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.
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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