ALGAE PROTEIN MARKET SET TO GROW TO $1.05BN BY 2028, SAYS NEW REPORT
The algae protein market is projected to reach a valuation of above $1.05 billion (€950m) by 2028, growing at a CAGR of 6% from 2022 to 2028, according to a recent report by Global Market Insights (GMI).
Currently estimated at $700 million (€638m), the report said that widespread usage of algae protein in food and beverage manufacturing in order to incorporate healthy lipids, insoluble fibre, and micronutrients is set to fuel market growth over the assessment period.
Algae proteins are used in processed, functional, and healthy foods and have high nutritional value in terms of amino acid quality, protein content, and nutritional acceptability, GMI said.
Prominent companies in the global algae protein industry and included in the report include Corbion NV, ENERGYbits Inc, Far East Bio-Tec Co., Ltd (FEBICO), Heliae Development LLC, Nutrex Hawaii Inc, E.I.D. Parry (India) Limited, Roquette Klotze GmbH & Co. KG, Allmicroalgae, and others.
The study noted the various uses for algae protein. For example, green micro algae are widely used in cosmetic formulations owing to their beneficial attributes, such as skin moisturization and regeneration effect, while Chlorella, which is a genus of single-celled green algae, has demonstrated positive results in eliminating toxins from the body as well as improving cholesterol levels.
It is rich in various nutrients like vitamin C, protein, vitamin B12, and iron. Soaring consumption of vitamin C to boost immunity and prevent the spread of the virus during the COVID-19 pandemic is likely to bolster product demand, the analysis said.
In 2021, the green algae segment was valued at more than $215m and is estimated to grow at about 6.5% CAGR to exceed $340m in revenue by 2028, fuelled by prevalent product uptake.
Meanwhile, the algae protein industry share from the powder dosage form segment was valued at around $355 million in 2021 and is primed to grow at a CAGR of nearly 6.5% between 2022 and 2028.
Widespread application in the food and beverage sector and nutraceutical supplements is anticipated to drive product adoption. In addition, chlorella powder is considered a superfood alga that consists of high amount of chlorophyll and offers various health benefits, such as promoting cleaning and detoxification of the body, which is foreseen to boost the growth of the segment over the review timespan.
Key reasons for algae protein market growth:
- Growing usage in cosmetic products.
- Prevalent uptake in food & beverage sector.
- High product demand in powder dosage form.
- Surging prominence in nutraceutical supplements.
Other growth in the sector will be attributable to the cosmetics market.
Europe to maintain top status in terms of revenue:
Based on region, the Europe algae protein market was valued at over $165 million in 2021 and is estimated to record considerable growth at above 6.4% CAGR through 2028 owing to the expanding cosmetics sector.
The report stated that burgeoning cosmetics sales in the region on account of rising beauty awareness and increasing disposable income among consumers is set to support market growth.
Furthermore, the proliferating domestic tourism industry has raised the demand for cosmetics and bakery products, which is forecast to further facilitate regional market progress in the future.
Finally, the onset of the Covid-19 pandemic also prompted research activities to identify effective solutions to combat the coronavirus infection. To that effect, some studies suggested that algal nutraceuticals could potentially act as immune boosters against Covid-19 and other viral illnesses, Global Market Insights found.
Subsequently, increasing importance of algal nutraceuticals, particularly spirulina-based products, has augmented consumer demand, which has played a vital role in industry expansion during the pandemic.
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