“Algae protein Market to grow at a lucrative rate over the forecast period”, says Visiongain
31 October 2019
Visiongain has launched a new Consumer Goods report Algae protein Market Report 2019-2029 : Forecasts by Type (Spirulina, Chlorella, Seaweed, Others), by Form (Liquid, Powder), by Source (Marine Algae, Fresh Water Algae), by Application (Dietary Supplements, Food Products, Animal Feed, Pharmaceuticals, Cosmetics & Personal Care) PLUS Profiles of Leading Companies and Regional and Leading National Market Analysis.
The global Algae protein market is expected to grow at a lucrative rate during the forecast period. Some of the key factors driving the market include the increasing uptake of alternative plant proteins, health benefits of algae protein, favourable regulatory scenario, and growing meat consumption. However, the concerns such as chances of allergic reactions on consumption and high procedural cost may pose as market restraints. The Algae protein market can be segmented based on type, form, source, application, and region.
Factors such as increased demand for meat concerns owing to awareness regarding animal welfare, increasing health consciousness among consumers, increased demand for plant-based protein alternatives, and growing vegan and vegetarian population are expected to fuel the market growth. Artificial ingredients and chemicals present in processed food are leading causes of many life threatening diseases. Consumers are now becoming aware about the need to eat clean and healthy and regarding the importance of plant based alternatives. This has indirectly driven the uptake of algae protein based products over artificial and synthetic products.
Protein derived from algae, especially marine algae have a higher percentage of protein content compared to animal protein. By type, Spirulina segment is anticipated to contribute the largest share of revenue. The large size of the segment can be attributed to high demand of usage of products such as high protein content, associated health benefits, and growing population of vegan consumers. Several challenges for the market include high cost and allergic reactions caused by algae products in certain cases. Asia Pacific region is expected to be lucrative over forecast period. Factors such as growing population, high demand, rising disposable income, and growing awareness among consumers about the health benefits of algae protein are contributing to the large share of the region.
The global Algae protein market is highly competitive with many players entering the market in order to cater to the growing consumer demand. Some of the players such as Corbion Biotech, Inc., Nutress, Nutrex Hawaii, Inc., Cyanotech Corporation, and Far East Bio-Tec Co. Ltd. are currently dominating the market. These major companies are increasingly focusing on research and development activities so as to gain competitive advantage. For instance, In July 2019, California based start-up Sophie’s Kitchen won USD 1 million seed money for the production of microalgae from food waste. Some of the other companies operating in the market include Rainbow Light, Allmicroalgae, Earthrise Nutritional, Energybits, and Heliae Development LLC. These companies are taking various strategic initiatives such as mergers, acquisitions, and partnerships so as to increase their presence in the global market.
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