The estimated size of the algal protein market in 2022 was close to USD 703.89 million. A shift in consumer preference from adopting animal-based proteins to plant-based alternatives is estimated to augment the demand for algal protein. It is likely to have produced USD 1,772.7 million by 2033, alongside a CAGR of 9% from 2023 to 2033.
Algae is one of the abundant forms of plant life that contains chlorophyll, found in both marines as well as freshwaters. Algal protein is the protein derived from algae, ranging from single cell microalgae to large seaweeds. The protein derived from different algae, such as microalgae and seaweed, contains high protein levels.
Algae living in marine waters consist of protein nearly 60% of its weight, which is higher in comparison to algae living in freshwater. Algal proteins are commonly extracted from specific types of algae such as green algae, red algae, and blue algae, which can be processed into diverse forms such as powder, liquid, pastes, and capsules.
| Report Attribute | Details |
|---|---|
| Estimated Market Value (2022) | USD 703.89 million |
| Expected Market Value (2023) | USD 732 million |
| Projected Forecast Value (2033) | USD 1,772.7 million |
| Anticipated Growth Rate (2023 to 2033) | 9% |
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The algal protein market is estimated to have reached a sum of USD 624.2 million in 2018. During the historical period, 2018 to 2022, the algal protein market registered a 3.0% CAGR.
Some algae such as chlorella and spirulina compose high protein content. For instance, chlorella contains around 58 grams of protein in 100 grams of it, which is significantly higher compared to animal protein. Freshwater algal proteins are majorly derived from spirulina, which is a cyanobacterium (green-blue algae) and is one of the richest sources of protein that contains all essential minerals, carotenoids, and amino acids.
Increasing consumption of algal proteins, owing to the growing awareness regarding their health benefits is estimated to bolster the sales in the global market.
Applications across various end-use Industries to Bolster Demand
Algal proteins extracted from marine and freshwater algae are gaining immense popularity among industries such as food & beverage, animal feed, and cosmetics, owing to their excellent nutritional capabilities, amino acid profile, cells damage repairing properties, and others.
These proteins are finding a wide range of application across the nutrition and supplement sectors, as consumption of algal proteins assist in boosting the immune system, reducing fatigue, improving digestion, building endurance, and boosting energy levels. Algal proteins are increasingly being adopted by athletes, sportspersons, bodybuilders, and others, thereby, facilitating the growth in the market.
A swift rise in trend of veganism and vegetarianism is being witnessed across the globe, due to the rising awareness regarding physical health, animal welfare, and ethical reasons. For instance, according to a report by the MaedAlertHelp Organization, the population of vegans has reached around 79 million across the globe by January 2021. This rise in vegetarian and vegan population is estimated to accelerate the sales of plant-based proteins such as algal proteins, thereby, bolstering the growth in the global market.
Global Warming and Increasing Costs of Raw Materials to Impede the Growth
Cultivation of algae predominantly depends upon the air moisture content and climatic conditions. High temperature affects the cultivation of algae such as spirulina, preventing the formation of thicker algae due to high rate of water evaporation.
Increasing temperature across the world due to global warming and rising instances such as draught and changes in the salinity of freshwaters is declining the production of algae, which is in turn, hindering the growth in the market. Extravagant cost of algal protein and rising availability of various plant-based protein alternatives such as soy protein, pea protein, and others are hampering the sales of algal protein in the market.
Spirulina is Likely to Hold the Leading Market share by Type
Spirulina commanded the largest market share in the type sector in 2022, contributing to about 62% of global market revenue. Spirulina is a high source of protein when compared to other sources made from plants since it has fifty percent to seventy percent protein by dry mass, while soy flour only has 35%. The qualities of spirulina, including as its high mineral and vitamin concentrations, low nucleic acid concentration, and ease of cell wall digestion when compared to other microorganisms, have drawn the attention of several food and feed makers.
Spirulina is increasingly being used as a functional food as a result of the European Food Safety Authority's (EFSA), the Food and Drug Administration's (FDA), along with other well-known food regulatory authorities' designation of it as Generally Recognized as Safe (GRAS). Algae are becoming increasingly recognized as a crucial part of the protein problem-solving process since several species may give great protein outputs per unit of land.
The Dietary Segment is likely to Occupy the Lion’s Share in the Global Market
Dietary supplements represented 48.3% of the share of the overall sales in 2022. During the projected period, demand for the product is anticipated to increase owing to the expansion of the nutraceuticals industries in China, India, and Japan as a result of the increased popularity of health supplements.
Chlorella along with spirulina are well-liked algal protein-based nutritional supplements in the area and throughout the world in powder, fluid, tablet, paste, as well as capsule forms.
Growing Prevalence of Immune and Cardiac Diseases to Proliferate the Growth
Future Market Insights states that North America is estimated to account for the dominant share in the global algal protein market between 2022 and 2032. A significant portion of the North American algal protein market is likely to be occupied by the United States. In 2022, the United States market for algal protein was estimated to have acquired a 26.9% market share.
A significant rise in burden of diseases such as thrombosis, atherosclerosis, cancers, and arthritis is being experienced across the countries such as the United States and Canada, creating strong demand for preventive supplements. According to a study by the American Cancer Society, nearly 1.9 million new cases of cancers were estimated to be diagnosed across the USA, causing around 608,570 fatalities in the year 2021.
It assists in enhancing the immune system, improving cardiovascular function, and reducing allergies & inflammation as the algal protein contains omega-3 fatty acids and carotenoid, it is increasingly being prescribed for the prevention of aforementioned diseases. Growing prevalence of such diseases is projected to augment the demand for algal protein in the North America market.
Rising Demand for Plant-based Products to Aid the Market Growth
As per FMI, Asia Pacific is anticipated to project rapid growth in the global algal protein market during the forecast period 2022 to 2032. The Chinese algal protein market is anticipated to register a 10.3% CAGR through 2033. The Indian market, on the other hand, is seeking to garner a 12.5% CAGR from 2023 to 2033.
The demand for plant-based proteins is surging at a rapid pace, owing to the increasing vegetarian population and growing adoption on the back of its health benefits. Leading supplement manufacturers are increasingly emphasizing on launching novel plant-based protein products to capitalize on the existing opportunities.
For instance, in 2021, Prolgae, a leading plant-based proteins supplement company, announced launching organic sweet spirulina algae powder and protein bars in the Indian market. A multiplicity of such product launches are estimated to accelerate the sales of algal protein in the Asia Pacific Excluding Japan market.
Leading players are aiming at launching new products and expanding their production capacity to gain edge in the highly competitive market. A vast number of participants in the market have made the worldwide algal protein sector extremely competitive. The leading corporations are concentrating on capacity expansions, in various end-user sectors like animal feed, cosmetics, and food & beverage, collaborations, mergers & acquisitions, and new product innovations.
The key players in this market include:
Some of the products being launched by the key players are:
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 9% from 2022 to 2032 |
| Market value in 2023 | USD 732 million |
| Market value in 2033 | USD 1772.7 million |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | USD million for value |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Product Form, Product Source, Type, Application, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; Middle East and Africa |
| Key Countries Profiled | United States, Canada, Mexico, Brazil, Germany, United Kingdom, France, Spain, Italy, Poland, Russia, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, Japan, China, South Korea, GCC countries, South Africa, Israel |
| Key Companies Profiled | Far East Microalgae Industries, Co., Ltd.; Bio-engineering Co., Ltd.; Tianjin Norland Biotech Co., Ltd.; Prolgae, NB Laboratories; Cyanotech Corporation, C.B.N.; Gong Bih Enterprise Co., Ltd.; Taiwan Chlorella Manufacturing Company ; Ltd; Algenol Biotech; Fuqing King Dnarmsa Spirulina Co., Ltd.; Sun Chlorella Corporation |
| Customization & Pricing | Available on Request |
The algal protein market is expected to grow at a 9% CAGR from 2023 to 2033.
By 2023, the algal protein market is estimated to gain USD 732 million.
By 2033, the algal protein market valuation might reach a sum of USD 1772.7 million.
Algal protein sales in the US were predicted to reach a market share of 26.9% in 2022.
In 2022, spirulina held the greatest market share in the type sector and was responsible for nearly 62% of worldwide market revenue.
In 2022, dietary supplements accounted for almost 48.3% of total sales.
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Algal Protein Market
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