Algae contain a high level of proteins, especially the blue-green algae and are widely utilized as functional food ingredients. Algae protein is used to reduce fatigue & anxiety, promote weight loss, heal premenstrual heart diseases, and several other health problems.
The transforming lifestyle of people all across the globe due to the surging health consciousness among people is escalating the growth of the global algae protein market. The algae protein is enriched with nutritious content which is likely to have a positive impact on the immune system and hence is highly in demand nowadays. Also, the rising sustainability issues like loss of biodiversity due to the production of meat along with growing greenhouse gases are further shifting the consumer preferences towards plant-based and other alternative sources. Millennials all over the world are increasingly adopting a healthy lifestyle and thus are widely participating in various sports and fitness events, thereby, contributing significantly to the growing demand for algae protein globally. The sedentary work lifestyle of people is leading to obesity and several other serious health issues, which in turn need proper protein intake. Also, people are preferring plant-based protein as they are easy to consume, digest, and also offer high nutritional value when compared to animal-based protein.
The global algae protein market can be segmented into application, source, product, and region.
By application, the market can be segmented into animal feed, food products, dietary supplements, and others.
By source, the market can be segmented into marine and freshwater.
By product, the market can be segmented into chlorella, spirulina, and others.
North America accounts for the largest share in the global algae protein market due to the growing awareness among consumers regarding the health benefits of plant-based protein in the region. Moreover, the growing adoption of dietary supplements is another key reason that is expected to significantly propel the growth of the regional market in the forthcoming years.
Europe is likely to witness a steady growth rate in the forthcoming years due to the presence of prominent market leaders in the region.
Some of the significant players in the global algae protein market are Cyanotech Corporation, Vimergy LLC, Prairie Naturals, NOW Foods, Rainbow Light, Far East Bio-Tec Co., Ltd., ENERGYbits Inc., E.I.D. – Parry Limited, Earthrise Nutritional, and Corbion. To cite, Corbion acquired SB oils in 2018 to boost the production of algae-based products. It is likely to generate huge revenue for the company in the coming years.