Algae Protein Market Worth USD 1.08 Billion By 2025 | CAGR 6.6%

Algae Protein Market Growth & Trends

The global algae protein market size is projected to reach USD 1.08 billion by 2025, according to a new report by Grand View Research, Inc. Growing shift of consumer preferences from animal-based towards plant-based and other alternative sources of protein is expected to drive the demand for algae protein during the forecast period.

One of the most important applications of the product is dietary supplements, where many nutraceutical manufacturer are increasingly incorporating algae protein as a key ingredient in their formulations owing to the rich nutritional values. For instance, spirulina contains nearly 50–70% of protein by dry weight, which is highest among plant based protein sources, and is being increasingly adopted by confectionery and beverage manufacturers worldwide.

As a result of rising healthcare costs, most particularly in developed economies, consumers are shifting towards functional foods and dietary supplements in order to maintain healthy dietary habits and lifestyles. Moreover, aging population and related disorders are among other major factors driving consumers towards health supplements. The expansion of the nutraceuticals industry is expected to have a significant impact on the growth of the algae protein market over the coming years.

Low cultivation and manufacturing costs, along with the presence of large algae-based companies in the region, are expected to drive the growth of the market in Asia Pacific over the coming years. Changing lifestyles and dietary habits of consumers in the region have had considerable impact on the consumption of protein products in recent years, most notably plant-based products, which further supports the growth of the algae protein market in the region.

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Algae Protein Market Report

Algae Protein Market Report Highlights

• Among products, spirulina accounted for the largest share of nearly 54% of the overall market revenues in 2018. The growing adoption of this product by manufacturers in the nutraceuticals, animal feed, pet food, and personal care industries is expected to drive the segment growth over the coming years
• On account of benefits such as lowering of blood pressure and cholesterol levels, speeding up of wound healing, and boosting of immunity systems, the chlorella segment is expected to witness increased consumption over the forecast years
• Among sources, freshwater algae recorded the higher share of revenues in 2018, accounting for nearly 69%. This segment is expected to grow on account of increasing adoption in nutraceuticals and pet food applications worldwide
• Dietary supplements application accounted for a revenue share of over 42% in 2018. The increasing adoption of plant-based and microbe-based protein sources for dietary supplement formulations, along with growth of the nutraceuticals industry, is expected to drive algae protein demand during the forecast period
• R&D investments, distribution agreements, and acquisitions are among the major strategies adopted by key players to strengthen their positions in the global market