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Global Algae Proteins Industry

Global Algae Proteins Industry

  • May 2021
  • 510 pages
  • ID: 5899002
  • Format: PDF
  • Global Industry Analysts

Summary

Table of Contents

Abstract:

Global Algae Proteins Market to Reach $1.1 Billion by 2026

Alternative proteins are likely to benefit from increasing popularity of protein bars and snacks among health-conscious individuals. The increasing shift away from beef towards beans is driving manufacturers to offer algal protein-based options at affordable price points. Algal proteins are known for their numerous health benefits over their animal-based counterparts. Based on its disease-fighting properties due to the presence of phytonutrients and fiber, spirulina is enjoying mainstream presence as functional food ingredient and natural food colorant. The popularity of plant-based proteins is encouraging manufacturers to exploit phytoplankton and chlorella as key strains. On the flip side, plant proteins often lack specific essential amino acids needed for growth of the body. In addition, researchers are yet to fully understand bioavailability and digestibility of algal proteins. These factors point towards the need for more scientific evidence for demonstrating quality of products based on algal proteins. Amid the COVID-19 crisis, the global market for Algae Proteins estimated at US$771.3 Million in the year 2020, is projected to reach a revised size of US$1.1 Billion by 2026, growing at a CAGR of 6.6% over the analysis period. Spirulina, one of the segments analyzed in the report, is projected to record a 7.1% CAGR and reach US$698.1 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Chlorella segment is readjusted to a revised 6.1% CAGR for the next 7-year period.

The U.S. Market is Estimated at $221.4 Million in 2021, While China is Forecast to Reach $176.1 Million by 2026

The Algae Proteins market in the U.S. is estimated at US$221.4 Million in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$176.1 Million by the year 2026 trailing a CAGR of 8.8% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.8% and 6.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5% CAGR.

The market is expected to be fuelled by continuing transition of consumers from animal-based towards plant-derived products. The trend is responsible for growing popularity of plant-based options such as soy and wheat proteins. However, rising incident of allergies related to soy and gluten is driving companies to shift their attention toward algal proteins. Algal proteins are anticipated to also gain from increasing availability of scientific validation related to the use of microalgae as proteins along with rising concerns over sustainability and carbon emissions. Apart from the environmental and vegan credentials, the primary driver of algae proteins is the demand for healthy food, owing to the increasing consciousness for healthy lifestyles. Health foods such as health drinks and functional beverages are increasing in popularity owing to their health benefits as well as their refreshing capabilities. Algae proteins such as chlorella find extensive application within health foods and functional beverages, driving the market for algae proteins across the globe. The demand from pharmaceutical and skin care industries is expected to drive demand for algae proteins in future. In addition to the protein content, algae proteins also offer multiple benefits including vitamins & minerals, as well as essential fatty acids such as Omega-3 and Omega-6, further driving the demand for algae proteins.

By Source, Freshwater Segment to Reach $743.7 Million by 2026

Freshwater algae are being extensively cultivated in artificial fresh water given the robust demand from the nutraceutical and food & feed industries. By Source, global Freshwater Segment is estimated at US$518.5 Million in 2020, and is projected to reach US$743.7 Million by 2026 reflecting a compounded annual growth rate of 6.1% over the analysis period 2020-2027. Europe constitutes the largest regional market for Freshwater segment, accounting for 30.6% of the global sales in 2020. China is poised to register the fastest compounded annual growth rate of 8.3% over the analysis period, to reach US$133 Million by the close of the analysis period.

Select Competitors (Total 96 Featured)
  • Allmicroalgae
    Natural Products S.A.
  • Corbion N.V.
  • Cyanotech Corporation
  • Duplaco B.V.
  • Earthrise Nutritionals LLC
  • ENERGYbits Inc.
  • Far East Bio-Tec. Co., Ltd.
  • Heliae Development, LLC
  • NP Nutra
  • Parry Nutraceuticals Limited
  • Phycom B.V.
  • Roquette Klötze GmbH & Co. KG
  • Seagrass Tech Private Limited

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