The global algae protein market size was worth USD 3.15 billion in 2021, expanding at a CAGR of 8.4% from 2022 to 2030. The market for algae protein is expected to grow during the forecast period due to the factors including the surging vegan population, increased product adoption in food & beverage applications, and rising awareness regarding the advantages of a healthy eating lifestyle. The market for algae protein has been slightly impacted by the COVID-19 outbreak. Numerous commercial algae manufacturing and processing facilities were closed or operating at reduced capacity due to the global lockdown, this factor significantly reduced global production. However, some research has suggested that algae nutraceuticals may act as immunity boosters against COVID-19 as well as other viral illnesses. As a result, the rising popularity of algae nutraceuticals, especially spirulina-based products, has increased consumer demand, which has aided industry growth during the pandemic.
Microalgae protein has a variety of health advantages, including the ability to boost the immune system and improve dietary intake, which might increase demand for the product in the nutraceutical market. Additionally, the market expansion might be encouraged by the consumers' active search for plant-based nutritional supplements to boost innate strength.
Algae protein is used to aid weight loss, relieve fatigue and anxiety, and treat premenstrual heart disease, attention deficit-hyperactivity disorder (ADHD), diabetes, and many more. Global demand for the product is being driven by its increased nutrient content, favorable effect on the immune system, as well as other health-related advantages. Additionally, consumers' preferences for plant-based and other meat alternative sources have changed due to the rising sustainability issues such as the emission of more greenhouse gases and the loss of biodiversity during the meat production process, which may fuel market growth.
High production costs that raise the price of the finished product are among the factors that could impede the revenue growth of the global algae protein market. Algae protein and related items can also cause allergic reactions in some people, which could restrict their use. Additionally, humidity and climate are the main determinants of algae cultivation. Different climatic factors might have an impact on algae farming, which might impede the expansion of the algae protein market in the coming years.
The amount of protein in various sources varies greatly; for instance, beef has nearly 17.4% while beer yeast has 45.0%. Manufacturers of processed food products, beverages, and nutraceuticals are constantly looking for nutrient sources to boost their protein content. Chlorella and spirulina algae are the sources of protein that have the most protein overall. As a result, producers of nutraceuticals, food & beverage, and pet food are using algae more frequently in their products. Therefore, the demand for algae is predicted to increase over the coming years because it is a profitable source of protein.
There are two types of algae such as microalgae and macroalgae, and both varieties are used in the nutraceuticals industry due to the abundance of minerals and vitamins they contain. Microalgae is high in nutrients such as astaxanthin, Vitamins A, C, E, H, B1, B2, B6, and B12, polysaccharides, polyunsaturated fatty acids, and carotene. Macroalgae, also widely regarded as seaweed, is an important source of vital nutrients and novel bioactive molecules. Red and brown seaweeds contain a variety of nutrients, including vitamins, proteins, and minerals, and are also high in essential fatty acids.
In the microalgae segment, spirulina held the highest market share in 2021, accounting for nearly 60% of market revenue. In comparison to other plant-based sources, spirulina is a rich source of protein because it contains between 50% and 70% protein by dry weight, whereas soy flour has only 35%. Different food or feed manufacturers have been attracted to spirulina because of its properties such as high concentrations of vitamins and minerals, low nucleic acid content, and easy cell wall digestion when compared to other microbes.
The use of spirulina as a functional food is growing rapidly, owing to its Generally Recognized as Safe (GRAS) classification by the Food and Drug Administration (FDA), the European Food Safety Authority (EFSA), and other prominent food regulatory bodies. Given that many species of algae produce excellent protein yields per unit of land, they are increasingly seen as a key component of the protein problem solution. Spirulina algae are used in a variety of functional foods and beverages because they contain 60-71 grams of protein for every 100 grams.
The chlorella segment is estimated to expand at a CAGR of 9.3% from 2022 to 2030. Functional drinks containing algae protein, such as chlorella ingredients which provide health benefits in addition to a refreshing taste, are gaining popularity around the world. Chlorella is a unicellular microalga that is primarily grown in freshwater. It is most common in Japan and Taiwan. Chlorella is a high-protein food that contains 50-60% protein, 20% carbohydrates, 20% fat, 5% fiber, and 10% minerals and vitamins. As a result, chlorella is increasingly being commercially grown in artificial ponds.
Freshwater algae held the largest share of all sources in 2021, accounting for nearly 77.0% of the total revenue. Many key players including EID Perry, and Cyanotech Corporation among others, are cultivating algae in freshwater ponds and photobioreactors. Growing demand for chlorella and spirulina primarily from the nutraceuticals and pet food industries is expected to drive growth in the freshwater algae segment during the forecast period.
The marine algae segment is expected to progress at a CAGR of 2.2% during the forecast period. Marine algae also known as seaweed are traditionally used in human food, especially in Asian countries such as South Korea and Japan. It is usually consumed as an ingredient or a snack in various dishes and soups. Some of the species of seaweed are known to have similar protein levels as other protein sources such as soybean, egg, milk, and meat. Therefore, the growing demand for plant-based products is anticipated to boost demand for marine algae during the forecast period.
In 2021, dietary supplements accounted for more than 48.0% of the total revenue share. The growth of the nutraceuticals sector in India, China, and Japan due to the rising consumption of health supplements is expected to boost demand for the product during the forecast period. Chlorella and spirulina are widely accepted algae protein-based dietary supplements in the region and all over the world in powder, liquid, tablet, paste, and capsule forms.
The human food segment is expected to expand at a CAGR of 8.5% during the forecast period. Algae protein has useful properties such as eliminating allergens, being stable at low temperatures, and adding fiber, all these factors should increase the product demand. The demand for processed food items is being driven by factors including a growing working population, rapid urbanization, and population growth; these factors should favorably affect the algae protein market growth. Growing consumer demand for plant-based food & beverage products due to the adoption of a vegan lifestyle should help the market for algae protein to grow further in foods & beverages sector.
The market for algae proteins in North America is anticipated to grow at a CAGR of 10.5% by 2030. The main application segments in the North American market are dietary supplements and food, which can be attributed to the growing interest in fitness among consumers in the U.S., Canada, and Mexico. Additionally, it is anticipated that during the forecast period, the expanding aquaculture industry will increase demand for the product.
Asia Pacific accounted for 91.38% and dominated the market in terms of revenue due to the rising exports and domestic demand for plant-based ingredients. Due to easy raw material availability in the country, China is one of the biggest producers of plant-based ingredients within the region. Furthermore, expansion in the pharmaceutical, animal feed, food & beverage, and cosmetics industries is expected to increase demand for plant proteins from developing countries such as India, China, Indonesia, South Korea, and Malaysia during the coming years.
The global algae protein industry is highly competitive owing to a large number of players in the market. The key companies are focusing on capacity expansions, partnerships, mergers & acquisitions, and new product developments for end-user industries such as cosmetics, animal feed, and food & beverage among others. For instance, in September 2021, Tofurky, a plant-based meat company partnered with Triton Algae Innovations in order to commercialize ‘algae-based meat innovations’ which feature Triton’s ‘essential red’, non-GMO protein-rich algae.
Some of the prominent players in the global algae protein market include:
Far East Bio-Tec Co. Ltd.
ENERGY bit Inc.
Market size value in 2022
USD 3.38 billion
Revenue forecast in 2030
USD 6.46 billion
Growth rate (Revenue)
CAGR of 8.4% from 2022 to 2030
Base year for estimation
2017 - 2020
2022 - 2030
Volume in thousand tons, revenue in USD million, CAGR from 2022 to 2030
Volume & revenue forecast, company ranking, competitive landscape, growth factors, trends
Type, source, application, region
North America; Europe; Asia Pacific; Central & South America; Middle East & Africa
U.S.; Mexico; Germany; France; Ireland; Spain; Norway; China; India; Japan; Indonesia; Malaysia; Brazil; Chile
Key companies profiled
Corbion; Cyanotech Corporation; Earthrise Nutritional; Far East Bio-Tec Co., Ltd.; E.I.D. - Parry Limited; ENERGY bits Inc.; Rainbow Light; NOW Foods; Prairie Naturals; Vimergy LLC.
Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope.
Pricing and purchase options
Avail customized purchase options to meet your exact research needs. Explore purchase options
This report forecasts revenue growth at the global, regional, & country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global Algae Protein Market report based on the type, source, application, and region:
Type Outlook (Volume, Thousand Tons, Revenue, USD Million, 2017 - 2030)
Source Outlook (Volume, Thousand Tons, Revenue, USD Million, 2017 - 2030)
Application Outlook (Volume, Thousand Tons, Revenue, USD Million, 2017 - 2030)
Regional Outlook (Volume, Thousand Tons, Revenue, USD Million, 2017 - 2030)
Central & South America
Middle East & Africa
b. The global algae protein market size was estimated at USD 3.15 billion in 2021 and is expected to reach USD 3.38 billion in 2022.
b. The global algae protein market is expected to grow at a compound annual growth rate of 8.4% from 2022 to 20230 to reach USD 6.46 billion by 2030.
b. Asia Pacific dominated the algae protein market with a revenue share of over 91% in 2021. This is attributable to the rising fitness awareness among consumers in India and China.
b. Some key players operating in the algae protein market include Corbion; Cyanotech Corporation; Earthrise Nutritional; Far East Bio-Tec Co., Ltd.; E.I.D. - Parry Limited; ENERGYbits Inc.; Rainbow Light; NOW Foods; Prairie Naturals; and Vimergy LLC.
b. Key factors that are driving the market growth include increasing consumption of protein products across the world, owing to changing lifestyles and rising health consciousness among consumers.
NEED A CUSTOM REPORT?
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities. Contact us now
"The quality of research they have done for us has been excellent."