Food Products for Potential Health Benefits to Boost Sales of Algae Protein: Market Anticipated to Rise at 5.5% CAGR

The global algae protein market is predicted to register a CAGR of 5.5% over the forecast period, as per FMI’s analysis. The industry’s market size is anticipated to rise from US$ 791.25 million in 2023 to US$ 1,351.57 million by 2033 end.

The algae protein industry is projected to witness high demand for algae-based products over the forecast period. The surging demand for improved nutrition and proteins, and rising utilization of algae protein in enzyme production, are primary factors boosting the market growth.

Additionally, evolving lifestyles, expansion of the feed industry, particularly in developing countries, and increasing consumer proclivity for meat and meat products are other vital elements acting as algae protein industry growth propellants. Moreover, the market is being invigorated by the surging expenditure for research and development proficiencies and the increasing pervasiveness of chronic diseases.

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The growing awareness among the masses regarding the many health benefits that consumption of algae proteins affords to its consumers is stimulating the industry's growth. In addition to this, the elevating disposable incomes, in tandem with the economic developments and rapid urbanization, are further projected to increase the demand for algae protein market throughout 2023 to 2033.

Furthermore, the rising demand for algae products from pharmaceutical and nutraceutical industries and expanding aging population are also predicted to cater to the growing market for algae proteins. Moreover, the heightened consumption of protein products the world over, owing to evolving lifestyles and rising health consciousness among consumers also induces market growth of algae proteins.

Key Highlights of the Algae Protein Market:      

• China algae protein industry is projected to assume significant growth, in terms of CAGR, over the next 10 years. The market in China is rising on account of growing local demand for algae-based dietary supplements among the fitness-conscious population. Additionally, the market is set to witness expansion as exports of algae protein are witnessing an upsurge.
• The United States algae protein industry is expected to be driven by the growing demand for products that are high in protein content. Further, the emerging trend for plant-based protein products and ingredients and veganism have also created a high demand for algae protein.
• The algae protein industry in Japan is being supported by the growing popularity of functional drinks containing algae protein, such as chlorella ingredients, that offer great health benefits and a refreshing taste. Additionally, alternative protein sources are witnessing rising demand, which has pushed several investments for algae protein in the marketplace.

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New Market Developments in the Competitive Landscape:

• In March 2022, Corbion announced that it has united with Nestle SA to help undertake a step towards a plant-based product portfolio. Both of them are set to develop microalgae-based ingredients to increase their contribution toward sustainability.
• In 2020, Unilever, along with Algenuity, a biotech start-up, announced a new partnership to explore the huge potential microalgae holds to develop innovative future foods for a plant-based portfolio of Unilever.

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Key Market Segmentation

By Source:

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

By Dosage Form:

• Capsules
• Liquid
• Powder
• Others

By Application:

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