The Europe algae proteins market is a growing sector that involves the production and sale of proteins derived from various types of algae. Algae are a diverse group of aquatic organisms that can be found in a wide range of habitats, including freshwater and marine environments. They are known for their high protein content, which makes them a valuable source of nutrients for human and animal consumption.
The global algae proteins market is likely to exhibit steady growth at a CAGR of 5.5% during the forecast period (2023-2033). The global market is expected to generate a revenue of nearly US$ 791.25 million in 2023 and is likely to cross a valuation of US$ 1,351.57 million by the end of 2033.
As per Future Market Insights (FMI), rising consumer preferences for plant-based proteins and increased health consciousness are set to drive the demand for algae proteins in Europe. Plant-based proteins are gaining traction among health-conscious consumers owing to their high nutritional value and associated health benefits.
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Algae proteins are emerging as an attractive alternative to traditional sources of plant-based proteins such as soybeans and legumes in the region. Growth is mainly attributed to their high levels of essential amino acids, vitamins, minerals, and other beneficial components that provide complete nutrition to the body.
Hence, algae proteins are used in various food products, ranging from energy bars and shakes to plant-based milk alternatives, due to their excellent flavor profile and natural color. They also provide manufacturers with a cost-effective solution for creating plant-based proteins while reducing environmental impacts such as land and water usage.
In addition, manufacturers in Europe are mainly focusing on introducing innovative products in order to meet the growing demand for plant-based proteins. This will further lead to the increasing demand for algae proteins in the U.K., Germany, and Italy.
In February 2022, for instance, European algae stakeholder platform called EU4Algae was launched by the European Commission, the European Climate, Infrastructure and Environment Executive Agency (CINEA), and a group of sustainability consultancies and algae organizations. The platform aims to promote algae for nutrition and other applications among European Union consumers and enterprises, as well as to hasten the creation of a European algae sector.
Further, the Europe algae proteins market is expected to be driven by increasing focus on health and wellness among consumers. Consumers are looking for healthy alternatives to traditional animal proteins due to rising awareness about the negative impacts of red meat consumption on health.
Moreover, algae proteins are considered to be a healthy alternative as they provide essential nutrients such as Omega 3 fatty acids, fiber, and vitamins. They are also low in saturated fats and cholesterol. In addition, they are easily digestible and provide a good source of energy.
Manufacturers are investing huge sums in product development and marketing initiatives in order to meet the growing demand for algae proteins in Europe. For instance, in February 2022, Ful launched Ful soda, a healthy drink that uses spirulina to provide a nutritional boost.
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Key Takeaways from the Algae Proteins Market
- The algae proteins market in Europe is likely to witness a moderate growth rate during the forecast period.
- The U.K algae proteins market is expected to showcase healthy growth during the forecast period.
- Germany is anticipated to hold a significant market share in the Europe algae proteins market during the projected period.
- Rising demand for plant-based proteins and health consciousness among consumers are likely to drive the demand for algae proteins across Europe.
“Growing consumer preference for plant-based proteins and rising health consciousness in Europe are anticipated to drive sales of algae proteins. Leading companies are thus anticipated to offer unique taste and flavor to woo more consumers than their competitors.”– Says an FMI Analyst.
Competition Landscape in the Algae Proteins Market
Key companies in the algae proteins market are focusing on product innovation and geographic expansions. Additionally, various manufacturers are investing in new product development as a key strategy to come up with adaptable solutions that are used in a wide variety of applications.
Furthermore, a few manufactures are modifying the normal taste of algae and suppress it by flavor addition so that consumers will accept algae-based products. As a result, the global market for algae protein has high potential and it would provide several options for producers to experiment in order to improve their reputation.
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Duplaco BV, Algenuity, and Qualitas Health Ltd are the key players in the Europe algae proteins market.
Recent Developments
- In March 2020, Duplaco BV invested in new technologies and a cutting-edge research & development facility in order to boost its output by 20 times.
- In July 2020, Unilever and a biotech start-up named Algenuity announced a new collaboration to explore enormous possibilities that microalgae can bring to create novel meals for Unilever’s plant-based product line.
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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