with positive effects on the immune system and other health benefits is fueling the market value. Rising concerns regarding health and fitness, especially among millennials across the world further paving the way for the global algae protein market growth.

Algae Protein Market: Segmentation Analysis

Based on the product, the global algae protein market has been classified into spirulina, chlorella, and others. Spirulina has been accredited as the largest market in terms of revenue in 2023. 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 accounted for the largest share in 2023. Manufacturers are consistently cultivating algae in ponds and photobioreactors, especially using fresh water. 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 plant-based dietary supplements, especially in the U.S. owing to the expanding nutraceuticals industry is fueling the segment growth.

Algae Protein Market: Report Scope

Algae Protein Market: Regional Insights

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. The 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.

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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.

Algae Protein Market: Competitive Analysis

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:

The global algae protein market is dominated by players like:

• 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
• Corbion

The global algae protein market is segmented as follows;

By Product Segment Analysis

• Spirulina
• Chlorella
• Others

By Source Segment Analysis

• Freshwater
• Marine

By Application Segment Analysis

• Dietary Supplements
• Food Products
• Animal Feed
• Others

By Regional Segment Analysis

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa