05 November 2020
Visiongain has published a new report on Algae Protein Market Report: Forecasts by Type (Spirulina, Chlorella), by Application (Beverages, Sauces, Dressings and Spreads, Snacks and Others), PLUS Profiles of Leading Algae Protein Manufacturing Companies and Regional and Leading National Market Analysis, PLUS COVID-19 Recovery Scenarios.
The Global Algae Protein market was valued at US$ xx million in 2020 and is projected to reach a market value of US$ xx billion by 2031. Rising consumption of protein across the globe owing to an increase in awareness regarding health and wellness is a major factor resulting in the rise in the demand for algae protein. Further, rising sustainability issues owing to the loss of biodiversity during the production of meat have resulted in the inclination towards plant-based products among the consumers. In addition to this increase in the usage of algae protein in skincare products is also driving the overall market growth.
COVID-19 Impact on Sports Nutrition Ingredients Market
The COVID-19 outbreak created a positive impact on the algae protein market owing to the health benefits associated with them. To stay healthy and maintain a proper immune system consumers are becoming more inclined towards plant-based protein products as an alternative to animal-based protein. Therefore, this is generating new opportunities for the manufacturers to focus on developing new products of algae protein to meet the growing demand from the customers.
Growing demand for staying healthy among the customers
There is a growing demand for staying healthy among the consumers which have increased the demand for plant-based proteins. Plant-based protein is an alternative to meat-based protein in recent years. In the U.S most of the consumers are identifying themselves as flexitarian. Further, 50% of the consumers in the U.K are cutting their meat intake and are inclined towards plant-based protein. Therefore, this is boosting the demand for algae protein among the consumers thereby resulting in the overall market growth.
A rise in the application of algae protein in cosmetic products
The rise in the application of algae protein in cosmetic products is a major factor driving the overall market growth. Awareness regarding skin aging among the population has resulted in the demand for skin aging cream. Skin aging is a complex biological process and according to the United Nations Report global population aged above 60 or over numbered 962 million in 2017, which is twice as large as the population present in 1980.
New Product Developments
New product developments are a major factor that is generating new opportunities for the market during the forecast period. For instance, vegan brand Plantsy released a range of algae protein drinks in the U.K which are available in two flavors such as ginger and rhubarb and grapefruit and blood orange.
Some of the major companies operating in the global algae protein market are Corbion, Cyanotech Corporation, Earthrise Nutritional, Far East Bio-Tec Co., Ltd., E.I.D. - Parry Limited, ENERGYbits Inc., Rainbow Light, NOW Foods, Prairie Naturals, Vimergy LLC among others. Companies are engaging in several strategies such as new product development, merger & acquisition among others to grab a greater number of customer attention. For instance, Algenuity and Unilever partnered to explore the use of microalgae protein. The strategic partnership will offer huge potential in innovating future foods for Unilever’s plant-based product portfolio.
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