The algal protein market is on a growth trajectory, driven by shifting consumer preferences toward plant-based proteins over animal-based alternatives. In 2022, it was valued at over US$703.891 million, and it’s projected to reach US$1,772.7 million by 2033, growing at a 9% CAGR from 2023 to 2033. The nutraceutical industry, with its focus on enhancing nutrition and immune support, is a key factor boosting the demand for microalgae protein supplements as consumers seek plant-based options for improved health and vitality
In 2022, the algal protein market was expected to be worth over US$703.891 million. It is predicted that a shift in consumer preferences away from animal-based proteins and toward plant-based alternatives would increase the market for algal protein. By 2033, it’s expected to have generated US$ 1,772.7 million, at a 9% CAGR from 2023 to 2033.
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The ability of microalgae protein to improve nutritional intake while bolstering the immune system, among other health benefits, may increase demand for the supplement in the nutraceutical business. The market’s growth may be attributed to consumers’ active search for plant-based nutritional supplements to boost inherent strength.
Diabetes, premenstrual heart disease, attention deficit-hyperactivity disorder (ADHD), and many more disorders can all be treated with algae protein. Additionally, it aids with weight loss. Global demand for the product is rising as a result of its higher nutritional content, good effects on the body’s defences, and other health advantages. Consumer preferences for plant-based and other meat substitutes have changed as a result of growing sustainability worries, such as the increased greenhouse gas emissions and biodiversity loss associated with the production of meat. This could result in market growth.
Producers continuously strive to increase the amount of protein in processed meals, beverages, and nutraceutical items. The natural sources of protein that provide the maximum total protein are chlorella and spirulina algae. Algae is commonly used in the production of pet food, food and beverages, and nutraceutical products. In the coming years, demand for protein is anticipated to rise as a result of the possibility that algae could be a dependable source of the nutrient.
Key Takeaways from the Market Study
- According to estimates, the market for algal protein reached US$ 624.2 million in 2018.
- The market for algal protein saw a 3.0% CAGR from 2018 to 2022.
- By accounting for nearly 62% of the market’s overall revenue in 2022, spirulina held the majority of the market in the type sector.
- In 2022, dietary supplements accounted for almost 48.3% of total sales.
- According to estimates, the United States market for algal protein will have a 26.9% market share in 2022.
- Through 2033, a 10.3% CAGR is predicted for the Chinese algal protein market.
- On the other side, it is anticipated that the Indian market would grow at a 12.5% CAGR between 2023 and 2033.
“The global market for algal protein is anticipated to expand over the course of the forecast period as a result of factors such as the growing vegan population, higher product usage in food and beverage applications, and growing public awareness of the benefits of leading a healthy lifestyle,” remarks an FMI analyst.
Competitive Landscape
Leading companies want to get an advantage in the fiercely competitive market by introducing new items and increasing their manufacturing capacity. The global algal protein market is fiercely competitive due to the large number of players there. The top firms are focusing on capacity increases, partnerships, mergers and acquisitions, along with new product developments in a variety of end-user industries like animal feed, food and beverage and cosmetics.
Prominent players in the algal protein market are:
- Far East Microalgae Industries, Co., Ltd.
- Bio-engineering Co., Ltd.
- Tianjin Norland Biotech Co., Ltd.
- Prolgae, NB Laboratories
- Cyanotech Corporation, C.B.N.
- Gong Bih Enterprise Co., Ltd.
- Taiwan Chlorella Manufacturing Company Ltd
- Algenol Biotech
- Fuqing King Dnarmsa Spirulina Co., Ltd.
- Sun Chlorella Corporation.
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Some key developments of the leading companies in this market are:
Tofurky, a manufacturer of plant-based meat, partnered with Triton Algae inventions in 2021 to market “algae-based meat developments” that use Triton’s “essential red” non-GMO, high in protein algae.
Duplaco BV invested in March 2020 to raise output by 20 times using cutting-edge technology and a cutting-edge research & development facility.
Unilever and biotech startup Algenuity established a new relationship in 2020 to explore the enormous potential microalgae offer to inventing future foods for Unilever’s range of plant-based products.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global algal protein market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the algal protein market, the market is segmented on the basis of product form (powder, liquid) by product source (marine algae, fresh water algae), by type (spirulina, chlorella), by application (dietary supplements, food & beverage, animal feed, cosmetics, others) and across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, and Middle East and Africa)
Key Segments Profiled in the Algal Protein Market
By Product Form:
- Powder
- Liquid
By Product Source:
- Marine Algae
- Fresh Water Algae
By Type:
- Spirulina
- Chlorella
By Application:
- Dietary Supplements
- Food & Beverage
- Animal Feed
- Cosmetics
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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