Global Algae Protein Market
As stated in our extensive report; the Global Algae Protein Market accounted for USD 2,945.8 Million in the year 2021.
Due to factors such as the growing vegan population, higher product usage in food and beverage applications, and growing public awareness of the benefits of a healthy eating lifestyle, the market for algal protein is anticipated to expand throughout the projected period.
In addition, the COVID-19 epidemic has had a minor influence on the market for algal protein. Due to the global shutdown, many commercial algae manufacturing and processing facilities were shut down or operated at reduced capacity, severely decreasing global production. However, according to recent research, algae nutraceuticals may work as immune system boosters against COVID-19 and other viral diseases. As a result, the demand for spirulina-based goods has surged because of the growing popularity of algae nutraceuticals, which has helped the sector thrive throughout the pandemic.
Key factors influencing Algae Protein Market Growth
The growth of the global Algae Protein market can be attributable to the following:
- The ability of microAlgae Protein to strengthen the immune system and enhance nutritional intake, among other health benefits, may raise demand for the supplement in the nutraceutical industry.
- The consumers’ active quest for plant-based nutritional supplements to increase innate strength may also encourage market expansion.
- Algae Protein is used to treat various conditions, including premenstrual heart disease, attention deficit-hyperactivity disorder (ADHD), diabetes, and many more. It also helps people lose weight.
- The product’s higher nutrient content, positive impact on the immune system, as well as other health benefits are driving up global demand for it. Additionally, customers’ tastes for plant-based and other meat alternatives have shifted as a result of the growing sustainability concerns, such as the production of meat’s increased greenhouse gas emissions and loss of biodiversity. These factors may spur market expansion.
- One of the things that can prevent the worldwide Algae Protein market from increasing its income is high production expenses, which drive up the final product cost.
- Furthermore, some persons may experience adverse reactions to Algae Protein and related products, which may limit their use.
- Additionally, the primary factors affecting algal cultivation are humidity and the environment. The growth of the algal protein market in the next years can be hampered by several climate elements’ effects on algae cultivation.
- Protein content varies widely across different sources; meat has almost 18.1%, whereas beer yeast has 46.1%. Therefore, producers of processed foods, drinks, and nutraceuticals are always looking for nutrient sources to increase the protein content of their goods.
- The sources of protein that contain the maximum total protein are chlorella and spirulina algae. As a result, manufacturers of nutraceuticals, food & beverages, and pet food are including algae in their products increasingly regularly.
- As a result of algae being a profitable source of protein, it is anticipated that demand for the substance will rise over the following years.
Asia Pacific Region to Lead the Market
Asia Pacific Algae Protein market is getting more significant with maximum market share during the forecast period. Due to increasing exports and local demand for plant-based components, Asia Pacific dominated the market in terms of revenue. China is one of the region’s leading producers of plant-based compounds due to the easy access to raw materials there. In the upcoming years, it is anticipated that growing nations like India, China, Indonesia, South Korea, and Malaysia will require more plant proteins due to the expansion of the pharmaceutical, animal feed, food & beverage, and cosmetics industries.
The growing vegan population increased product acceptance in food and beverage applications and expanded consumer awareness of the benefits of a healthy eating lifestyle, among other things, positively influencing the overall Algae Protein market.
Some of the key players in the Global Algae Protein Market include- Cyanotech Corporation (US), Earthrise Nutritional (US), Far East Bio-Tec Co. Ltd. (China), E.I.D. – Parry Limited (India), ENERGY bits Inc. (US), Rainbow Light (US) and others.