The algae proteins market refers to the growing industry focused on the production and utilization of proteins derived from algae. Algae are diverse photosynthetic organisms that can be found in aquatic environments such as oceans, lakes, and ponds. They are rich in proteins, containing essential amino acids, and are considered a sustainable and environmentally friendly protein source.
The global algae proteins market is likely to grow from US$ 3.7 Bn in 2023 to US$ 8.29 Bn by the end of 2033. Furthermore, the overall sales of algae proteins are projected to surge at a robust CAGR of 8.4% during the forecast period (2023-2033).
Growing demand for convenience food and drinks over traditional ones will drive Japan’s algae proteins market. Algae proteins are emerging as an attractive solution for meeting this demand, as they are high in protein and offer various health benefits.
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Algae proteins are being increasingly used to replace animal-based proteins in a variety of convenience foods, such as meal replacement bars and shakes, ready-to-eat snacks, and other food items. These algae-based products are offering the same nutritional value as traditional animal-based proteins, but with a small environmental footprint.
In addition, algae proteins are easy to digest as compared with animal-based proteins, making them a popular choice for those with allergies or digestive issues. With consumers becoming more aware of the health and environmental benefits associated with algae proteins, demand for these products will witness a rapid upsurge over the next ten years.
Additionally, manufacturers are increasingly finding ways to incorporate algae proteins into their products in order to meet consumer demand for healthy alternatives. As such, the Japan algae proteins market is expected to experience strong growth over the projection period.
Key Takeaways from the Algae Proteins Market
- The algae proteins market in Japan is set to register a healthy CAGR during the forecast period.
- Japan is expected to account for a sizable market share in the global algae proteins market over the next ten years.
- The algae proteins market in Japan is projected to account for a significant valuation by the end of 2032.
- Growing demand for convenience food & drinks is anticipated to drive growth of algae proteins market in Japan.
“Growing preference for convenience food & beverages in Japan will boost the demand for algae proteins. Hence, key players are focusing on enhancing their distribution channels and innovating new products to expand their customer base.”– Says an FMI Analyst.
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Competition Landscape in the Algae Proteins Market
The global algae protein market is highly competitive, with numerous local and international competitors competing for market dominance. They are leveraging strategies such as new product launches, mergers, acquisitions, and collaborations to improve their brand visibility among customers. Furthermore, companies are focusing on enhancing their distribution channels with businesses from other areas to expand their customer base.
DIC Corporation, Arizona Algae, and Mitsubishi are the key players in the Japan algae proteins market.
Recent Developments
- In July 2022, Japan’s DIC Corporation, one of the world’s largest fine chemicals businesses, completed investment in Back of the Yards Algae Sciences, a sustainable food technology startup focused on developing innovative extracts and alternative proteins, headquartered in Chicago, Illinois.
- In November 2020, Arizona Algae Products announced that building on a brand-new, cutting-edge greenhouse on 1.3 acres has just begun. The new facility will more than double the company’s production capacity.
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Key Market Segmentation
By Source:
- Seaweed
- Brown algae
- Green algae
- Red algae
- Microalgae
- Spirulina (Blue-green algae)
- Chlorella (Green algae)
- Others
By Dosage Form:
- Capsules
- Liquid
- Powder
- Others
By Application:
- Dietary Supplements
- Food and Beverage
- Bakery and Confectionery
- Protein Drinks
- Breakfast Cereals
- Snacks
- Animal Feed
- Cosmetics
- Others
By Regions:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa
About FMI
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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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