The global algae protein market is projected to grow at a CAGR of 6.71% during the forecast period (2020 - 2025).

  • High nutritional value, and the increasing popularity of naturally derived food products and health supplements, owing to the increasing number of health-conscious consumers, the and constant growth in population, are some of the growth drivers for the chlorella ingredients market.
  • The expanding vegan population in Europe is one of the primary growth drivers of the market studied. With rising awareness about the various health benefits of vegan diets, the number of people adopting vegan lifestyles is increasing across the globe.
  • Algae protein is also used in the pharmaceutical and personal care industries. In the personal care industry, skincare creams, lotions, and hair care products use chlorella as an ingredient. It is also used in cosmetic products, as an added pigmentation ingredient.

Key Market Trends

Growing Demand for Healthy Foods and Beverages

Health drinks with algae protein including chlorella ingredients that provide benefits for the body, as well a refreshing taste, are becoming increasingly popular, across the globe. Driven in part by emerging food fortification technologies and the discoveries of nutrient benefits, consumers are choosing to make the most of their nutritional intake. The growth of functional food is set to outpace the growth of conventional food, globally. Consumers are developing an affinity for functional beverages, due to their ready-to-drink versions that offer enhanced convenience, thereby providing a suitable, convenient, and healthy alternative to soft drinks.

North America Dominates the Market

North America dominated the global algae protein market in 2018. Dietary supplements and food products are the major application segments in the North America market, attributable to the rising fitness awareness among consumers in the U.S., Canada, and Mexico. In Europe, aquafeed demand has witnessed a significant increase in demand over the past few years, owing to the expansion of marine aquaculture in countries such as Norway, Denmark, and Ireland. The growing aquaculture industry in Europe is expected to boost the demand for the product over the forecast period. The market in the Asia Pacific is expected to grow significantly owing to the growing exports and domestic demand for plant-based ingredients. China is one of the largest producers of plant-based ingredients in the region due to the easy availability of raw materials in the country. In addition, growth in pharmaceutical, cosmetics, animal feed, and food & beverage industries is likely to propel the demand for plant proteins from developing economies such as China, India, Indonesia, Malaysia, and South Korea over the next few years.

Competitive Landscape

Some of the major key players in the algae protein market, globally includes Allmicroalgae, ENERGYbits Inc., Far East Bio-Tec Co., Ltd, Roquette Kl?tze GmbH & Co. KG, Myanmar Spirulina Factory, Heliae Development, LLC, among others.

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