Algae Protein Market By Type (Spirulina, Chlorella, Seaweed, and Others), By Sources (Freshwater and Marine), By Application (Dietary Supplements, Food Products, Animal Feed, and Others), Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2019-2026

Market Definition

The global algae protein market is estimated to reach $1613.79 million by 2026; growing at a CAGR of 9.3% till 2026. Algae protein is a protein that is extracted from algae by the method of extraction, drying, and purification from seawater algae. Further, algae are aquatic organisms that can conduct photosynthesis. Photosynthesis is a process that produces oxygen. Algae appear in blue-green or green color that contains a very high level of protein. Globally, an increase in consumption of protein intake among consumers and a surge in the growth of vegetarian and vegan population which leads to a surge in demand for algae protein.

Growth Factors

The surge in demand for high protein content food among consumers, positive response on the immune system post-consumption of algae proteins, and it contributes as a quality nutrient in food products are the factors responsible for the rising growth of the algae protein market. Moreover, the production of algae protein is an expensive method and allergic reactions associated with consumption might hamper the global algae protein market growth. However, rising issues regarding the quality of meat and the paradigm shift of the consumer towards the plant-based protein would provide lucrative opportunities for the market in the coming years.

Market Segmentation

The global algae protein market is mainly classified based on type, sources, and application. Type is further segmented into spirulina, chlorella, seaweed, and others. By sources, the market is classified into freshwater and marine. By application, the market is further categorized into dietary supplements, food products, animal feed, and others. Based on segmentation, application segment has witnessed a stagnant growth in the algae protein market. Among the application, dietary supplements have captured by almost half of the market globally. This has been constituted owing to the wide expanse of nutraceutical industries in major regions of APAC that strongly involve China, India, Japan, and among others. Due to the high demand for the nutritional supplements from these sub-regions of APAC the application segment is predicted to dominate the algae protein market full-fledged over the forecast period.

Regional Analysis

Based on geography, the global algae protein market is divided into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America is further divided in the U.S., Canada, and Mexico, whereas Europe consists of the UK, Germany, France, Italy, and Rest of Europe. Asia-Pacific is categorized into India, China, Japan, South Korea, and Rest of Asia-Pacific. The South America region includes Brazil, Argentina, and the Rest of South America, while the Middle East & Africa is categorized into GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa. By geography, North America dominated the market with a major shareholding and is predicted to continue its lead until the forecast time frame. The pole position hold is due to several factors such as dietary supplements and food products that have a serious impact on the market coupled with major applications that attribute to the robust growth of the region. On the other hand, Europe allied with North America is also witnessing strong growth in the past and will continue to make its noteworthy footprints owing to the widespread marine aquaculture in countries such as Ireland, Norway, and Denmark. A surge in the aquaculture industry is expected to create demand for the product in the coming years in Europe.

Competitive Players

Key players operating in the algae protein industry include Cyanotech Corporation, Far East Bio-Tec Co.Ltd., Heliae Development LLC, Nutrex Hawaii Inc., Corbion Biotech, Inc., Earthrise Nutritional, E.I.D. - Parry Limited, ENERGYbits Inc., Rainbow Light, NOW Foods, Prairie Naturals, and Vimergy LLC among others. Among the wide range of product pipelines from Cyanotech Corporation, one of the products includes ‘Hawaiian Spirulina’. Spirulina is one of the oldest forms present on the earth that occurs from the cyanobacteria. In addition, Spirulina possesses several health benefits that include major support and benefits for cardiovascular health, eyes & brains, overall cellular health, and others. Moreover, in February 2017- Earthrise Nutritionals join hands with the leading trade associations of the dietary supplements and functional food industry, ‘Council for Responsible Nutrition’ (CRN). This accredited body was formed in the late ’70s in Washington D.C. that includes an enormous range of dietary supplements and food manufacturers, companies providing services to those manufacturers, raw material suppliers, and among others. Furthermore, CRN produces a large number of dietary supplements that are marketed in the U.S. and at the global site.

Algae Protein Market Key Segments:

By Type

• Spirulina
• Chlorella
• Seaweed
• Others

By Sources

• Freshwater
• Marine

By Application

• Dietary Supplements
• Food Products
• Animal Feed
• Others

By Geography

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • U.K
  • Germany
  • France
  • Italy
  • Rest of Europe
• Asia Pacific
  • India
  • China
  • Japan
  • South Korea
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • GCC Countries
  • Egypt
  • South Africa
  • Rest of Middle East & Africa