The global Port Wine Market is anticipated to create an absolute dollar opportunity by generating a revenue of US$ 700 Mn by by the end of 2022. Algal protein sales are predicted to reach US$ 1010 Millions by 2032, growing at a strong CAGR of over 8% to 9% over the course of the forecast period. Algal protein demand is expected to increase due to a significant shift in consumer preferences from animal-based proteins to plant-based protein substitutes.
Algae are a common type of plant life that may be found in both freshwater and marine environments. They are rich in chlorophyll. The term “algal protein” refers to protein that comes from algae, which can include big seaweeds and single-cell microalgae. High protein content can be found in the protein obtained from various algae, including seaweed and microalgae.
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The algal proteins are commonly extracted from specific types of algae such as blue algae, green algae, and red algae which has the ability to be processed into various forms including pastes, liquids, powder, and capsules. Algae living in marine waters contain approximately 60% of protein of their weight, which is way higher in comparison to algae living in freshwater.
Key Takeaways
- Some algae such as chlorella and spirulina compose high protein content and other freshwater algal proteins that are majorly derived from spirulina are one of the richest sources of protein containing all essential minerals, amino acids, and carotenoids. Therefore, increasing consumption of algal proteins, owing to the growing awareness regarding their health benefits is estimated to bolster sales in the global market.
- Algal proteins that are extracted from freshwater and marine water are gaining massive popularity among industries such as food & beverage, cosmetics, and animal feed owing to their excellent nutritional capabilities, amino acid profile, cell damage repairing properties, and others.
- There is a wide range of application of these proteins across the nutrition and supplement sectors, as consumption of algal proteins assist in boosting the immune system, reducing fatigue, improving digestion, building endurance, and boosting energy levels. Owing to these numerous health benefits, algal proteins are gaining traction amongst athletes, sportspersons, bodybuilders, and others, thereby, facilitating the growth in the market.
- A swift inclination towards veganism and vegetarianism is also being witnessed across the globe, resulting in the rising awareness concerning physical health, animal welfare, and ethical reasons. This significant rise in the vegan and vegetarian population is estimated to accelerate the sales of plant-based proteins such as algal proteins, thereby, bolstering the growth in the global market.
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Competitive Landscape
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 are some of the key companies profiled in the full version of the report.
Leading players are aiming at launching new products and expanding their production capacity to gain an edge in the highly competitive market. Key supplement manufacturers are increasingly emphasizing launching novel plant-based protein products to capitalize on the existing opportunities.
More Insights into the Algal Protein Market
The North American region is anticipated to dominate the global algal protein market by accounting for the maximum market share between 2022 and 2032, states Future Market Insights.
Countries including Canada and the U.S. are witnessing a significant rise in the burden of diseases such as thrombosis, atherosclerosis, cancers, and arthritis, creating strong demand for preventive supplements.
According to a study conducted by the American Cancer Society, nearly 1.9 million new cases of cancers were estimated to be diagnosed across the U.S., causing around 608,570 fatalities in the year 2021. The surge in such lethal diseases has led to a significant rise in the demand for algal protein in the global market.
Algal protein is increasingly being prescribed for the prevention of chronic diseases as it contains omega-3 fatty acids and carotenoids which assist in enhancing the immune system, improving cardiovascular function, and reducing allergies & inflammation within the body. Thus, the growing prevalence of such diseases is projected to augment the demand for algal protein in the North American market.
According to FMI analysis, the Asia Pacific region is anticipated to project rapid growth in the global algal protein market during the forecast period 2022-2032.
Owing to the rising population of vegetarian and vegan people due to its increased health benefits, the demand for plant-based proteins is surging at a rapid pace.
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
About Future Market Insights (FMI)
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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