The global algae protein market is expected to register a CAGR of 6.5% during the forecast period (2018-2023), owing to the growing demand for plant-based protein alternatives, the positive effects of the algae proteins on the immune system, and their attributes that improve the nutrient content of the food.
Algae proteins are gaining prominence as alternative plant proteins, owing to their balanced proportions of all the amino acids. Algae is a complete protein with essential amino acids, which are involved in metabolic processes like enzyme production. It also has an extensive fatty acid profile, including 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. Algae proteins are now competing with other plant-based proteins, such as soy, pea protein, wheat, and canola.
Algae production requires a high-level of sterility, making it an expensive procedure. Moreover, the allergic reactions associated with algae are also impeding the growth of the market.
The global algae protein market is segmented based on type, application, and geography. Spirulina has a long history of use in nutritional supplements and has recently been incorporated in beverages.
Europe leads the market for algae proteins, owing to high research in 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 against using animal-based products also open an opportunity for the growth of the algae protein market in the APAC region.
- May 2015 - Allma Microalgae unveiled a prototype concentrated “liquid Chlorella” that offers the natural nutritional power of Chlorella vulgaris in a format that is easy for food & beverage manufacturers to use.
- January 2018 - Dutch start-up The Algae Factory has launched algae chocolate that contains sustainably-sourced spirulina.
- February 2018 - Marine microalgae has been recently proposed as an ideal protein source for animal feeds and high-quality supplements by an environmental scientist from Cornell University, New York.
The major players operating in global algae protein market include – Allma, Cyanotech Corporation, Earth Rise Nutritionals, Energybits, Far East Bio-Tech Co., Heliae Development LLC, Myanmar Spirulina Factory, Nutrex Hawaii Inc., Roquette Klötze, and TerraVia Holdings Inc.
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1.1 Key findings of the Study
1.2 Study Assumptions
1.3 Market Definition
2. Research Methodology
3. Market Overview
3.1 Market Trends
4. Market Dynamics
4.1.1 Growing Demand for Algae Products from the Nutraceuticals and Pharmaceutical Industries
4.1.2 Rise in Health Awareness among Consumers
4.2.1 Presence of Various Other Vegan Proteins
4.3.1 Aquaculture Offering High Market Potential
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. Market Segmentation
5.1 By Type
5.2 By Application
5.2.1 Dietary Supplements
5.2.2 Food Products
5.2.3 Animal Feed
5.2.4 Sports Nutrition
5.3 By Geography
5.3.1 North America
184.108.40.206 Rest of North America
220.127.116.11 Rest of Europe
18.104.22.168 Rest of Asia-Pacific
5.3.4 South America
22.214.171.124 Rest of South America
126.96.36.199 South Africa
188.8.131.52 Rest of Africa
6. Competitive Landscape
6.1 Strategy Adopted by Key Players
6.2 Most Active Companies in the Past Five Years
6.3 Market Share Analysis
7. Company Profiles
7.2 Cyanotech Corporation
7.3 Earth Rise Nutritionals
7.5 Far East Bio-Tech Co.
7.6 Heliae Development LLC
7.7 Myanmar Spirulina Factory
7.8 Nutrex Hawaii Inc.
7.9 Roquette Klötze
7.10 TerraVia Holdings Inc.