Algae Protein Market Size By Source (Seaweed (Brown Algae, Green Algae, Red Algae), Micro algae {Blue-Green Algae (Spirulina), Green Algae (Chlorella)}), By Application (Dietary Supplements, Food & Beverage, Animal Feed, Cosmetics), Dosage Form, 2023-2032

Algae Protein Market Size

Algae Protein Market size reached USD 750 million in 2022 and is anticipated to witness 5.5% CAGR from 2023-2032. Increasing use of algae protein in animal feed and livestock will complement the industry outlook.
 

Microalgae have a promising effect on the quality of animal feed as they are packed with essential biomolecules such as amino acids and PUFAs along with high-value nutraceutical properties. The surging population growth rate and increasing consumption of processed meat have resulted in the introduction of stringent regulations pertaining to the maintenance of animal feed and livestock quality.
 

Increasing access to protein substitutes may hamper algae protein market demand

Availability of a wide range of protein substitutes may impede the use of algae proteins in food products. While algae are emerging as a popular source of protein and being added to fortified food products, the presence of different protein-based food products is a key challenge. Additionally, meat continues to remain a crucial part of the diet for many people, despite the ongoing shift toward plant-based protein and vegan food alternatives. For instance, according to a survey published in Food Research International involving 4,322 respondents across 5 EU countries, 40% of those respondents remained inclined towards animal-based foods with relatively low interest in switching to plant alternatives.
 

Algae Protein Market Analysis

Algae protein market from microalgae is estimated to reach USD 820 million by 2032. Microalgae are rich in carbon compounds, which makes them an ideal raw material in the production of biofuel, pharmaceuticals, health supplements, and cosmetics. They have high concentrations of antioxidants such as astaxanthin which is expediting research and product development in the field of functional foods. Astaxanthin-rich microalgae are increasingly used in the aquaculture sector as an additive to fish and crustacean feed. Increasing focus on making aquaculture more sustainable is proliferating the demand for alternative feeds such as microalgae, larvae, single-cell proteins, and fermented CO₂.
 

Algae protein market share from liquid segment is projected to exhibit over 5% CAGR between 2023-2032. Consumption of algae protein in liquid form offers many benefits such as easy absorption of a wide range of vitamins, antioxidants, amino acids, and essential nutrients. Multiple food and beverage companies are adding algae to introduce unique nutritional offerings. For instance, in February 2022, Ful launched Ful Soda, a healthy drink that uses spirulina to provide a nutritional boost. Furthermore, developments in plant-based dairy will offer lucrative scope for the use of algae. The Singapore-based food tech company, Sophie’s Bionutrients introduced the world’s first-ever algae milk, eliminating the concerns associated with lactose intolerance and other allergies.
 

Algae protein market from dietary supplements is estimated to reach USD 570 million by 2032. Rising demand for plant-based dietary supplements driven by growing consumer interest in vegan diets will accelerate the production of algae protein-infused dietary supplements. Algal supplements are picking up pace as renewable plant sources of vitamins and minerals. Studies have found that blue-green algae can help improve the overall health and immunity of consumers. A broad spectrum of microalgae species has been approved by the Food & Drug Administration (FDA) for human consumption under Generally Recognized As Safe (GRAS). This includes Spirulina, Chlorophyta, and Cyanobacteria, among others. The spirulina protein market size will record over 7% CAGR during the forecast period.  
 

North America algae protein market is poised to reach USD 350 million by 2032 witnessing a 5% CAGR throughout the study period. The presence of a vast aquaculture landscape, robust pharmaceutical sector, and increasing innovation in food and beverage development will foster substantial opportunities for algae protein producers. Additionally, both the U.S., and Canada are investing heavily in the advancement of aquaculture and algae-based animal feed. In August 2022, Canada announced an investment worth USD 9.9 million into 14 projects including a kelp (seaweed) farming project under the British Columbia Salmon Restoration & Innovation Fund (BCSRIF).
 

Algae Protein Market Share

Some of the leading companies in the global algae protein market include :

• Heliae Development LLC
• ENERGYbits Inc
• Far East Bio-Tec Co., Ltd. (FEBICO)
• Cyanotech Corporation
• Roquette Klötze GmbH & Co. KG
• Nutrex Hawaii Inc
• JUNE Group of Companies (JUNE Spirulina)
• Corbion NV, Allmicroalgae
• JFE Steel Corporation
• E.I.D. Parry (India) Limited
• Earthrise Nutritionals LLC. (DIC Corporation)
• Phycom Microalgae
• Yunnan Green A Biological Project Co., Ltd
• Prolgae Spirulina Supplies Pvt. Ltd
• Veramaris
• Euglena Co Ltd
• Bliss Lifesciences LLP
• Fuqing King Dnarmsa Spirulina Co., Ltd
• AlgalR NutraPharms Pvt Ltd
   

Impact of COVID-19 Pandemic

The COVID-19 pandemic positively affected the global algae protein industry. Due to increasing awareness regarding health and growing emphasis on the immune system, the consumption of dietary supplements consisting of high protein and mineral contents picked pace. The burgeoning need for effective defense against the unprecedented health crisis accelerated a large number of R&D initiatives. The pandemic encouraged research to assess the potential of algae in developing novel products such as vaccines, supplements, and serological test kits.
 

The algae protein market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons and revenue in USD million from 2018 to 2032 for the following segments:

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By Source

• Seaweed
  • Brown Algae
  • Green Algae
  • Red Algae
• Micro algae
  • Spirulina (Blue-green algae)
  • Chlorella (Green Algae)
  • Others

By Dosage Form

• Capsules
• Liquid
• Powder
• Others

By Application

• Dietary Supplements
• Food & Beverage
  • Bakery & Confectionery
  • Protein Drinks
  • Breakfast Cereals
  • Snacks
• Animal Feed
• Cosmetics
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • Malaysia
• Latin America
  • Brazil
• Middle East & Africa
  • UAE
  • South Africa