The algae protein market generated a total revenue of US$ 750 million in 2022. The industry is anticipated to rise at a healthy CAGR of 5.5% over the forecast period, to attain a market revenue of US$ 1,351.57 million by 2033. The rising demand for algae protein can be linked to the growing acceptance of algae as a promising and reliable source of protein. Algae protein has emerged as an alternative protein and is used in nutraceuticals, feed, and functional food due to its high protein content.
Factors Support the Growth of the Algae Protein Market
Market Challenges
Key Opportunities to Enhance Algae Protein Market Scope
Key Trends Influencing the Market Growth
Attribute | Details |
---|---|
Algae Protein Market Value (2023) | US$ 791.25 million |
Algae Protein Market Forecast Value (2033) | US$ 1,351.57 million |
Algae Protein Market CAGR (2023 to 2033) | 5.5% |
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Algae Protein Market:
Differentiating Aspects | Algae Protein Market |
---|---|
CAGR (Forecast Period) | 5.5% |
Market Value/Volume in 2023 | US$ 791.25 million |
Projected Market Value/Volume by 2033 | US$ 1,351.57 million |
Growth Factors | Growing consumer interest in plant-based nutritional supplements. |
Trends | Altering consumer preferences in favor of plant-based and other such meat alternative sources. |
Opportunities | Escalating traction for algal peptides in recent years to treat patients with metabolic disorders. |
Algae Products Market:
Differentiating Aspects | Algae Products Market |
---|---|
CAGR (Forecast Period) | 6.3% |
Market Value/Volume in 2023 | US$ 5.31 billion |
Projected Market Value/Volume by 2033 | US$ 9.78 billion |
Growth Factors | Rising penetration and consumer awareness regarding Omega-3 for preventive healthcare are fueling the demand for algae products. |
Trends | Growing vegan population and consequent demand for plant-based food products. |
Opportunities | High potential application scope of algae products in therapeutic proteins, antivirals, antimicrobials, etc. |
Alternative Protein Market:
Differentiating Aspects | Alternative Protein Market |
---|---|
CAGR (Forecast Period) | 18% |
Market Value/Volume in 2023 | 203.43'000 tons |
Projected Market Value/Volume by 2033 | 1,064.73'000 tons |
Growth Factors | Increasing concern surrounding pet health is propelling demand for feed products having high nutritional value. |
Trends | Consumer interest in ethical and health considerations. |
Opportunities | Growing awareness and consumption of clean protein are projected to widen the market outlook. |
The algae protein market attained a market revenue of US$ 750 million in 2022. From 2017 to 2022, the market has been influenced by various factors. Increased production of farmed seaweed, with the prominent rise in production seen in Indonesia, is one such factor that propelled market expansion. In addition to this, the rise in exploitation of microalgae for multiple biotechnological purposes, such as animal feed, cosmeceuticals, alginates, fatty acids, biofuel, and wastewater treatment, has also supported market development in recent years.
According to Future Market Insights (FMI) analysis, the algae protein industry is anticipated to exceed US$ 1,351.57 million by the end of 2033, registering a CAGR of 5.5%. FMI details the new trends that are aiding in the market’s upward momentum:
Year | Expected Valuation |
---|---|
2025 | US$ 880.68 million |
2028 | US$ 1034.13 million |
2032 | US$ 1281.11 million |
The utilization of liquid dosage forms of algae protein is projected to exhibit a 5% CAGR over the forecast period. The consumption of liquefied algae protein provides several benefits, including easy assimilation of a broad range of amino acids, antioxidants, vitamins, and essential nutrients. As a result, many food and beverage companies are incorporating algae to launch unique nutritional offerings into the market. For example:
The algae protein finds an extensive application in dietary supplements. The surging demand for plant-based dietary supplements is being invigorated by the growing consumer preference for vegan diets, which is accelerating the manufacturing of algae protein-based dietary supplements. Algae supplements are trying to match the pace of renewable plant sources of minerals and vitamins. As per the new studies, blue-green algae can help in improving the overall well-being and immunity of consumers. An extensive range of microalgae species has been permitted by the Food & Drug Administration (FDA) for human ingestion under Generally Recognized as Safe (GRAS). These species include Chlorophyta, Cyanobacteria, Spirulina, and others.
Algae protein is highly sourced from microalgae, which are a good source of carbon compounds. This makes microalgae an ideal raw material in the manufacturing of pharmaceuticals, biofuel, cosmetics, and health supplements. Moreover, microalgae are found to have a high level of concentrations of antioxidants like astaxanthin, which is accelerating the research and new product developments in the field of functional foods. The rising use of astaxanthin-rich microalgae is there in the aquaculture sector as a crustacean and fish feed. The surging focus on developing aquaculture more sustainable is propelling the demand for alternative feeds like larvae, single-cell proteins, microalgae, and fermented CO2.
The United States algae protein market is projected to be positively influenced by the rise in fitness-conscious consumers. In addition to this, the market is also pulled upward by innovative marketing tactics by key producers who have taken to social media platforms to capitalize on the rising netizens seeking sustainably-sourced protein sources. The market is going to witness an upward growth trajectory, as the demand for plant-based protein alternatives is being widely used in the food and beverage, and feed industries.
The end users of algae protein are walking hand in hand with the emerging trends introduced in the market to increase their relevancy and ensure future demand for their products. As a result, the demand for algae protein is projected to only go upward, given that all the market factors, including environmental influence, are in check.
China is estimated to assume a significant pace over the next 10 years. The market development in China is projected to be influenced by the surge in exports and local demand for plant-based ingredients to cater to fitness-conscious consumers. Additionally, rising demand for superior-quality nutritional feed products for animal feed is expected to spur market growth. Moreover, the algae protein industry in China is being driven by the soaring personal income of consumers and changing consumer behavior with rising interest in plant-based protein sources.
The algae protein is replete with high protein content, excellent nutritional capabilities, and an amino acid profile. As a result, the substance is finding extensive application in functional food items and processed healthy food items. Additionally, the rising use of algae protein to treat a range of disorders and diseases in humans, like stress, anxiety, hyperactivity disorder, weight loss, arthritis, cancer, and so on, is further projected to boost its demand.
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The algae protein industry is characterized by a highly competitive market scenario owing to several multinational and domestic players vying for market share. The key participants in the market are emphasizing partnerships, mergers and acquisitions, capacity expansions, and new product developments to cater to the demands of end-user industries, such as animal feed, cosmetics, and food and beverage, among others.
Recent Market Developments in the Industry Include
Attributes | Details |
---|---|
Forecast Period | 2023 to 2033 |
Historical Data Available for | 2018 to 2022 |
Market Analysis | US$ million/ billion for Value and tons for Volume |
By Source | Seaweed, Microalgae |
By Dosage Form | Capsules, Liquid, Powder, Others |
By Application | Dietary Supplements, Food and Beverage, Animal Feed, Cosmetics, Others |
By Region | North America; Latin America; Europe; Asia Pacific; The Middle East and Africa |
Key Countries Covered | The United States, Brazil, Mexico, Canada, the United Kingdom, Germany, France, Spain, Italy, Russia, Argentina, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam, Australia, Poland, China, New Zealand, Japan, GCC countries, South Africa, others |
Key Players | Corbion; Cyanotech Corporation; Earthrise Nutritional; Far East Bio-Tec Co. Ltd.; E.I.D-Parry Limited; ENERGY bit Inc.; Rainbow Light; NOW Foods; Prairie Naturals; Vimergy LLC; Others |
Algae Protein sales worldwide may create US$ 791.25 million market in 2023.
The global market is expected to rise at 5.5% CAGR through 2033.
Higher percentage of fitness-conscious consumers makes it the most lucrative region.
Its uses in pharmaceuticals, cosmetics, and biofuel to create higher market opportunities.
Algae-based beverages form the high value segment, projected to grow at 5% till 2033.
1. Executive Summary | Algae Proteins Market 1.1. Global Market Outlook 1.2. Demand-side Trends 1.3. Supply-side Trends 1.4. Technology Roadmap Analysis 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Background 3.1. Market Dynamics 3.1.1. Drivers 3.1.2. Restraints 3.1.3. Opportunity 3.1.4. Trends 3.2. Scenario Forecast 3.2.1. Demand in Optimistic Scenario 3.2.2. Demand in Likely Scenario 3.2.3. Demand in Conservative Scenario 3.3. Opportunity Map Analysis 3.4. Product Life Cycle Analysis 3.5. Supply Chain Analysis 3.5.1. Supply Side Participants and their Roles 3.5.1.1. Producers 3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers) 3.5.1.3. Wholesalers and Distributors 3.5.2. Value Added and Value Created at Node in the Supply Chain 3.5.3. List of Raw Material Suppliers 3.5.4. List of Existing and Potential Buyer’s 3.6. Investment Feasibility Matrix 3.7. Value Chain Analysis 3.7.1. Profit Margin Analysis 3.7.2. Wholesalers and Distributors 3.7.3. Retailers 3.8. PESTLE and Porter’s Analysis 3.9. Regulatory Landscape 3.9.1. By Key Regions 3.9.2. By Key Countries 3.10. Regional Parent Market Outlook 3.11. Production and Consumption Statistics 3.12. Import and Export Statistics 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 4.1. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis, 2018 to 2022 4.2. Current and Future Market Size Value (US$ Million) & Volume (Tons) Projections, 2023 to 2033 4.2.1. Y-o-Y Growth Trend Analysis 4.2.2. Absolute $ Opportunity Analysis 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 5.1. Introduction / Key Findings 5.2. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis By Type, 2018 to 2022 5.3. Current and Future Market Size Value (US$ Million) & Volume (Tons) Analysis and Forecast By Type, 2023 to 2033 5.3.1. Spirulina 5.3.2. Chlorella 5.3.3. Seaweeds 5.4. Y-o-Y Growth Trend Analysis By Type, 2018 to 2022 5.5. Absolute $ Opportunity Analysis By Type, 2023 to 2033 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Introduction / Key Findings 6.2. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis By Application, 2018 to 2022 6.3. Current and Future Market Size Value (US$ Million) & Volume (Tons) Analysis and Forecast By Application, 2023 to 2033 6.3.1. Food & Beverages 6.3.2. Dietary Supplements 6.3.3. Pharmaceuticals 6.3.4. Animal Feed 6.3.5. Cosmetics 6.4. Y-o-Y Growth Trend Analysis By Application, 2018 to 2022 6.5. Absolute $ Opportunity Analysis By Application, 2023 to 2033 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. Introduction 7.2. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis By Region, 2018 to 2022 7.3. Current Market Size Value (US$ Million) & Volume (Tons) Analysis and Forecast By Region, 2023 to 2033 7.3.1. North America 7.3.2. Latin America 7.3.3. Europe 7.3.4. Asia Pacific 7.3.5. MEA 7.4. Market Attractiveness Analysis By Region 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 8.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2018 to 2022 8.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2023 to 2033 8.2.1. By Country 8.2.1.1. USA 8.2.1.2. Canada 8.2.2. By Type 8.2.3. By Application 8.3. Market Attractiveness Analysis 8.3.1. By Country 8.3.2. By Type 8.3.3. By Application 8.4. Key Takeaways 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2018 to 2022 9.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2023 to 2033 9.2.1. By Country 9.2.1.1. Brazil 9.2.1.2. Mexico 9.2.1.3. Rest of Latin America 9.2.2. By Type 9.2.3. By Application 9.3. Market Attractiveness Analysis 9.3.1. By Country 9.3.2. By Type 9.3.3. By Application 9.4. Key Takeaways 10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2018 to 2022 10.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2023 to 2033 10.2.1. By Country 10.2.1.1. Germany 10.2.1.2. United kingdom 10.2.1.3. France 10.2.1.4. Spain 10.2.1.5. Italy 10.2.1.6. Rest of Europe 10.2.2. By Type 10.2.3. By Application 10.3. Market Attractiveness Analysis 10.3.1. By Country 10.3.2. By Type 10.3.3. By Application 10.4. Key Takeaways 11. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2018 to 2022 11.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2023 to 2033 11.2.1. By Country 11.2.1.1. China 11.2.1.2. Japan 11.2.1.3. South Korea 11.2.1.4. Singapore 11.2.1.5. Thailand 11.2.1.6. Indonesia 11.2.1.7. Australia 11.2.1.8. New Zealand 11.2.1.9. Rest of Asia Pacific 11.2.2. By Type 11.2.3. By Application 11.3. Market Attractiveness Analysis 11.3.1. By Country 11.3.2. By Type 11.3.3. By Application 11.4. Key Takeaways 12. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2018 to 2022 12.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2023 to 2033 12.2.1. By Country 12.2.1.1. GCC Countries 12.2.1.2. South Africa 12.2.1.3. Israel 12.2.1.4. Rest of MEA 12.2.2. By Type 12.2.3. By Application 12.3. Market Attractiveness Analysis 12.3.1. By Country 12.3.2. By Type 12.3.3. By Application 12.4. Key Takeaways 13. Key Countries Market Analysis 13.1. USA 13.1.1. Pricing Analysis 13.1.2. Market Share Analysis, 2022 13.1.2.1. By Type 13.1.2.2. By Application 13.2. Canada 13.2.1. Pricing Analysis 13.2.2. Market Share Analysis, 2022 13.2.2.1. By Type 13.2.2.2. By Application 13.3. Brazil 13.3.1. Pricing Analysis 13.3.2. Market Share Analysis, 2022 13.3.2.1. By Type 13.3.2.2. By Application 13.4. Mexico 13.4.1. Pricing Analysis 13.4.2. Market Share Analysis, 2022 13.4.2.1. By Type 13.4.2.2. By Application 13.5. Germany 13.5.1. Pricing Analysis 13.5.2. Market Share Analysis, 2022 13.5.2.1. By Type 13.5.2.2. By Application 13.6. United kingdom 13.6.1. Pricing Analysis 13.6.2. Market Share Analysis, 2022 13.6.2.1. By Type 13.6.2.2. By Application 13.7. France 13.7.1. Pricing Analysis 13.7.2. Market Share Analysis, 2022 13.7.2.1. By Type 13.7.2.2. By Application 13.8. Spain 13.8.1. Pricing Analysis 13.8.2. Market Share Analysis, 2022 13.8.2.1. By Type 13.8.2.2. By Application 13.9. Italy 13.9.1. Pricing Analysis 13.9.2. Market Share Analysis, 2022 13.9.2.1. By Type 13.9.2.2. By Application 13.10. China 13.10.1. Pricing Analysis 13.10.2. Market Share Analysis, 2022 13.10.2.1. By Type 13.10.2.2. By Application 13.11. Japan 13.11.1. Pricing Analysis 13.11.2. Market Share Analysis, 2022 13.11.2.1. By Type 13.11.2.2. By Application 13.12. South Korea 13.12.1. Pricing Analysis 13.12.2. Market Share Analysis, 2022 13.12.2.1. By Type 13.12.2.2. By Application 13.13. Singapore 13.13.1. Pricing Analysis 13.13.2. Market Share Analysis, 2022 13.13.2.1. By Type 13.13.2.2. By Application 13.14. Thailand 13.14.1. Pricing Analysis 13.14.2. Market Share Analysis, 2022 13.14.2.1. By Type 13.14.2.2. By Application 13.15. Indonesia 13.15.1. Pricing Analysis 13.15.2. Market Share Analysis, 2022 13.15.2.1. By Type 13.15.2.2. By Application 13.16. Australia 13.16.1. Pricing Analysis 13.16.2. Market Share Analysis, 2022 13.16.2.1. By Type 13.16.2.2. By Application 13.17. New Zealand 13.17.1. Pricing Analysis 13.17.2. Market Share Analysis, 2022 13.17.2.1. By Type 13.17.2.2. By Application 13.18. GCC Countries 13.18.1. Pricing Analysis 13.18.2. Market Share Analysis, 2022 13.18.2.1. By Type 13.18.2.2. By Application 13.19. South Africa 13.19.1. Pricing Analysis 13.19.2. Market Share Analysis, 2022 13.19.2.1. By Type 13.19.2.2. By Application 13.20. Israel 13.20.1. Pricing Analysis 13.20.2. Market Share Analysis, 2022 13.20.2.1. By Type 13.20.2.2. By Application 14. Market Structure Analysis 14.1. Competition Dashboard 14.2. Competition Benchmarking 14.3. Market Share Analysis of Top Players 14.3.1. By Regional 14.3.2. By Type 14.3.3. By Application 15. Competition Analysis 15.1. Competition Deep Dive 15.1.1. AlgoSource SA 15.1.1.1. Overview 15.1.1.2. Product Portfolio 15.1.1.3. Profitability by Market Segments 15.1.1.4. Sales Footprint 15.1.1.5. Strategy Overview 15.1.1.5.1. Marketing Strategy 15.1.1.5.2. Product Strategy 15.1.1.5.3. Channel Strategy 15.1.2. Cyanotech Corporation 15.1.2.1. Overview 15.1.2.2. Product Portfolio 15.1.2.3. Profitability by Market Segments 15.1.2.4. Sales Footprint 15.1.2.5. Strategy Overview 15.1.2.5.1. Marketing Strategy 15.1.2.5.2. Product Strategy 15.1.2.5.3. Channel Strategy 15.1.3. Duplaco BV 15.1.3.1. Overview 15.1.3.2. Product Portfolio 15.1.3.3. Profitability by Market Segments 15.1.3.4. Sales Footprint 15.1.3.5. Strategy Overview 15.1.3.5.1. Marketing Strategy 15.1.3.5.2. Product Strategy 15.1.3.5.3. Channel Strategy 15.1.4. Roquette Freres 15.1.4.1. Overview 15.1.4.2. Product Portfolio 15.1.4.3. Profitability by Market Segments 15.1.4.4. Sales Footprint 15.1.4.5. Strategy Overview 15.1.4.5.1. Marketing Strategy 15.1.4.5.2. Product Strategy 15.1.4.5.3. Channel Strategy 15.1.5. Ponds Technology Inc 15.1.5.1. Overview 15.1.5.2. Product Portfolio 15.1.5.3. Profitability by Market Segments 15.1.5.4. Sales Footprint 15.1.5.5. Strategy Overview 15.1.5.5.1. Marketing Strategy 15.1.5.5.2. Product Strategy 15.1.5.5.3. Channel Strategy 15.1.6. Seagrass Tech Private Limited 15.1.6.1. Overview 15.1.6.2. Product Portfolio 15.1.6.3. Profitability by Market Segments 15.1.6.4. Sales Footprint 15.1.6.5. Strategy Overview 15.1.6.5.1. Marketing Strategy 15.1.6.5.2. Product Strategy 15.1.6.5.3. Channel Strategy 15.1.7. Algenol Biotech 15.1.7.1. Overview 15.1.7.2. Product Portfolio 15.1.7.3. Profitability by Market Segments 15.1.7.4. Sales Footprint 15.1.7.5. Strategy Overview 15.1.7.5.1. Marketing Strategy 15.1.7.5.2. Product Strategy 15.1.7.5.3. Channel Strategy 15.1.8. Algenuity Limited 15.1.8.1. Overview 15.1.8.2. Product Portfolio 15.1.8.3. Profitability by Market Segments 15.1.8.4. Sales Footprint 15.1.8.5. Strategy Overview 15.1.8.5.1. Marketing Strategy 15.1.8.5.2. Product Strategy 15.1.8.5.3. Channel Strategy 15.1.9. Corbion NV 15.1.9.1. Overview 15.1.9.2. Product Portfolio 15.1.9.3. Profitability by Market Segments 15.1.9.4. Sales Footprint 15.1.9.5. Strategy Overview 15.1.9.5.1. Marketing Strategy 15.1.9.5.2. Product Strategy 15.1.9.5.3. Channel Strategy 15.1.10. Phycom BV 15.1.10.1. Overview 15.1.10.2. Product Portfolio 15.1.10.3. Profitability by Market Segments 15.1.10.4. Sales Footprint 15.1.10.5. Strategy Overview 15.1.10.5.1. Marketing Strategy 15.1.10.5.2. Product Strategy 15.1.10.5.3. Channel Strategy 16. Assumptions & Acronyms Used 17. Research Methodology
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