Algae Protein Market size is estimated to surpass USD 2 Billion by the end of 2035, growing at a CAGR of 6% during the forecast period i.e., 2023-2035. In the year 2022, the industry size of algae protein was over USD 800 Million. The growth of the market can be attributed to the growing demand for food all around the globe. By 2050, the demand for food is anticipated to rise by anywhere from about 58% to approximately 97%. Hence, the demand for algae is estimated to increase. Algae are utilized in the food business as functional food additives and food supplements. To enhance the quality of fish, fish products, and oils, algae is also added to meat products such as pasties, steaks, frankfurters, and sausages. Another category of items that are supplemented with algae are those that are made from cereals, such as pasta, flour, and bread. Owing to their characteristics, algae are additionally employed to create fermented, useful foods.
Moreover, algae have many advantages, including the ability to be grown in self-contained facilities where farmers may recycle nutrients and a growth rate that is ten times faster than that of conventional crops. Certain algae species could provide essential vitamins, minerals, and omega-3 fatty acids to a human diet and have protein levels over 39% of dry mass. Hence, all these factors are estimated to boost the demand for algae in the market. Additionally, algae are known to be healthier as compared to all other protein rich food. Hence its demand is high among people who are on a diet or follow a healthy lifestyle regime.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~6% |
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Base Year Market Size (2022) |
~ USD 800 Million |
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Forecast Year Market Size (2035) |
~ USD 2 Billion |
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Regional Scope |
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Application (Dietary Supplements, Food Product, Animal Feed)
The global algae protein market is segmented and analyzed for demand and supply by application segment into dietary supplements, food product, and animal feed. Out of these, the food product segment is anticipated to garner the highest revenue by the end of 2035. The growth of the segment can be attributed to growing population which is further estimated to boost the demand for food. Moreover, there has been a rise in the disposable income of the people owing to which they demand more food products. Consumers in the United States spent an average of 10.3% of their disposable personal income on food in 2021, which was split between food consumed at home (5.2%) and outside of the home (6.4%). (5.1 percent). Hence, the demand for algae protein is growing, since it is rich in protein. For instance, cold water seaweed called porphyra develops in shallow, chilly waters. It has a high ratio of vitamins, about 44% carbs, and approximately 34% proteins. It is used to make marine vegetable products in East Asia, such "amanori" in Japan.
Source (Freshwater, Marine Water)
The global algae protein market is also segmented and analyzed for demand and supply by source into freshwater, and marine water. Amongst which the marine water segment is expected to grow significantly over the forecast period. Seaweeds, sometimes known as marine algae, are a staple of traditional Asian cuisine, especially in Japan and Korea. It is eaten as a snack or used as a seasoning in dishes or soups. As one of the richest vegetables in terms of these minerals, sea algae are thought to be present in all species. This is probably their greatest advantage. They are also renowned for having high potassium and magnesium concentrations. Moreover, it has been proven that consuming them enhances and maintains the health of the skin, hair, and nails. In addition to helping people lose weight and get rid of fat deposits, marine algae could also help people get rid of mucus buildup that might result from drinking too much milk. Hence, owing to this the segment is anticipated to grow.
Our in-depth analysis of the global market includes the following segments:
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By Product |
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By Source |
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By Application |
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APAC Market Statistics
The Asia Pacific algae protein market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035, backed by rising demand for vegan food, along with surge in awareness among people regarding health and wellness. India would have about 1 billion residents as of 2022, second only to China, which would have approximately 2 billion people. Moreover, about 23% of Indians are severe vegetarians, approximately 8% are vegans, and about 7% are pescatarians. Moreover, algae protein has increased in popularity owing to the rising demand for protein powders and nutritional supplements. Additionally, macroalgae have been used by other indigenous groups and in Asian cuisine for ages. Currently, bread, beverages, and candies all contain macro- and microalgae in the form of pills and powder. Microalgae are not only employed as animal feed, despite the fact that some aquaculture species, such as mollusks, depend on them for sperm production.
North American Market Forecast
The North America algae protein market, amongst the market in all the other regions, is projected to grow with the highest CAGR during the forecast period. The US has a growing vegan population and rising demand for plant-based meat, much as every other region owing to factors such as health, environment and ethical region. As consumers search for alternatives to meat and dairy-based proteins, plant-based proteins have grown in popularity in the US and Canada. This has fueled the expansion of the North American algae protein market. Moreover, a large number of people play sport in this region. Hence, the need for supplements containing powdered algal protein would increase since athletes must achieve their protein intake goals. The market expansion is also accelerated by an increase in the use of plant-based derivatives to improve skin health. Also, since more people in this region are overweight, the adoption of plant-based derivatives is increasing.
Europe Market Forecast
Additionally, the market in the Europe region is also estimated to grow significantly over the forecast period, backed by consumer demand for alternative protein sources, which is increasing in the region. Moreover, since algae is ideally suited to the expanding trend towards healthier and more naturally functioning meals, it is anticipated to flourish in the coming years owing to its diverse uses. However, to change consumer preconceptions, it would be essential to educate them about the nutritional advantages of algae. Hence, in order to increase consumer acceptance, businesses are placing a major emphasis on taste, for instance by pairing algae with well-known flavours. This is since many European customers are not yet accustomed to eating algae outside of sushi.
An update on its partnership with Livalta, an AB Agri firm and a subsidiary of Associated British Foods, was provided by Pond Tech, an ESG company addressing global sustainability concerns of wellness and climate change. At AB Agri's British Sugar factory in Wissington, UK, Pond stated that the installation of an algae lab and several Pond-designed algae bioreactors had been completed.
In order to produce sustainable, delectable, and nutrient-dense plant-based goods, Nestlé and Corbion have partnered to create the next generation of microalgae-based ingredients. In order to create innovative plant-based goods, they were actively investigating the utilization of microalgae as a substitute protein and micronutrient source. They anticipated that their collaboration with Corbion would enable them to innovate across our several product categories by utilizing delicious, nutrient-rich ingredients derived from microalgae.
Author Credits: Radhika Gupta, Shivam Bhutani
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