As per the report by Global Market Insights Inc., the Algae Protein Market was estimated at USD 700 million in 2021 and is projected to reach a valuation of above USD 1.05 billion by 2028, growing at a CAGR of 6% from 2022 to 2028. The report offers a detailed assessment of top winning strategies, wavering market trends, competitive scenario, market size & estimations, drivers & opportunities, and major investment pockets.
Algae proteins have high nutritional value in terms of amino acid quality, protein content, and nutritional acceptability. These proteins offer great economic potential for utilization in processed, functional, and healthy foods. Widespread usage of algae protein in food & beverage manufacturing in order to incorporate healthy lipids, insoluble fiber, and micronutrients is set to fuel market growth over the assessment period.
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Green micro algae are widely used in cosmetic formulations owing to their beneficial attributes, such as skin moisturization and regeneration effect. Chlorella, which is a genus of single-celled green algae, has demonstrated positive results in eliminating toxins from the body as well as improving cholesterol levels. It is rich in various nutrients like vitamin C, protein, vitamin B12, and iron. Soaring consumption of vitamin C to boost immunity and prevent the spread of the virus during the COVID-19 pandemic is likely to bolster product demand. In 2021, the green algae segment was valued at more than USD 215 million and is estimated to grow at about 6.5% CAGR to exceed USD 340 million in revenue by 2028 fueled by prevalent product uptake.
Meanwhile, the algae protein industry share from the powder dosage form segment was valued at around USD 355 million in 2021 and is primed to grow at a CAGR of nearly 6.5% between 2022 and 2028. Widespread application in the food & beverage sector and nutraceutical supplements is anticipated to drive product adoption. In addition, chlorella powder is considered a superfood alga that consists of high amount of chlorophyll and offers various health benefits, such as promoting cleaning and detoxification of the body, which is foreseen to boost the growth of the segment over the review timespan.
Key reasons for algae protein market growth:
1. Growing usage in cosmetic products.
2. Prevalent uptake in food & beverage sector.
3. High product demand in powder dosage form.
4. Surging prominence in nutraceutical supplements.
2028 forecasts show ‘cosmetics’ segment retaining its dominance:
From the application perspective, the cosmetics segment is poised to surpass USD 130 million in revenue by 2028. Algae proteins are extensively used as moisturizing and thickening agents in cosmetics to improve the competence of skin against tanning and abrasions. Shifting consumer preference towards algae protein, along with surging demand for natural cosmetics and rising beauty awareness among young and aging population, would increase product application in cosmetics, which is speculated to propel segmental development in the forthcoming years.
Europe to maintain top status in terms of revenue:
Based on region, the Europe algae protein market was valued at over USD 165 million in 2021 and is estimated to record considerable growth at above 6.4% CAGR through 2028 owing to the expanding cosmetics sector. Burgeoning cosmetics sales in the region on account of rising beauty awareness and increasing disposable income among consumers is set to support market growth. Furthermore, the proliferating domestic tourism industry has raised the demand for cosmetics and bakery products, which is forecast to further facilitate regional market progress in the future.
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Impact of COVID-19 pandemic on algae protein market:
The onset of the COVID-19 pandemic prompted research activities to identify effective solutions to combat the coronavirus infection. To that effect, some studies suggested that algal nutraceuticals could potentially act as immune boosters against COVID-19 and other viral illnesses. Subsequently, increasing importance of algal nutraceuticals, particularly spirulina-based products, has augmented consumer demand, which has played a vital role in industry expansion during the pandemic.
Leading market players:
Prominent companies in the global algae protein industry include Corbion NV, ENERGYbits Inc, Far East Bio-Tec Co., Ltd (FEBICO), Heliae Development LLC, Nutrex Hawaii Inc, E.I.D. Parry (India) Limited, Roquette Klotze GmbH & Co. KG, Allmicroalgae, and others.