The algae protein global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Algae Protein Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The algae protein market size has grown rapidly in recent years. It will grow from $3.50 billion in 2023 to $3.87 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth in the historic period can be attributed to increase in demand for plant-based proteins, rise in awareness of the environmental impact, increase in recognition of algae’s nutritional profile, increase in venture capital and government funding for algae protein research and development, and increase in use in food and beverage sector.
The algae protein market size is expected to see rapid growth in the next few years. It will grow to $5.86 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to expanding product applications, increasing consumer awareness and education, increasing regulatory support, rise in favorable policies and regulations promoting sustainable food sources, and increasing adoption of algae protein in emerging markets. Major trends in the forecast period include advancements in extraction technologies, adoption of genetic modification to create algae strains with higher protein content, integration of automation and artificial intelligence for monitoring, adoption of nanotechnology to enhance the bioavailability, and the development of new formulations.
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Scope Of Algae Protein Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Algae Protein Market Overview
Market Drivers –
The surge in the vegan population is expected to propel the growth of the algae protein market going forward. The vegan population refers to the group of people who follow a diet and lifestyle that excludes all animal products and by-products. The surge in the vegan population is due to increased awareness of animal welfare, health benefits, environmental concerns, and the availability of plant-based food options. Algae protein serves as a sustainable, nutrient-rich source of plant-based protein for the vegan population. For instance, in April 2023, according to the Plant-Based Foods Association, a US-based trade association representing the plant-based food industry, in 2022, 70% of the total U.S. population consumed plant-based foods, up from 66% in 2021. Therefore, the surge in the vegan population will drive the growth of the algae protein market.
Market Trends –
Major companies operating in the algae protein market are adopting strategic partnerships approach to develop innovative algae-based protein products. Strategic partnerships help algae protein companies by combining resources and expertise, enhancing research and development capabilities, and accelerating commercialization. For instance, in September 2022, Turtle Island Foods, a US-based vegan food manufacturer, partnered with Triton Algae Innovations, a US-based plant-based protein producer company. This partnership aims to commercialize new meat alternatives made with Triton’s protein-rich, non-GMO essential red algae. Triton uses a process to stimulate its green algae (Chlamydomonas reinhardtii) to turn red and produce heme, giving the algae a unique nutritional and functional profile. The whole algae ingredient (Essential Red) contains 40-50% protein, minerals, and carotenoids such as astaxanthin and beta-carotene.
The algae protein market covered in this report is segmented –
1) By Type: Microalgae, Macroalgae
2) By Source: Freshwater, Marine
3) By Application: Dietary Supplements, Human Food, Animal Feed, Pharmaceutical, Other Applications
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Regional Insights –
Asia-Pacific was the largest region in the algae protein market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the algae protein market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the algae protein market are Roquette Freres SA, E.I.D-Parry Limited, Corbion NV, Now Health Group Inc., Rainbow Light Nutritional Systems, Far East Bio-Tec Co. Ltd., Cyanotech Corporation, Heliae Development LLC, Earthrise Nutritionals LLC, Algenol Biotech LLC, Algenuity Limited, Triton Algae Innovations Ltd., AlgaEnergy, Prairie Naturals, ALGAMA Foods, Qualitas Health Inc., ENERGY bits Inc. , Vimergy LLC, AlgoSource SA, Aliga ApS, Pond Technologies Holdings Inc., Seagrass Tech Private Limited, EnerGaia Pte Ltd., GreenCoLab, Phycom BV
Table of Contents
1. Executive Summary
2. Algae Protein Market Report Structure
3. Algae Protein Market Trends And Strategies
4. Algae Protein Market – Macro Economic Scenario
5. Algae Protein Market Size And Growth
…..
27. Algae Protein Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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