The global Algal Protein Market size was valued at USD 3.15 Billion in 2022, and is growing at a CAGR of 8.4% from 2022 to 2030.

Algal Protein Market Overview:

The Spirulina segment led the market in 2020 and is expected to maintain its dominance throughout the forecast period. Algae are aquatic plants that contain chlorophyll but lack vascular tissue, roots, true stems, and leaves. It can be found in fresh and salt water. The main types of algae include red algae, green algae, and blue-green algae. Some algae, such as spirulina and chlorella, are high in protein and can be used as nutraceuticals as well as functional food and feed. Algae has proven to be a reliable and promising source of protein and has emerged as an alternative protein.

Developed economies such as the US and Europe are already seeing significant traction for plant-based protein as consumers increasingly gravitate toward vegetarian and plant-based foods. Furthermore, approximately 10% of the population in Europe is vegetarian and vegan, and this percentage is expected to rise steadily in the coming years. Consumers around the world are willing to change their eating habits and switch to plant-based foods. According to Google Trends, interest in "veganism" increased sevenfold between 2014 and 2019. Similarly, about 10 million Americans are vegans. Ethical and environmental concerns are the main drivers for consumers to stop eating meat. Rising vegan population is expected to increase the demand for alternative proteins including algae, thereby driving the growth of the algae protein market.

Algal Protein market size estimates and forecasts are provided in terms of sales volume (K units) and revenue (million USD), with historical and forecast data for the period 2017 to 2030, with 2022 being considered as the base year. This report segments the global Algal Protein market in detail. Regional market sizes related to products by type, by application, and by player are also delivered. In estimating the size of the market, we took into account the impact of COVID-19 and other global crisis.

The global Algal Protein market is the professional and accurate study of various business perspectives such as major key players, key geographies, divers, restraints, opportunities, and challenges. This global research report has been aggregated on the basis of various market segments and sub-segments associated with the global market.

Industry News

• In March 2022, Corbion had partnered with Nestle SA to help increase a step towards a plant based product portfolio. The two will work to develop microalgae based ingredients to add more value to sustainability.
• In March 2020, Duplaco BV made an investment to increase to increase its production by 20 times with a latest technology and a modern research and development center.
• In 2020 Unilever and biotech start-up Algenuity announced a new partnership to delve into the huge potential microalgae bring in innovating future foods for Unilever’s plant-based portfolio.

Top Key Players include in the Algal Protein Market are
The Nutrex Hawaii, Cyanotech Corporation, Heliae Development, TerraVia Holdings, and others.

The Algal Protein market research report is categorized based on type, applications and region.

On the Basis of Type:

• Chlorella
• Spirulina

On the Basis of Application:

• Dietary Food
• Feed Industry
• Pharmaceutical Industry
• Cosmetics Industry

On the Basis of Region:

Geographically, the global Algal Protein market has been analyzed in various regions such as North America, Latin America, Middle East, Asia-Pacific, Africa, Europe, and India. The global Algal Protein region is dominating this market in the upcoming future.

The North American algae protein market is projected to grow at a CAGR of 10.5% through 2030. The major application segments in the North American market are dietary supplements and food products, which can be attributed to the growing interest in fitness among North American consumers in the U.S., Canada, and Mexico. Furthermore, the expanding aquaculture industry is expected to increase the demand for the product over the forecast period.

Accounting for 91.38%, Asia Pacific dominates the market in terms of revenue owing to increasing export and domestic demand for botanical ingredients. China is one of the largest producers of plant raw materials in the region due to easy access to raw materials domestically. Moreover, expansion of the pharmaceutical, animal feed, food & beverage, and cosmetic industries is expected to increase the demand for plant-based protein in developing countries such as India, China, Indonesia, South Korea, and Malaysia over the next few years.

Further the regions are divided into countries as follows

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe
• Asia-Pacific
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Algal Protein Market report scope

The major key questions addressed through this innovative research report:

What are the major challenges in front of the global Algal Protein market?

Who are the key vendors of the global Algal Protein market?

What are the leading key industries of the global Algal Protein market?

Which factors are responsible for driving the global Algal Protein market?

What are the key outcomes of SWOT and Porter’s five analysis?

What are the major key strategies for enhancing global opportunities?

What are the different effective sales patterns?

What will be the global market size in the forecast period?

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