Algae Protein Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.74 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Algae Protein Market Analysis
The global algae protein market is projected to witness a CAGR of 6.74% during the forecast period (2022 - 2027).
The outbreak of the COVID-19 pandemic has marginally affected the algae protein market. Due to the worldwide lockdown, many commercial algae production and processing facilities have shut down or are operating at reduced capacities, leading to substantial losses in domestic production. However, good nutrition intake is the top priority to maintain an optimal immune system, supporting the strong demand for plant and algae protein food products & beverages.
Increasing popularity of naturally-derived food products and health supplements, increasing number of health-conscious consumers and constant growth in population, are some of the major drivers for the growth of the algal protein market.
The expanding vegan population across the world is another major factor responsible for the growth of the market. Furthermore, with rising awareness about the various health benefits of vegan diets, the number of people adopting vegan lifestyles is increasing across the globe. The shift in consumer demand from animal protein to other protein sources can clearly be witnessed with the rise of the protein alternative market. This gradual inclination toward plant-based and microalgae-based diet is largely associated with different factors, such as that of sustainability issue, health awareness, ethical or religious views, and environmental and animal rights.
Algae Protein Market Trends
This section covers the major market trends shaping the Algae Protein Market according to our research experts:
Growing Demand for Healthy Foods and Beverages
Functional drinks with algae protein, including chlorella ingredients that provide health benefits, as well as a refreshing taste, are becoming increasingly popular, globally. The segment is primarily fueled by the emerging food fortification technologies and the discoveries of nutrient benefits, in order to meet the demand. Growing demand for alternative protein sources has resulted in the increasing number of investments in the algae protein market space. The use of spirulina, as a functional food is increasing rapidly, owing to its generally regarded safe (GRAS) status by the European Food Safety Authority (EFSA), FDA, and other prominent food regulatory bodies. Algae is increasingly seen as a key solution to the protein problem, as many species provide an excellent protein yield per unit of land. Spirulina algae have protein levels of 60-71 grams of protein per 100 grams, and thus, find its application across various functional food & beverage application.
North America Dominates the Market
North America dominated the global algae protein market. Dietary supplements and food products are the major application segments in the North American market, attributable to the rising fitness awareness among consumers in the United States, Canada, and Mexico. Also, the growing aquaculture industry is expected to boost the demand for the product over the forecast period. Algal protein flexibility as a functional food and beverage ingredient and a supplements ingredient makes it remarkably versatile. In the United States, though the consumption of algae-derived products and additives has generally remained far out of the mainstream, the constantly changing market dynamics and consumer behavior have created a trend for vegan and plant-based protein ingredients and products, thereby, bolstering the market growth for algae protein products. Also, According to the findings of the National Cancer Institute, United States of America, an intake of 6.0 mg β-carotene daily may be effective in minimizing the risk of cancer. Consumption of 4.0 g spirulina daily is enough to get 6 mg β-carotene.
Algae Protein Industry Overview
The global algae protein market is competitive in nature having a large number of domestic and multinational players competing for market share. Emphasis is given on the merger, expansion, acquisition, and partnership of the companies along with new product development as strategic approaches adopted by the leading companies to boost their brand presence among consumers. Further, market key players are also planning to strengthen their distribution relationships with firms across various regions by merging or acquiring in order to leverage the customer base for any future product launches. Some of the major key players in the algae protein market, globally include AlgoSource SA, Cyanotech Corporation, Duplaco B.V., Roquette Freres, and Seagrass Tech Private Limited, among others.
Algae Protein Market Leaders
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Duplaco BV
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Roquette Freres
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AlgoSource SA
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Cyanotech Corporation
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Seagrass Tech Private Limited
*Disclaimer: Major Players sorted in no particular order
Algae Protein Market News
- In March 2022, Corbion had partnered with Nestle SA to help increase a step towards a plant based product portfolio. The two will work to develop microalgae based ingredients to add more value to sustainability.
- In March 2020, Duplaco BV made an investment to increase to increase its production by 20 times with a latest technology and a modern research and development center.
- In 2020 Unilever and biotech start-up Algenuity announced a new partnership to delve into the huge potential microalgae bring in innovating future foods for Unilever's plant-based portfolio.
Algae Protein Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Drivers
- 4.2 Market Restraints
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4.3 Porter's Five Force Analysis
- 4.3.1 Threat of New Entrants
- 4.3.2 Bargaining Power of Buyers/Consumers
- 4.3.3 Bargaining Power of Suppliers
- 4.3.4 Threat of Substitute Products
- 4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
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5.1 By Type
- 5.1.1 Spirulina
- 5.1.2 Chlorella
- 5.1.3 Other Types
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5.2 By Application
- 5.2.1 Food & Beverages
- 5.2.2 Dietary Supplements
- 5.2.3 Pharmaceuticals
- 5.2.4 Other Applications
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5.3 Geography
- 5.3.1 North America
- 5.3.1.1 United States
- 5.3.1.2 Canada
- 5.3.1.3 Mexico
- 5.3.1.4 Rest of North America
- 5.3.2 Europe
- 5.3.2.1 United Kingdom
- 5.3.2.2 Germany
- 5.3.2.3 France
- 5.3.2.4 Russia
- 5.3.2.5 Italy
- 5.3.2.6 Spain
- 5.3.2.7 Rest of Europe
- 5.3.3 Asia-Pacific
- 5.3.3.1 India
- 5.3.3.2 China
- 5.3.3.3 Japan
- 5.3.3.4 Australia
- 5.3.3.5 Rest of Asia-Pacific
- 5.3.4 South America
- 5.3.4.1 Brazil
- 5.3.4.2 Argentina
- 5.3.4.3 Rest of South America
- 5.3.5 Middle-East and Africa
- 5.3.5.1 South Africa
- 5.3.5.2 Saudi Arabia
- 5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Most Active Companies
- 6.2 Most Adopted Strategies
- 6.3 Market Share Analysis
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6.4 Company Profiles
- 6.4.1 AlgoSource SA
- 6.4.2 Cyanotech Corporation
- 6.4.3 Duplaco BV
- 6.4.4 Roquette Freres
- 6.4.5 Ponds Technology Inc
- 6.4.6 Seagrass Tech Private Limited
- 6.4.7 Algenol Biotech
- 6.4.8 Algenuity Limited
- 6.4.9 Corbion NV
- 6.4.10 Phycom BV
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. IMPACT OF COVID-19 ON THE MARKET
Algae Protein Industry Segmentation
Algae protein is a type of protein obtained from various algal spices, and is considered an alternative and sustainable source of protein. The global algae protein market is segmented by type, application, and geography. Based on type, the market is segmented into spirulina, chlorella, other types. Based on the application, the market is segmented into food and beverages, dietary supplements, pharmaceuticals, and other applications. Based on geography, the study provides an analysis on the algae protein market in the emerging and established markets globally, including North America, Europe, Asia-Pacific, South America, and Middle East & Africa. For each segment, the market sizing and forecasts have been done on the basis of the value (in USD million).
| By Type | Spirulina | |
| Chlorella | ||
| Other Types | ||
| By Application | Food & Beverages | |
| Dietary Supplements | ||
| Pharmaceuticals | ||
| Other Applications | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Rest of North America | ||
| Geography | Europe | United Kingdom |
| Germany | ||
| France | ||
| Russia | ||
| Italy | ||
| Spain | ||
| Rest of Europe | ||
| Geography | Asia-Pacific | India |
| China | ||
| Japan | ||
| Australia | ||
| Rest of Asia-Pacific | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| Geography | Middle-East and Africa | South Africa |
| Saudi Arabia | ||
| Rest of Middle-East and Africa |
Algae Protein Market Research FAQs
What is the current Algae Protein Market size?
The Algae Protein Market is projected to register a CAGR of 6.74% during the forecast period (2024-2029)
Who are the key players in Algae Protein Market?
Duplaco BV, Roquette Freres , AlgoSource SA, Cyanotech Corporation and Seagrass Tech Private Limited are the major companies operating in the Algae Protein Market.
Which is the fastest growing region in Algae Protein Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Algae Protein Market?
In 2024, the North America accounts for the largest market share in Algae Protein Market.
What years does this Algae Protein Market cover?
The report covers the Algae Protein Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Algae Protein Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Algae Protein Industry Report
Statistics for the 2024 Algae Protein market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Algae Protein analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
