What are the Historical Developments and Current Growth Metrics of the Algae Protein Market?
The algae protein market has seen considerable growth due to a variety of factors.
• The algae protein market will grow from $3.87 billion in 2024 to $4.3 billion in 2025 at a CAGR of 11.1%.
This is driven by the demand for plant-based proteins, awareness of algae's environmental impact, recognition of its nutritional value, increased funding for research, and its growing use in the food and beverage sector.
What Is The Projected Growth Of The Algae Protein Market Size?
The algae protein market is expected to maintain its strong growth trajectory in upcoming years.
• The algae protein market is expected to reach $6.49 billion by 2029, growing at a CAGR of 10.8%.
Growth is driven by expanding applications, increasing consumer awareness, regulatory support, policies promoting sustainable food sources, and adoption in emerging markets. Trends include advancements in extraction technologies, genetic modification for higher protein content, AI and automation in monitoring, nanotechnology for bioavailability, and new algae protein formulations.
What Are The Core Factors Supporting Growth In The Algae Protein Market?
The growing vegan population is set to propel the algae protein market. Veganism, characterized by the exclusion of all animal products, has surged due to concerns about animal welfare, health benefits, and environmental sustainability, along with the availability of plant-based food options. Algae protein is an excellent source of plant-based protein, making it highly popular among vegans. According to the Plant-Based Foods Association in April 2023, 70% of U.S. consumers consumed plant-based foods in 2022, up from 66% in 2021. This growing trend is expected to fuel the algae protein market.
What Are The Principal Market Segments In The Global Algae Protein Industry?
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
Subsegments:
1) By Microalgae: Spirulina, Chlorella, Dunaliella, Haematococcus, Aphanizomenon, Other Microalgae Species
2) By Macroalgae: Red Algae, Green Algae, Brown Algae, Kelp, Seaweed
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Which Emerging Market Trends Are Altering The Algae Protein Industry?
Companies in the algae protein market are forming strategic partnerships to develop innovative algae-based protein products. For example, in September 2022, Turtle Island Foods, a US vegan food manufacturer, partnered with Triton Algae Innovations, a plant-based protein producer. This collaboration aims to commercialize meat alternatives using Triton’s protein-rich, non-GMO red algae, which contains 40-50% protein and other nutrients like astaxanthin and beta-carotene.
Who Are the Key Players In The Algae Protein Market?
Major companies operating in the algae protein market are:
• 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
What Are The Regional Insights Into The Algae Protein Market?
Asia-Pacific was the largest region in the algae protein market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the algae protein market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
