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.
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 can be utilized to treat a wide range of conditions, including attention deficit-hyperactivity disorder (ADHD), premenstrual heart disease, diabetes, as well as many others. It also helps people lose weight. The product’s higher nutritional content, positive impact on the body’s defenses, as well as other health benefits, are driving up global demand for it. The tastes of consumers for plant-based as well as other meat alternatives have shifted as a result of growing sustainability concerns, like the production of meat’s increased greenhouse gas emissions and loss of biodiversity. This might lead to market expansion.
The protein level in processed beverages, food, and nutraceutical goods is always being sought after by manufacturers. The natural sources for protein which provide the maximum total protein are chlorella as well as spirulina algae. Manufacturers of nutraceuticals products, food & beverages, and pet food are including algae into their products increasingly regularly. It is anticipated that demand for the substance would rise over the following years as a result of algae being a viable source of protein.
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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