The global algal protein market is estimated to create an incremental opportunity of US$ 700 Mn by the end of 2022. The sales of algal protein is expected to exceed US$ 1010 Bn by 2032, projecting growth at a robust CAGR of nearly 8% to 9% during the forecast period 2022-2032. Shift in consumer preference from adopting animal-based proteins to plant-based alternatives is estimated to augment the demand for algal protein.
Algae is one of the abundant forms of plant life that contains chlorophyll, found in both marines as well as freshwaters. Algal protein is the protein derived from algae, ranging from single cell microalgae to large seaweeds. The protein derived from different algae, such as microalgae and seaweed, contains high protein levels.
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Algae living in marine waters consist of protein nearly 60% of its weight, which is higher in comparison to algae living in freshwater. Algal proteins are commonly extracted from specific types of algae such as green algae, red algae, and blue algae, which can be processed into diverse forms such as powder, liquid, pastes, and capsules.
Some algae such as chlorella and spirulina compose high protein content. For instance, chlorella contains around 58 grams of protein in 100 grams of it, which is significantly higher compared to animal protein. Freshwater algal proteins are majorly derived from spirulina, which is a cyanobacterium (green-blue algae) and is one of the richest sources of protein that contains all essential minerals, carotenoids, and amino acids. Hence, increasing consumption of algal proteins, owing to the growing awareness regarding their health benefits is estimated to bolster the sales in the global market.
Which are Some Prominent Drivers Spearheading Algal Protein Market Growth?
Algal proteins extracted from marine and freshwater algae are gaining immense popularity among industries such as food & beverage, animal feed, and cosmetics, owing to their excellent nutritional capabilities, amino acid profile, cells damage repairing properties, and others.
These proteins are finding a wide range of application across the nutrition and supplement sectors, as consumption of algal proteins assist in boosting the immune system, reducing fatigue, improving digestion, building endurance, and boosting energy levels. Attributed to these, algal proteins are increasingly being adopted by athletes, sportspersons, bodybuilders, and others, thereby, facilitating the growth in the market.
In addition to this, a swift rise in trend of veganism and vegetarianism is being witnessed across the globe, due to the rising awareness regarding physical health, animal welfare, and ethical reasons. For instance, according to a report by the MaedAlertHelp Organization, the population of vegans has reached around 79 million across the globe by January 2021. This rise in vegetarian and vegan population is estimated to accelerate the sales of plant-based proteins such as algal proteins, thereby, bolstering the growth in the global market.
What are the Challenges Faced by the Algal Protein Market?
Cultivation of algae predominantly depends upon the air moisture content and climatic conditions. High temperature affects the cultivation of algae such as spirulina, preventing the formation of thicker algae due to high rate of water evaporation.
Thus, increasing temperature across the world due to global warming and rising instances such as draught and changes in the salinity of freshwaters is declining the production of algae, which is in turn, hindering the growth in the market. Also, extravagant cost of algal protein and rising availability of various plant-based protein alternatives such as soy protein, pea protein, and others are hampering the sales of algal protein in the market.
Why is North America Emerging as an Opportunistic Algal Protein Market?
Future Market Insights states that North America is estimated to account for the dominant share in the global algal protein market between 2022 and 2032.
A significant rise in burden of diseases such as thrombosis, atherosclerosis, cancers, and arthritis is being experienced across the countries such as the U.S. and Canada, creating strong demand for preventive supplements. According to a study by the American Cancer Society, nearly 1.9 million new cases of cancers were estimated to be diagnosed across the U.S., causing around 608,570 fatalities in the year 2021.
As the algal protein contains omega-3 fatty acids and carotenoids, it assists in enhancing the immune system, improving cardiovascular function, and reducing allergies & inflammation, it is increasingly being prescribed for the prevention of aforementioned diseases. Thus, growing prevalence of such diseases is projected to augment the demand for algal protein in the North America market.
How is Asia Pacific Excluding Japan Contributing to the Growth of the Algal Protein Market?
As per FMI, Asia Pacific Excluding Japan is anticipated to project rapid growth in the global algal protein market during the forecast period 2022-2032.
The demand for plant-based proteins is surging at a rapid pace, owing to the increasing vegetarian population and growing adoption on the back of its health benefits. Thus, leading supplement manufacturers are increasingly emphasizing on launching novel plant-based protein products to capitalize on the existing opportunities.
For instance, in 2021, Prolgae, a leading plant-based proteins supplement company, announced launching organic sweet spirulina algae powder and protein bars in the Indian market. A multiplicity of such product launches are estimated to accelerate the sales of algal protein in the Asia Pacific Excluding Japan market.
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Market Competition
Some of the leading players in the algal protein market are Far East Microalgae Industries, Co., Ltd., Bio-engineering Co., Ltd., Tianjin Norland Biotech Co., Ltd., Prolgae, NB Laboratories, Cyanotech Corporation, C.B.N., Gong Bih Enterprise Co., Ltd, Taiwan Chlorella Manufacturing Company Ltd, Algenol Biotech, Fuqing King Dnarmsa Spirulina Co., Ltd., Sun Chlorella Corporation.
Leading players are aiming at launching new products and expanding their production capacity to gain edge in the highly competitive market.
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