North America Algae Protein Market Size

North America Algae Protein Market Analysis

The North American Algae Protein Market is expected to be valued at USD 8 million in 2023, registering a CAGR of 7.20% over the coming years.

The North American algae protein market is majorly driven by the increasing consumption of dietary supplements and the paradigm shift toward preventive health management practices amid rising healthcare costs and the increasing burden of lifestyle diseases. Growing health concerns in the region owing to their sedentary lifestyles drive consumers toward consuming such supplements. As algal protein is one of the major ingredients in such supplements, the market is expected to foster during the forecast period.

Moreover, manufacturers in the region are focused on offering algal protein-based supplements with multiple functionalities supporting overall health, attracting consumers in the region and supporting the market's growth. For instance, in March 2023, M&M Labs announced the launch of a new line of vegan algal omega-3 supplement products that were claimed to be based on solvent-free microalgal DHA oil, flaxseed oil, and AlgaLab Refined EPA oil supplied by Lyxia Corporation. These Omega-3 fatty acids are essential nutrients and are believed to benefit cardiovascular, neurological, vision, and immune system health. Furthermore, with the increasing demand for algal protein in the region, farming companies are focused on increasing their production to cater to the growing demand and make more profits, further supporting the market to reach the required supply of algal protein. For instance, in August 2021, Green Stream Farms, one of the largest producers of microalgae and a New Mexican company that grows algae for use in omega-3 nutrition products on 96 acres of lined ponds, increased its production by 180%. Such regional developments, coupled with the increasing applications of algal protein, are expected to further boost and support the market's growth during the forecast period.