Algae Protein Market Size

Algae Protein Market Size

Algae Protein Market size was valued at USD 876 million in 2023 and is anticipated to register 5.4% CAGR between 2024 and 2032, driven by the rising demand for sustainable and plant-based protein sources worldwide. For instance, in May 2024, Muscle Milk by CytoSport launched plant-based protein shakes in Chocolate and Caramel Vanilla flavors, containing 30g of protein per serving.

As consumers become more health-conscious and environmentally aware, there is a major shift towards foods that emphasize sustainability and reduce environmental impacts. Algae protein stands out as an eco-friendly alternative to traditional animal-derived and other plant-based proteins given its efficient agricultural production, which requires less land, water, and resources. A diet rich in algae protein, enriched with essential amino acids, vitamins, and minerals further aligns with growing trends in health and wellness, making it increasingly popular as a superfood.

Increasing investments in R&D activities leading to innovative applications and products is also fueling the market growth. Advancements in biotechnology and manufacturing processes have made it possible to incorporate algae proteins into various food and beverage (F&B) products including protein supplements, dietary supplements, and meat substitutes. For instance, in April 2024, GreenCoLab, a biotech organization specialized in algae valorization, presented its algae-based prototypes at Vitafoods for industry use. Cosmetic and personal care companies are further exploring the benefits of algae protein for its anti-aging and skin nourishment properties, driving the algae protein market growth.
 

However, the cultivation and processing of algae proteins requires specialized technologies and materials, which can be expensive, leading to higher end-product costs compared to established protein sources. The taste and uniqueness of algae-based products do not appeal to all consumers. The lack of knowledge about the benefits of algae protein may also restrict the market growth to some extent.