Global Algae Protein Market Size, Share and Industry Analysis Report by Source (Seaweed {Brown Algae, Green Algae, Red Algae}, Micro algae {Blue-Green Algae (Spirulina), Green Algae (Chlorella), Others}), by Dosage Form (Capsules, Liquid, Powder), by Application (Dietary Supplements, Food & Beverage (Bakery & Confectionery, Protein Drinks, Breakfast Cereals, Snacks), Animal Feed, Cosmetics), Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2028

Industry Overview

Algae Protein Market size exceeded USD 700 million in 2021 and is projected to grow at over 6% CAGR between 2022 and 2028 owing to its high nutritional value and expanding vegan population. Increasing product adoption in the food & beverages and nutraceuticals sector should contribute towards the market growth.
 

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Algae proteins are also known as algal proteins which are produced from algae, particularly from blue-green and green microalgae, owing to their high protein content which may be as high as 60%. Algae proteins are available in various forms which include powder, liquid, capsule, and pastes.  Algae is used as versatile food and supplement ingredient since it contains functional compounds such as beta-carotene, astaxanthin, phycocyanin, and the omega-3 fatty acids DHA and EPA. Seaweed and microalgae are key sources of algae proteins.
 

Rising population along with high demand for processed food products is anticipated to fuel the algae protein market for food & beverages application. Algae proteins are majorly used in food & beverage products manufacturing to incorporate insoluble fibre, healthy lipids and micronutrients including zeaxanthin & lutein. These proteins are used in various food & beverages such as protein drinks, snacks, bakery & confectionery, and breakfast cereals.

The microalgal protein provides several health benefits such as strengthens immune system and increases nutritional constitution of body which should proliferate product demand for nutraceutical application. Increasing demand for nutraceutical products to support and develop immune health and overall physical wellness is anticipated to propel the algae protein market growth. Consumers are actively seeking plant-based nutraceutical products to improve innate strength should foster market growth.
 

Surge in clean protein consumption along with increased awareness and adoption of nutraceutical by consumers is likely to fuel product demand. Consumers are becoming aware of importance of clean protein in daily diet for energy and weight management which is anticipated to positively impact the algae protein business growth. Also, rising trend in the popularity of plant-based nutraceuticals owing to various benefits such as they are devoid of chemicals and completely natural which should boost algae protein market growth.
 

Rising demand for functional foods is anticipated to create lucrative opportunities for seaweed market growth

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Global seaweed protein market is expected to grow at over USD 390 million by the end of 2028, owing to its high adoption for the production of additives for food and animal nutrition. Dried green and purple seaweed comprises of significant amounts of vitamin B12. Increasing health awareness among consumers has resulted in the adoption of protein-rich diets which should foster the algae protein market sales.
 

Growing health concerns along with high demand for plant-based protein among consumers is likely to drive the market growth. For instance, dietary supplements based on seaweed protein replenishes the lost minerals & vitamins levels in the body. The seaweed algae also regulate estrogen and estradiol levels in the body. Increasing demand for seaweed-based food products in Asia Pacific including China, Japan, and South Korea should support the algae protein market share in the foreseeable timeframe.
 

Spirulina and chlorella capsules offer health benefits such as improved kidney and liver functions

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Global algae protein capsule market surpassed over USD 110 million in 2021 and is predicted to grow at over 6.5% CAGR by 2028. The product offers various health benefits such as healthy digestive system, skin, immune, brain and eye health. Chlorella capsules provides a natural detox that helps improve circulation and a healthy metabolism. Rising demand for products which maintains metabolism and boosts immunity to fight against diseases is likely to have a positive impact on algae protein capsule market revenue.
 

Pills or capsules can be easily carried to various locations in comparison to powdered or liquid form which should favour business growth from capsule dosage form. Spirulina and Chlorella are processed and made into capsules which are ideal for cancer prevention, reduction of radiation treatment side effects, and stimulating the immune system. Rising cancer cases across the world has led to increasing developments of such algal capsules which should have a positive impact on algae protein market.
 

Increasing demand for vegan food & beverage products is likely to boost the algae protein market growth

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Food & beverage application segment could surpass USD 235 million by 2028 and is anticipated to grow at a CAGR of 6.4% from 2022 to 2028. Algae protein offers beneficial attributes including eliminates allergen, stable in low temperature, and add provides fibre which should boost product demand. Rising population, rapid urbanization along with increasing working population is all driving the demand for processed food products which should positively impact the algal protein market growth.
 

Growing adoption of the vegan lifestyle has resulted in rising demand for plant-based food & beverages products which should boost algae protein market growth from food & beverages application. Shifting consumer preferences for healthy diets comprising low sugar, low calorie, and protein rich products should further favour algae protein business growth. Rising demand for clean label, non-GMO and organic food products should boost adoption in food & beverages sector.
 

Rising health concerns in North America has increased consumer inclination towards nutraceuticals

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North America exceeded USD 205 million in 2021 and is estimated to witness growth at a CAGR of over 5.5% through 2028 owing to increasing demand for health supplements. Busy lifestyles, improper food habits with rising health issues have raised inclination towards the consumption of nutritional supplements to provide adequate nutrients to the body. Growing demand for nutraceuticals as they are stocked with nutritious ingredients coupled with increasing attention towards preventive healthcare is likely to foster product demand in North America.
 

Growing consumption of dietary supplements, stringent regulations restricting the usage of synthetic food colour along with presence of major Spirulina manufacturers in the U.S. should propel the algae protein market growth. Presence of various food chains and fast service restaurants along with changing consumer dietary habits is anticipated to positively impact the overall market growth.
 

Growing steady massive investments R&D for product innovations in food & beverage sector along with positive outlook towards industrial livestock business should contribute towards regional industry growth. Surging demand for high quality meat products owing to meet increasing canned and frozen food consumption is likely to fuel product demand for animal feed application in turn favouring regional industry growth. Efficient infrastructure and resources have led to rise in industrial livestock production which should positively impact the algae protein market growth.
 

In the U.S., regulations and growing concerns regarding food safety and animal welfare should boost algae protein-based animal feed demand. Increase in poultry meat consumption for high protein intake is driving the demand for poultry feed which is anticipated to favour algae protein market growth. The COVID-19 pandemic has accelerated demand for plant-based products, and proteins sources which should further proliferate algae protein demand.
 

Continuous research & development activities and Innovative product launches to be the primary business strategies among key players

Global algae protein industry is significantly competitive, and the key players include ENERGYbits Inc, Heliae Development LLC, FEBICO, Nutrex Hawaii, Roquette Klotze GmbH & Co. KG, Corbion NV, Allmicroalgae, and E.I.D. Parry (India) Limited. They are also showing keen interest in the market with adoption of strategies including merger & acquisitions, partnerships, product launch for many of the end use food & beverage, cosmetics, and animal feed business.
 

In June 2021, Nutrex Hawaii announced a partnership with Netrush, an online retailer that enables impact-minded brands grow on Amazon and other e-commerce platforms. The services provided by Netrush to Nutrex Hawaii include catalog and inventory management, marketing and creative services, and supply chain and logistics services.
 

The algae protein market report includes in-depth coverage of the industry with estimates & forecast in terms of volume (Kilo Tons) and revenue in USD (Million) from 2022 to 2028 for the following segments:

By Source

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

By Dosage Form

• Capsule
• Liquid
• Powder
• Others

By Application

• Dietary supplements
• Food & beverage
  • Bakery & confectionary
  • Protein drinks
  • Breakfast cereals
  • Snacks
  • Others
• Animal feed
• Cosmetics
• Others

The above information has been provided for the following regions and countries:

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
  • Saudi Arabia
  • UAE
  • South Africa