Health drinks with algae protein, including chlorella ingredients that provide health benefits, as well as a refreshing taste, are becoming increasingly popular, globally. The segment is primarily fueled by the emerging food fortification technologies and the discoveries of nutrient benefits, in order to meet the demand. The growth in the demand for functional food is expected to outpace the growth in the demand for conventional food, globally. Consumers are developing a preference for functional beverages, due to their ready-to-drink versions that offer enhanced convenience. 

North America dominated the global algae protein market in 2018. Dietary supplements and food products are the major application segments in the North American market, attributable to the rising fitness awareness among consumers in the United States, Canada, and Mexico. In Europe, aquafeed demand has witnessed a significant increase in demand over the past few years, owing to the expansion of marine aquaculture in countries such as Norway, Denmark, and Ireland. The growing aquaculture industry in Europe is expected to boost the demand for the product over the forecast period. The market in the Asia Pacific is expected to grow significantly owing to the growing exports and domestic demand for plant-based ingredients. China is one of the largest producers of plant-based ingredients in the region due to the easy availability of raw materials in the country. In addition, the growth in the pharmaceutical, cosmetics, animal feed, and food and beverage industries is expected to propel the demand for plant proteins from the developing economies, such as China, India, Indonesia, Malaysia, and South Korea over the next few years.