The algae protein market has grown rapidly in recent years, increasing from $3.50 billion in 2023 to $3.87 billion in 2024, representing a compound annual growth rate (CAGR) of 10.8%. The market’s growth in the historic period is due to increasing demand for plant-based proteins, growing awareness of the environmental impact of traditional protein sources, recognition of algae's nutritional profile, increased venture capital and government funding for algae protein research, and the growing use of algae protein in the food and beverage sector. The algae protein market size is projected to see rapid growth, reaching $5.86 billion by 2028 at a CAGR of 10.9%. This forecasted growth can be attributed to expanding product applications, increasing consumer awareness, regulatory support, the introduction of favorable policies promoting sustainable food sources, and rising adoption of algae protein in emerging markets. Major trends for the forecast period include advancements in extraction technologies, genetic modifications to create algae strains with higher protein content, the integration of automation and artificial intelligence for monitoring, the adoption of nanotechnology to enhance bioavailability, and the development of new formulations.
Global Algae Protein Market Key Driver
The surge in the vegan population is expected to propel the growth of the algae protein market going forward. The vegan population refers to the group of people who follow a diet and lifestyle that excludes all animal products and by-products. The surge in the vegan population is due to increased awareness of animal welfare, health benefits, environmental concerns, and the availability of plant-based food options. Algae protein serves as a sustainable, nutrient-rich source of plant-based protein for the vegan population. For instance, in April 2023, according to the Plant-Based Foods Association, a US-based trade association representing the plant-based food industry, in 2022, 70% of the total U.S. population consumed plant-based foods, up from 66% in 2021. Therefore, the surge in the vegan population will drive the growth of the algae protein market.
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Global Algae Protein Market Segments
The algae protein market covered in this report is segmented –
1) By Type: Microalgae, Macroalgae
2) By Source: Freshwater, Marine
3) By Application: Dietary Supplements, Human Food, Animal Feed, Pharmaceutical, Other Applications
By Geography:The regions covered in the algae protein market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the algae protein market in 2023. North America is expected to be the fastest-growing region in the forecast period.
Major Algae Protein Industry Players
Roquette Freres SA, E.I.D-Parry Limited, Corbion NV, Now Health Group Inc., Rainbow Light Nutritional Systems, Far East Bio-Tec Co. Ltd., Cyanotech Corporation, Heliae Development LLC, Earthrise Nutritionals LLC, Algenol Biotech LLC, Algenuity Limited, Triton Algae Innovations Ltd., AlgaEnergy, Prairie Naturals, ALGAMA Foods, Qualitas Health Inc., ENERGY bits Inc., Vimergy LLC, AlgoSource SA, Aliga ApS, Pond Technologies Holdings Inc., Seagrass Tech Private Limited, EnerGaia Pte Ltd., GreenCoLab, Phycom BV
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Algae Protein Market Overview
Algae protein is derived from various types of algae, including microalgae (spirulina and chlorella) and macroalgae (seaweed). Algae are rich in proteins, essential amino acids, vitamins, minerals, and other bioactive compounds, making them a valuable source of nutrition and functional ingredients. It is a versatile and sustainable source of high-quality nutrition, with applications in food, supplements, cosmetics, and animal feed.
Algae Protein Global Market Report 2023 provides data on the global algae protein market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The algae protein market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
