The market revenue is estimated to register a CAGR of 6.5% during the forecast period, 2018 - 2023. The market was valued at USD 616.0 million in 2016 and is poised to reach USD 1200 million by 2023.
TerraVia announced that its AlgaVia® Protein-Rich Whole Algae continues to gain traction among leading food manufacturers and pioneering plant-based brands. AlgaVia® Protein-Rich Whole Algae is already being incorporated into numerous products across grocery stores, bakeries, snacks, beverages, and bars, nationwide. Some examples are OLLY, Enjoy Life Foods, and K'ul Chocolate products. TerraVia's AlgaVia® Protein-Rich Whole Algae is a part of the company's proven portfolio of algae food ingredients and products. AlgaVia® Lipid-Rich Whole Algae and AlgaWise® Algae Oils are the results of product development over a decade, focused on unlocking the power of algae, which is the mother of all plants and the Earth’s super food.
Algae proteins are gaining prominence as alternative plant proteins, owing to their balanced proportions of all the amino acids. These are now competing with other plant-based proteins, such as soy, pea protein, wheat, and canola. The primary drivers of this market are the positive effects of the algae proteins on the immune system and its attributes that improve the nutrient content of the food.
It is a complete protein with essential amino acids, which is involved in the metabolic processes like enzyme production. It also has an extensive fatty acid profile like omega-3 and omega-6, which play a significant role in the production of energy. Hence, high demand is observed for algae products from the food & feed industry in the market.
The algae production requires a high-level of sterility, which also makes it an expensive procedure. Another cause of concern is that it’s intake as a dietary supplement may lead to indigestion or allergic reactions in humans.
By type, the algae protein market is segmented into Spirulina and Chlorella. For vegans and vegetarians looking for a protein alternative, one cup of spirulina contains 64g of protein. Chlorella is a protein powerhouse, with 100g of Chlorella containing 58g of protein. It contains vitamins and minerals that are complementary to Spirulina, including over 1000% vitamin A and over 100% of zinc, iron, vitamin B1, and B3. By application, it is segmented into its uses in dietary supplements, animal feed, and food items, such as bakery & confectionery, dairy products, meat substitutes, and packaged goods.
The global algae protein market is segmented geographically into North America, South America, Europe, Asia-Pacific, and Africa. Europe leads the market, owing to high research into the growth of algae and cheaper methods of preparation of the protein from algae.
In the APAC region, India and China have been dominating the market, owing to increasing consumer awareness regarding the health benefits of algae protein. Ethical and traditional beliefs of consumers for not using animal-based products also opens an opportunity for the growth of algae protein market in the APAC region.
The major companies leading the algae protein market include –
Our report on algae protein market covers the following: