The algae protein market is experiencing rapid growth, rising from $3.50 billion in 2023 to $3.87 billion in 2024, with a CAGR of 10.8%. This growth is fueled by the increasing demand for plant-based proteins and recognition of algae's nutritional benefits. The market is projected to reach $5.86 billion by 2028, reflecting a CAGR of 10.9%. Key future growth factors include regulatory support and the adoption of algae protein in emerging markets. Major trends include advancements in extraction technologies and the integration of AI for enhanced production processes.
Major Driver In The Algae Protein Market
The algae protein market is anticipated to grow significantly as the vegan population continues to rise. Increased awareness of health benefits and environmental concerns is driving this trend. The Plant-Based Foods Association reported that 70% of the U.S. population consumed plant-based foods in 2022, up from 66% in 2021. This surge in plant-based diets will drive the demand for sustainable protein sources like algae, enhancing the market's growth prospects.
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Algae Protein Market Competitive Landscape
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
Key Algae Protein Market Trend
Leading companies in the algae protein market are forming strategic partnerships to innovate and enhance algae-based protein products. Such collaborations pool resources and expertise, advancing research and accelerating commercialization. For example, in September 2022, Turtle Island Foods, a US-based vegan food manufacturer, teamed up with Triton Algae Innovations, a US plant-based protein producer. Their partnership aims to bring new meat alternatives to market using Triton's protein-rich, non-GMO essential red algae. Triton’s process involves stimulating green algae (Chlamydomonas reinhardtii) to turn red and produce heme, creating a nutrient-dense ingredient with 40-50% protein and rich in minerals and carotenoids like astaxanthin and beta-carotene. This collaboration is contributing to the growth of the algae protein market, valued at $2.11 billion in 2023, projected to reach $2.26 billion in 2024, and anticipated to hit $2.97 billion by 2028.
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Algae Protein Market Segmentation
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.
The Algae Protein Global Market Report 2024 furnishes information about the global algae protein market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
