Selbyville, Delaware, Dec. 14, 2022 (GLOBE NEWSWIRE) -- As per the report published by Global Market Insights Inc., the Global Algae Protein Market was estimated at USD 750 million in 2022 and is expected to surpass a valuation of $1.3 billion by 2032, progressing at a CAGR of 5.5% from 2023 to 2032. The report provides a detailed analysis of top winning strategies, drivers & opportunities, competitive scenario, wavering market trends, market size, statistics & estimations, and major investment pockets.
A surge in the consumption of protein supplements in developing economies of Asia Pacific will offer lucrative business prospects for the algae protein industry. Over the last few years, the sports nutrition sector in India has experienced significant growth driven by the growing sports culture in the country. Due to the increasing number of athletes, and bodybuilders along with a robust sports infrastructure, health supplements, and energy drinks sales have escalated rapidly. Additionally, the pandemic has catalyzed the demand for nutraceuticals and functional foods all across the globe, resulting in substantial opportunities for algae protein manufacturers.
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Favorable R&D programs to boost seaweed production in western nations
Algae protein market valuation from seaweed source segment is poised to reach USD 460 million by the end of 2032. The increasing popularity of seaweed in western countries can be attributed to the myriad of health benefits offered by marine algae and its predominant use in Asian cuisine. For instance, a group of researchers from the University of Connecticut (UConn) & Connecticut Sea Grant is leveraging R&D and community outreach to improve the accessibility & profitability of seaweed in the U.S. Marine algae such as seaweed are rich in iodine, which is a crucial mineral that helps regulate and improve thyroid function. They are also an excellent source of calcium, folate, iron, manganese, and vitamins A, K, B1, B2, C, and E.
Key reasons for algae protein market growth:
- North America: Government initiatives to boost algae products production Increasing use of prefilled syringes and injection devices for injecting drugs.
- Obligation to maintain animal feed quality.
- Europe: Widening demand for nutritional products.
- Asia Pacific: Increasing consumption of protein supplements.
Increasing consumption of dietary supplements & capsules to accelerate algae protein demand
Algae protein market size from capsules is anticipated to record over 5.5% CAGR between 2023-2032. Growing health awareness and rising prevalence of infectious diseases will accelerate the need for health supplements to boost the immune system. The emergence of COVID-19 alone expedited the sale of dietary supplements due to growing concerns associated with the spread of infection. Innovation and development of novel plant-based protein supplements are expected to pave the way for segment demand.
Advanced anti-aging properties to favor algae protein market outlook in cosmetics applications
In terms of revenue size, cosmetics applications segment is estimated to reach USD 160 million by 2032. The booming personal care and cosmetics sector will boost the use of algae protein in beauty products. Rising disposable income, growing demand for luxury cosmetics, and increasing beauty awareness are fostering new trends in the beauty sector such as vegan cosmetics and organic skincare. In recent years, cosmetics companies have ramped up the use of a wide variety of algal species, particularly brown kelp, red & green seaweed, and spirulina due to their anti-aging properties. A high concentration of antioxidants ensures effective combat against free radicals, preventing faster aging.
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Supportive government initiatives to augment Europe algae protein industry size
Europe algae protein market is expected to reach USD 320 million by 2032. A solid footprint of end-user industries such as food & beverage, cosmetics, and animal feed will propel the demand for algae protein in the region. Burgeoning population growth has emphasized on the need for large-scale production of food and food alternatives. Several EU bodies are encouraging the production of microalgae to address the growing concerns associated with food shortage.
New deals to boost algae protein market expansion
Heliae Development LLC, Fuqing King Dnarmsa Spirulina Co., Ltd, Far East Bio-Tec Co., Ltd. (FEBICO), Roquette Klötze GmbH & Co. KG, Nutrex Hawaii Inc, Prolgae Spirulina Supplies Pvt. Ltd, Cyanotech Corporation, Yunnan Green A Biological Project Co., Ltd, ENERGYbits Inc., Veramaris, Euglena Co Ltd, Bliss Lifesciences LLP, AlgalR NutraPharms Pvt Ltd are some of the leading companies in the global algae protein industry.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Automotive steel market 3600 synopsis, 2018 - 2030
2.1.1 Business trends
2.1.2 Source trends
2.1.3 Dosage Form trends
2.1.4 Application trends
2.1.5 Regional trends
Chapter 3 Algae Protein Market Insights
3.1 Industry segmentation
3.2 Industry ecosystem analysis
3.3 Vendor matrix
3.4 Consumer buying behaviour
3.5 Technology landscape
3.6 Raw material analysis
3.7 Cost structure analysis
3.8 Regulatory landscape
3.9 Pricing analysis (including COVID-19 impact)
3.10 Industry impact forces
3.11 Technology landscape
3.12 Industry impact forces
3.13 Innovation & sustainability
3.14 Porter's analysis
3.15 Competitive landscape
3.16 Growth potential analysis, 2021
3.17 PESTEL analysis
3.18 Covid-19 impact on market, by application
3.19 Covid-19 overview on world economy
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
