Market Size of Algae Protein Industry
| 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 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).
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| Spirulina | |
| Chlorella | |
| Other Types |
| By Application | |
| Food & Beverages | |
| Dietary Supplements | |
| Pharmaceuticals | |
| Other Applications |
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Algae Protein Market Size Summary
The global algae protein market is experiencing a notable expansion, driven by the increasing consumer shift towards plant-based and microalgae-based diets. This trend is largely influenced by the growing vegan population, heightened health awareness, and a rising demand for sustainable and ethically sourced food products. The market's growth is further supported by the popularity of naturally-derived food products and health supplements, as well as the expanding number of health-conscious consumers. Despite the challenges posed by the COVID-19 pandemic, which temporarily disrupted production and processing facilities, the demand for algae protein remains robust, particularly in the context of maintaining optimal immune health. The market is characterized by the rising interest in functional drinks and foods fortified with algae protein, such as chlorella and spirulina, which are recognized for their health benefits and safety by regulatory bodies.
North America leads the global algae protein market, with significant applications in dietary supplements and food products, driven by increasing fitness awareness and a burgeoning aquaculture industry. The versatility of algal protein as a functional ingredient in foods, beverages, and supplements contributes to its growing adoption. The competitive landscape of the market is marked by the presence of numerous domestic and multinational players, who are actively engaging in mergers, acquisitions, and partnerships to enhance their market presence and distribution networks. Key players such as AlgoSource SA, Cyanotech Corporation, Duplaco B.V., Roquette Freres, and Seagrass Tech Private Limited are at the forefront of these strategic initiatives. Collaborations, like those between Corbion and Nestle SA, and investments in production capacity, such as Duplaco BV's recent expansion, underscore the dynamic nature of the market and its potential for future growth.
Algae Protein Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Force Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Type
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2.1.1 Spirulina
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2.1.2 Chlorella
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2.1.3 Other Types
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2.2 By Application
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2.2.1 Food & Beverages
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2.2.2 Dietary Supplements
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2.2.3 Pharmaceuticals
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2.2.4 Other Applications
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.1.4 Rest of North America
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2.3.2 Europe
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2.3.2.1 United Kingdom
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2.3.2.2 Germany
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2.3.2.3 France
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2.3.2.4 Russia
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2.3.2.5 Italy
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2.3.2.6 Spain
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2.3.2.7 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 India
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2.3.3.2 China
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2.3.3.3 Japan
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2.3.3.4 Australia
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2.3.3.5 Rest of Asia-Pacific
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle-East and Africa
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2.3.5.1 South Africa
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2.3.5.2 Saudi Arabia
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2.3.5.3 Rest of Middle-East and Africa
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Algae Protein Market Size 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.
