A report on the Global Algal Protein Market has been published by Contrive Datum Insights. The report provides clients with the latest trending insights into the Algal Protein market. It can be seen that the report includes market value and growth rate, size, production consumption and gross margin, pricing and other influencing factors. Along with this, in the report, you will get detailed information about every distributor, supplier, and retailer in the market. The competitive scenarios of all industry players are mentioned in detail in the report. The pandemic has caused market participants to strategically change their business plans.
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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.
The report also covers the complete competitive landscape of the worldwide market with company profiles of key players such as Algae TecPond Biofuels IncorporatedLiveFuelsAlgae SystemsSapphire EnergySolazymeDiversified Energy CorporationAlgenolKai BioEnergyAlgixDSM Nutritional ProductsDao EnergyPhycalKent BioEnergy Corporation. Geographically, this market has been segmented into regions such as North America, Latin America, Europe, Asia Pacific and Rest of the World. The study details country-level aspects based on each segment and gives estimates in terms of market size.
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.
Algal Protein Market Segmentation:
By Type:
- Chlorella
- Spirulina
- Other
By Applications:
- Dietary Food
- Feed Industry
- Pharmaceutical Industry
- Cosmetics Industry
- Other
Frequently Asked Questions (FAQ):
- What is the growth rate predicted for the Global Algal Protein Market?
- Who are the top performing companies in Algal Protein Market?
- Which region dominated the worldwide market for Algal Protein in 2022?
Related Sources:
- https://www.digitaljournal.com/pr/global-automotive-advanced-driver-assistance-systems-adas-market-is-expected-to-grow-at-a-cagr-of-25-4-during-forecast-period
- https://www.openpr.com/news/2855469/rf-over-fiber-rfof-solutions-market-demand-scope-and-growth
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