North America Algae Protein Market Size (2024 - 2029)

The North American algae protein market is poised for growth, driven by the rising demand for dietary supplements and a shift towards preventive health management due to escalating healthcare costs and lifestyle-related diseases. This trend is encouraging consumers to adopt supplements containing algal protein, which is gaining traction as a key ingredient. Manufacturers are responding by developing multifunctional algal protein-based products that cater to various health needs, thereby attracting more consumers. Additionally, the increasing production capacity by farming companies to meet the growing demand is further supporting the market's expansion. These factors collectively contribute to the anticipated growth in the market size of algae protein in North America during the forecast period.

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Market Size of North America Algae Protein Industry

North America Algae Protein Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR 7.20 %
Fastest Growing Market Supplements
Largest Market United States
Market Concentration Medium

Major Players

North America Algae Protein Market Major Players

*Disclaimer: Major Players sorted in no particular order

North America Algae Protein Market Analysis

The North American Algae Protein Market is expected to be valued at USD 8 million in 2023, registering a CAGR of 7.20% over the coming years.

The North American algae protein market is majorly driven by the increasing consumption of dietary supplements and the paradigm shift toward preventive health management practices amid rising healthcare costs and the increasing burden of lifestyle diseases. Growing health concerns in the region owing to their sedentary lifestyles drive consumers toward consuming such supplements. As algal protein is one of the major ingredients in such supplements, the market is expected to foster during the forecast period.

Moreover, manufacturers in the region are focused on offering algal protein-based supplements with multiple functionalities supporting overall health, attracting consumers in the region and supporting the market's growth. For instance, in March 2023, M&M Labs announced the launch of a new line of vegan algal omega-3 supplement products that were claimed to be based on solvent-free microalgal DHA oil, flaxseed oil, and AlgaLab Refined EPA oil supplied by Lyxia Corporation. These Omega-3 fatty acids are essential nutrients and are believed to benefit cardiovascular, neurological, vision, and immune system health. Furthermore, with the increasing demand for algal protein in the region, farming companies are focused on increasing their production to cater to the growing demand and make more profits, further supporting the market to reach the required supply of algal protein. For instance, in August 2021, Green Stream Farms, one of the largest producers of microalgae and a New Mexican company that grows algae for use in omega-3 nutrition products on 96 acres of lined ponds, increased its production by 180%. Such regional developments, coupled with the increasing applications of algal protein, are expected to further boost and support the market's growth during the forecast period.

North America Algae Protein Industry Segmentation

Some species of seaweed and microalgae are known to contain protein levels similar to those of traditional protein sources, such as meat, eggs, soybeans, and milk. Algal proteins possess high nutritional value in terms of protein content, amino acid quality, and nutritional acceptability.

The North American algae protein market is segmented based on end users and countries. Based on the end user, the market is segmented into supplements. Based on the country, the market is segmented into the United States, Canada, Mexico, and the Rest of North America. The market sizing has been done based on value terms in USD and volume terms in tons for all the above-mentioned segments.

By End User
Supplements
Elderly Nutrition and Medical Nutrition
Sport/Performance Nutrition
By Country
United States
Canada
Mexico
Rest of North America
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North America Algae Protein Market Size Summary

The North American algae protein market is experiencing significant growth, driven by an increasing consumer shift towards dietary supplements and preventive health management practices. This trend is largely influenced by rising healthcare costs and the prevalence of lifestyle diseases, prompting consumers to seek health-enhancing supplements. Algal protein, a key ingredient in these supplements, is gaining popularity due to its perceived health benefits. Manufacturers are responding by developing algal protein-based products with multiple health benefits, such as omega-3 supplements, which are believed to support cardiovascular, neurological, and immune system health. The market is further bolstered by the expansion of algal farming to meet the growing demand, with companies increasing production to capitalize on the rising interest in algal protein.

The market's growth is also supported by the increasing adoption of vegan and plant-based trends, as consumers become more health-conscious and seek natural supplement options. The United States, in particular, has seen a surge in the consumption of dietary supplements, with a significant portion of the adult population incorporating them into their daily routines. This has led to a burgeoning nutritional supplement industry, with a focus on protein supplements and vitamins. The market is moderately consolidated, with key players investing in high-quality algal protein ingredients and strategic partnerships to expand their market presence. Innovations in algal-based products, such as algae-derived meat alternatives, are also contributing to the market's expansion, as companies leverage research collaborations to introduce novel solutions and capture a larger share of the market.

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North America Algae Protein Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

      1. 1.1.1 Escalating Consumer Investment in Preventive Healthcare Products

      2. 1.1.2 Increasing Algal Protein Applications Among Various Supplements

    2. 1.2 Market Restraints

      1. 1.2.1 Availability of Alternative Protein Sources

    3. 1.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.3.1 Bargaining Power of Suppliers

      2. 1.3.2 Bargaining Power of Buyers

      3. 1.3.3 Threat of New Entrants

      4. 1.3.4 Threat of Substitute Products and Services

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. Market Segmentation

    1. 2.1 By End User

      1. 2.1.1 Supplements

        1. 2.1.1.1 Elderly Nutrition and Medical Nutrition

        2. 2.1.1.2 Sport/Performance Nutrition

    2. 2.2 By Country

      1. 2.2.1 United States

      2. 2.2.2 Canada

      3. 2.2.3 Mexico

      4. 2.2.4 Rest of North America

North America Algae Protein Market Size FAQs

The North America Algae Protein Market is projected to register a CAGR of 7.20% during the forecast period (2024-2029)

Algenol Biotech LLC, Arizona Algae Products LLC, Corbion NV, Cyanotech Corporation and Pond Technologies Holdings Inc. are the major companies operating in the North America Algae Protein Market.

North America Algae Protein Market Report Snapshots

North America Algae Protein Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)