Market Size of Algae Protein Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.74 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Algae Protein Market Analysis
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.
