The global algae protein market is expected to witness significant growth over the coming years due to growing prominence of the product as an alternative to plant-based protein. Algae protein is obtained from algae that is usually found in fresh and marine waters. Fresh-water algae protein is derived from spirulina, which is a rich source of minerals, proteins, and all essential amino acids. Marine-water algae protein is obtained from seaweeds and is widely used as substitutes for animal proteins, such as whey protein and casein. Brown (Phaeophyta), green (Chlorophyta), and red (Rhodophyta) are the three main types of marine algae.
Algae protein is used for weight loss, diabetes, stress, attention-deficit/hyperactivity disorder (ADHD), fatigue, anxiety, premenstrual syndrome, depression, heart diseases, and other health issues. Enhancement in the nutrient content of the food, positive effect on the immune system, and other health related benefits of the product are driving the market globally. Moreover, negative environmental influence of meat consumption has resulted in a shift in consumer preferences toward alternative sources of protein.
On the basis of type, the market can be segmented into chlorella, spirulina, and others. Spirulina accounts for a prominent share and is anticipated to exhibit significant growth over the forecast period owing to its high nutritional content and augmented usage as supplements.
By way of application, the global market can be categorized into pharmaceuticals, food supplements, cosmetics, animal feed, cosmetics, and others. Food supplements dominate the industry owing to high consumer demand, unhealthy lifestyles, time-pressed schedules, and rising healthcare cost.
Continuous expansion in retail chains, e-commerce, and proliferation of other distribution channels offer significant opportunities for sustainable growth of the global market. In addition, increased investments in media communications, advertisements, and other marketing channels is likely to generate lucrative demand in the industry. Online sales are gaining significant traction in the market as they reduce distribution and marketing costs of small-scale manufacturers.
Based on region, the global market comprises North America, Europe, Asia Pacific, Central and South America, and the Middle East and Africa. Europe holds a prominent share in the industry owing to increasing research and development activities and introduction of cheaper methods for preparation of the product. Asia Pacific is projected to emerge highly lucrative over the forecast period owing to rising demand for natural food additives and food supplements, increasing consumer awareness regarding health benefits of the product and significant contribution from countries including India and China. In addition, conventional beliefs of consumers against usage of animal-based products is anticipated to generate new avenues for the region’s growth.
Some of the major market participants are TerraVia Holdings Inc.; Nutress BV; Nutrex BV; Cyanotech Corporation; Far East Bio-Tec Co.; Earthrise Nutritionals LLC; and Rainbow Light Nutritional Systems, Inc. Presence of large market participants has led to intense competition in the industry. Market players have been capitalizing primarily on mergers and acquisitions in order to withstand competition in the industry. Furthermore, emerging manufacturers are focusing on product innovation to gain a foothold in the global algae protein market.
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