Algae Protein Market Analysis

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).