In 2022, the algal protein market was valued at over US$703.891 million, with expectations of robust growth driven by shifting consumer preferences towards plant-based alternatives over animal-based proteins. By 2033, the market is projected to reach US$ 1,772.7 million, reflecting a notable 9% CAGR from 2023 to 2033.
The capacity of microalgae protein to strengthen the immune system while improving nutritional intake, among other health benefits, may raise demand for the supplement in the nutraceutical industry. Consumers’ active quest for plant-based dietary supplements to increase intrinsic strength may have fueled the market’s rise.
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Algal protein has emerged as a versatile remedy for various conditions such as ADHD, premenstrual heart disease, and diabetes, among others, while also aiding in weight loss. Its rich nutritional profile and positive impact on the body’s defenses are fueling a surge in global demand. Consumer preferences are shifting towards plant-based and other meat alternatives due to escalating sustainability concerns, such as meat production’s contribution to greenhouse gas emissions and biodiversity loss. This trend is poised to drive market expansion.
Manufacturers are constantly striving to enhance the protein content in processed beverages, food, and nutraceuticals. Chlorella and spirulina algae stand out as natural sources offering the highest total protein content. Consequently, algae incorporation into products by nutraceuticals, food & beverage, and pet food manufacturers is becoming increasingly commonplace. With algae proving to be a viable protein source, demand for this substance is projected to escalate in the coming years.
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)
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