Algae Protein Market

Global Algae Protein Market Size (2024 to 2032)

The global algae protein market size is expected to grow from US$ 428.71 million in 2024 to US$ 847.98 million by the end of 2032, expanding at a CAGR of 8.90% during 2024 and 2032

Current Scenario of the Global Algae Protein Market

The Global Algae Protein Market is augmented to have the highest market revenue owing to the increasing awareness concerning the health benefits of algae protein among the population across the world. Algae is considered a protein-rich species and a sustainable source of protein. Algae comprise various types, including green or blue-green, and these also include 40 to 60% of protein and provide rich amino acids and other nutritional benefits. Over thousands of years, algae are used as human food across the globe. Some of the algae foods include dairy products, non-dairy milk alternatives, spirulina and chlorella products, supplements containing fish, oil, blue-green algae, omega-3 fatty acids, sea-flavored spices, and sea vegetables like nori, kelp, and dulse. The algae can be grown as benthos, planktons, epiphytes, and other typical aquatic habitats and supply a significant food source to tiny fishes, amphibians, and other animals. The algae protein proved to be the primary source for humans since most of them depend on fish rich in algae protein. This drives the global algae protein market to continue dominancy in the next six years.

REPORT COVERAGE

Market Drivers

The rising awareness considering the health benefits of having algae protein among the population across the world is the primary factor that boosts up the global algae protein market growth during the forecast period. Moreover, the rising disposable incomes and rapid urbanization and economic developments are also anticipated to uplift the demand for algae protein market size and share very shortly. Furthermore, the growing demand for algae products from pharmaceutical and nutraceuticals firms and the increase in aging population across the globe are the factors acts as the driver that tends to heighten the global algae protein market in the next six years. Not only these factors, owing to the change in the lifestyle of the people globally and increasing health consciousness's of the people, rapid demand for nutritional products and rising government issues are also estimated to serve as foremost drivers for global algae protein market during the forecast period. 

Market Restraints

The algae proteins are expensive to purchase, thus leading the customers to tend to slow down in number, which acts as a significant restraint for the global algae protein market. Moreover, the availability of various proteins in the market attracts consumers, which hinders the growth of the global algae protein market during the forecast period.

Recent Developments in the Algae Protein Market

Corbion Biotech Inc. introduces Alga Prime DHA technology for aquaculture and animal nutrition that helps bring tremendous power to the aquaculture industry with sustainable, high-quality fish oil.

Market Challenges 

Some of the world's population may be allergic to algae and experience the symptoms of an allergic reaction, including rash, swelling, and difficulty in breathing, anaphylaxis, skin reactions, gastrointestinal effects, and goiter. In addition, the algae can produce toxins in water systems used by humans and animals that can have serious health issues. For example, humans and animals swimming in the water with blue-green algae can suffer from liver damage to paralysis since blue-green algae release toxins in the water. These are some of the characteristics that act as a significant challenge for the growth of the global algae protein market.

Segmental Analysis 

Global Algae Protein Market Analysis By Type

• Chlorella
• Spirulina
• Others

Depending on the type, the global algae protein market is categorized into chlorella, spirulina, and others. Spirulina plays a crucial role in dominating the global algae protein market since it contains higher protein content. Spirulina is high in many nutrients and grows both in salt and fresh water. It is often termed as a blue-green algae and a type of cyanobacteria. NASA declared that spirulina could be given to astronauts due to its rich protein content. Spirulina offers essential amino acids and is rich in protein compared to eggs. It is considered an excellent source of antioxidants that can rescue against oxidative damage. Owing to these characteristics, spirulina dominates the global algae protein market during the foreseen period.

Global Algae Protein Market Analysis By Application

• Pharmaceuticals
• Dietary Supplements
• Food & Beverages
• Others

The global algae protein market is divided into pharmaceuticals, dietary supplements, food & beverages, and others depending on the application. Dietary supplements application holds the most significant market CAGR and continues its global algae protein market growth. The massive protein density of chlorella and spirulina increases the adoption of dietary supplements. In addition, it is expanding population paired with growing nourishment demand for accessories such as proteins to uplift the adoption of algae protein in nutritional supplements application. Moreover, rising protein adoption from vegan consumers tends to propel the global algae protein growth and increase its size during the forecast period.

Global Algae Protein Market By Region

North America holds the largest algae protein market share due to the increasing demand for dietary supplements globally. On the other hand, the CAGR of algae protein slightly increases in the European algae protein market due to the rising adoption of fitness challenges in Europe. Moreover, the Asia Pacific region holds the third position during the foreseen period. This is due to consumers' rising number of health complications, thus driving the Asia Pacific Algae Protein Market to hold the steady CAGR. At the same time, owing to the changing lifestyle, Middle East & Africa Algae Protein Market tend to grow with a significant CAGR respectively during the forecast period due to the rising population focusing on health in the Middle East and Africa.

Key Market Players

Major Key Players in the Global Algae Protein Market are

• Corbion Biotech Inc.
• NP Nutra
• Duplo
• Roquette Klotze GmbH & Co. KG
• Parry Nutraceuticals
• Seagrass Tech Private Limited
• Physiol BV