Algae Protein Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Market Overview

The global algae protein market is projected to witness a CAGR of 6.74% during the forecast period (2022 - 2027).

The outbreak of the COVID-19 pandemic has marginally affected the algae protein market. Due to the worldwide lockdown, many commercial algae production and processing facilities have shut down or are operating at reduced capacities, leading to substantial losses in domestic production. However, good nutrition intake is the top priority to maintain an optimal immune system, supporting the strong demand for plant and algae protein food products & beverages.

Increasing popularity of naturally-derived food products and health supplements, increasing number of health-conscious consumers and constant growth in population, are some of the major drivers for the growth of the algal protein market.

The expanding vegan population across the world is another major factor responsible for the growth of the market. Furthermore, with rising awareness about the various health benefits of vegan diets, the number of people adopting vegan lifestyles is increasing across the globe. The shift in consumer demand from animal protein to other protein sources can clearly be witnessed with the rise of the protein alternative market. This gradual inclination toward plant-based and microalgae-based diet is largely associated with different factors, such as that of sustainability issue, health awareness, ethical or religious views, and environmental and animal rights.

Scope of the Report

Algae protein is a type of protein obtained from various algal spices, and is considered an alternative and sustainable source of protein. The global algae protein market is segmented by type, application, and geography. Based on type, the market is segmented into spirulina, chlorella, other types. Based on the application, the market is segmented into food and beverages, dietary supplements, pharmaceuticals, and other applications. Based on geography, the study provides an analysis on the algae protein market in the emerging and established markets globally, including North America, Europe, Asia-Pacific, South America, and Middle East & Africa. For each segment, the market sizing and forecasts have been done on the basis of the value (in USD million).

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Key Market Trends

Growing Demand for Healthy Foods and Beverages

Functional 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. Growing demand for alternative protein sources has resulted in the increasing number of investments in the algae protein market space. The use of spirulina, as a functional food is increasing rapidly, owing to its generally regarded safe (GRAS) status by the European Food Safety Authority (EFSA), FDA, and other prominent food regulatory bodies. Algae is increasingly seen as a key solution to the protein problem, as many species provide an excellent protein yield per unit of land. Spirulina algae have protein levels of 60-71 grams of protein per 100 grams, and thus, find its application across various functional food & beverage application.

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