Algae Protein Market Report 2024

The algae protein market size has grown rapidly in recent years. It will grow from $3.5 billion in 2023 to $3.87 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth observed during the historic period can be attributed to several factors, including the rising demand for plant-based proteins, heightened awareness of environmental impacts, greater recognition of algae's nutritional benefits, increased venture capital and government funding for algae protein research and development, and a growing application in the food and beverage sector.

The algae protein market size is expected to see rapid growth in the next few years. It will grow to $5.86 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The projected growth during the forecast period can be attributed to several factors, such as expanding product applications, growing consumer awareness and education, increasing regulatory support, the rise of favorable policies and regulations promoting sustainable food sources, and the expanding adoption of algae protein in emerging markets. Key trends for the forecast period include advancements in extraction technologies, the use of genetic modification to develop algae strains with higher protein content, the integration of automation and artificial intelligence for monitoring, the application of nanotechnology to improve bioavailability, and the development of new formulations.

The growth of the algae protein market is anticipated to rise with the increasing vegan population. This group adheres to a diet and lifestyle that excludes all animal products and by-products. The rise in the vegan population is attributed to greater awareness of animal welfare, health benefits, environmental issues, and the availability of plant-based food options. Algae protein is a sustainable and nutrient-dense plant-based protein source ideal for vegans. For example, in April 2023, the Plant-Based Foods Association, a US-based trade association for the plant-based food industry, reported that in 2022, 70% of the US population consumed plant-based foods, up from 66% in 2021. This increase in the vegan population is expected to drive the growth of the algae protein market.

Leading companies in the algae protein sector are forming strategic partnerships to create innovative algae-based protein products. These partnerships allow companies to pool resources and expertise, improve research and development, and speed up commercialization. For example, in September 2022, Turtle Island Foods, a US-based vegan food manufacturer, teamed up with Triton Algae Innovations, a US-based plant-based protein producer. This collaboration focuses on commercializing new meat alternatives using Triton’s protein-rich, non-GMO essential red algae. Triton’s process involves stimulating green algae (Chlamydomonas reinhardtii) to turn red and produce heme, which imparts a unique nutritional and functional profile. The whole algae ingredient (Essential Red) contains 40-50% protein, minerals, and carotenoids such as astaxanthin and beta-carotene.

In August 2022, Aliga Microalgae, a Denmark-based microalgae manufacturer, acquired Duplaco’s algae production facility in the Netherlands for an undisclosed amount. This acquisition enhances chlorella algae production by incorporating Duplaco B.V.'s Netherlands-based chlorella microalgae facility. Duplaco B.V. is a Netherland-based chlorella microalgae manufacturer.

Major companies operating in the algae protein market are Roquette Freres SA, E.I.D-Parry Limited, Corbion NV, Now Health Group Inc., Rainbow Light Nutritional Systems, Far East Bio-Tec Co. Ltd., Cyanotech Corporation, Heliae Development LLC, Earthrise Nutritionals LLC, Algenol Biotech LLC, Algenuity Limited, Triton Algae Innovations Ltd., AlgaEnergy, Prairie Naturals, ALGAMA Foods, Qualitas Health Inc., ENERGY bits Inc., Vimergy LLC, AlgoSource SA, Aliga ApS, Pond Technologies Holdings Inc., Seagrass Tech Private Limited, EnerGaia Pte Ltd., GreenCoLab, Phycom BV.

Asia-Pacific was the largest region in the algae protein market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the algae protein market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the algae protein market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Algae protein comes from various types of algae, including both microalgae (such as spirulina and chlorella) and macroalgae (like seaweed). Algae are rich in proteins, essential amino acids, vitamins, minerals, and other bioactive compounds, making them an excellent source of nutrition and functional ingredients. This versatile and sustainable source of high-quality nutrition finds applications in food, supplements, cosmetics, and animal feed.

The algae protein market primarily features microalgae and macroalgae. Microalgae are microscopic algae found in both freshwater and marine environments, capable of photosynthesis. These algae are sourced from freshwater and marine settings and have a range of applications, including dietary supplements, human food, animal feed, pharmaceuticals, and other uses.

The algae protein market research report is one of a series of new reports that provides algae protein market statistics, including the algae protein industry global market size, regional shares, competitors with algae protein market share, detailed algae protein market segments, market trends, and opportunities, and any further data you may need to thrive in the algae protein industry. These algae protein market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The algae protein market consists of sales of protein powders, supplements, food additives, and energy bars. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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