In 2022, the algal protein market is experiencing significant growth, with an estimated value of US$ 703.89 million in 2022, projected to reach US$ 1,772.7 million by 2033, at a CAGR of 9%. This growth is driven by shifting consumer preferences towards plant-based protein alternatives and increasing awareness of the health and environmental benefits of algal protein.
Consumer demand for algal protein is on the rise, fueled by growing awareness of its nutritional benefits, including high protein content, essential minerals, and amino acids. As consumers become more health-conscious and environmentally aware, they are increasingly opting for plant-based protein sources like algal protein, driving market expansion.
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Growing Factors:
- Shift to Plant-Based Proteins: The rising trend of veganism and vegetarianism, coupled with increasing concerns about animal welfare and environmental sustainability, is driving demand for plant-based protein alternatives. Algal protein, derived from algae, is gaining popularity as a sustainable and nutritious protein source, driving market growth.
- Health and Wellness Trends: With a growing emphasis on health and wellness, consumers are seeking protein-rich foods and supplements to support their active lifestyles. Algal protein offers various health benefits, including immune system support, improved cardiovascular function, and reduced inflammation, driving its adoption in dietary supplements and functional foods.
- Environmental Considerations: Algal protein production is more sustainable and environmentally friendly compared to traditional animal-based protein sources. Algae cultivation requires less land, water, and resources, making it an attractive option for environmentally conscious consumers and businesses.
The protein level in processed beverages, food, and nutraceutical goods is always being sought after by manufacturers. The natural sources for protein which provide the maximum total protein are chlorella as well as spirulina algae. Manufacturers of nutraceuticals products, food & beverages, and pet food are including algae into their products increasingly regularly. It is anticipated that demand for the substance would rise over the following years as a result of algae being a viable source of protein.
Key Takeaways from the Market Study
- According to estimates, the market for algal protein reached US$ 624.2 million in 2018.
- The market for algal protein saw a 3.0% CAGR from 2018 to 2022.
- By accounting for nearly 62% of the market’s overall revenue in 2022, spirulina held the majority of the market in the type sector.
- In 2022, dietary supplements accounted for almost 48.3% of total sales.
- According to estimates, the United States market for algal protein will have a 26.9% market share in 2022.
- Through 2033, a 10.3% CAGR is predicted for the Chinese algal protein market.
- On the other side, it is anticipated that the Indian market would grow at a 12.5% CAGR between 2023 and 2033.
“The global market for algal protein is anticipated to expand over the course of the forecast period as a result of factors such as the growing vegan population, higher product usage in food and beverage applications, and growing public awareness of the benefits of leading a healthy lifestyle,” remarks an FMI analyst.
Competitive Landscape
Leading companies want to get an advantage in the fiercely competitive market by introducing new items and increasing their manufacturing capacity. The global algal protein market is fiercely competitive due to the large number of players there. The top firms are focusing on capacity increases, partnerships, mergers and acquisitions, along with new product developments in a variety of end-user industries like animal feed, food and beverage and cosmetics.
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Prominent 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.
Some key developments of the leading companies in this market are:
- Tofurky, a manufacturer of plant-based meat, partnered with Triton Algae inventions in 2021 to market “algae-based meat developments” that use Triton’s “essential red” non-GMO, high in protein algae.
- Duplaco BV invested in March 2020 to raise output by 20 times using cutting-edge technology and a cutting-edge research & development facility.
- Unilever and biotech startup Algenuity established a new relationship in 2020 to explore the enormous potential microalgae offer to inventing future foods for Unilever’s range of plant-based products.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global algal protein market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the algal protein market, the market is segmented on the basis of product form (powder, liquid) by product source (marine algae, fresh water algae), by type (spirulina, chlorella), by application (dietary supplements, food & beverage, animal feed, cosmetics, others) and across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and Middle East and Africa)
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