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Global Algal Proteins Market 2021: By Form (Powder, Liquid), By Source (Marine Algae, Fresh Water Algae), By Product Type (Spirulina, Chlorella, Phytoplankton), By Nature (Conventional, Organic), By End-use Industry (Food and Beverage, Dietary Supplements, Animal Feed, Cosmetics & Personal care), By Distribution Channel (Direct, Indirect)Global Algal Proteins Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by Trusted Business Insights. The global algal proteins market report has been segmented on the basis of form, source, product type, nature, end-use industry, distribution channel, and region.Request Covid - 19 Impact The Global Algal Proteins market size was valued at USD $573.2 Million in 2020, USD $617.63 Million in 2021, forecasted to reach USD $665.49 Million in 2022, and is projected to reach USD $1167.6 Million by 2030, and is anticipated to expand at a CAGR of 7.75% over the forecast period from 2020 to 2030.
Global Algal Proteins Market: OverviewAlgal proteins are obtained from different types of algae and contain higher nutritional value including essential amino acids, protein, and appropriate nutritional acceptability. Some of the major functional properties of algal include water absorption and fat absorption capability, gelation, foaming capacity, emulsification capacity, among others. In addition, algae are easy to cultivate and grow rapidly and it is possible to control production of some specific compounds by manipulating the cultivation conditions. Consumers benefit from a healthy dosage of fat and fiber with each serving of algal proteins. Normally, Spirulina or Chlorella microalgae species are consumed. Companies are producing algal proteins via fermentation as they can secure sustainable production processes. These processes can offer twice as much protein as compared to pea, soy and rice proteins.
Algal Proteins Market: Driving and Hampering ElementsIncreasing R&D activities by major players for development of alternative sources of protein, coupled with manufacturers approach towards adoption of algal in production of nutritional products in order to cater the ongoing demand for high protein among consumers are major factors expected to drive growth of the global market. In addition, flourishing cosmetic industry and increasing adoption of algal by manufacturers as a harmless and efficient natural protein ingredient in cosmetic products is another factor expected to support growth of the target market to certain extent. Risk of cardiovascular diseases and non-alcoholic fatty liver diseases can be lowered by consuming algal proteins by improving blood lipid profiles. Increasing demand for algal proteins from pharmaceutical manufacturers, owing to its various health benefits is another factor expected to further support growth of the market. Rising vegan population and increasing demand for alternative sources of proteins other than dairy products or non-vegetarian food are factors expected to spur demand for algal proteins and fuel growth of the target market. However, stringent government regulations related to product approvals is a major factor that could hamper growth of the global market.
Opportunities and TrendsIncreasing investments by some of the prominent players for technological advancements and R&D activities in order to develop innovative products is expected to present new revenue opportunities for manufacturers and raw material suppliers operating in the global market over the next few years. Key trend in the global market is that manufacturers are focusing on offering the products on online retails platforms to expand their customer base, which is expected to further support market growth.
Segment Analysis By Source:Among the source segments, the spirulina segment is expected to account for a dominant share in terms of value in the target market.
By Nature:Among the nature segments, the organic segment is anticipated to grow at a substantial growth rate over the 10-year period. The conventional segment is expected to account for the highest revenue share owing to its cost-effectiveness.
By End-use Industry:Among the end-use industry segments, the food & beverage segment is expected to dominate in the target market and is projected to continue to dominate over the next few years. The dietary supplements segment is anticipated to register notable growth rate owing to rapidly growing demand for dietary supplements in various countries across the globe.
Algal Proteins Market: Region AnalysisThe market in North America is estimated to account for the largest revenue share in the global algal proteins market. This is attributable to growing cosmetics and personal care products industries, combined with increasing demand for algal proteins these industries for production of cosmetics and personal care products. In addition, high adoption of algal proteins by food industry as it is a rich source of proteins, and presence of large number of prominent manufacturers of algal proteins in countries in the region are other factors expected to support growth of the NA algal proteins market. The Europe market is estimated to account for a considerable growth rate, owing to growing merger and acquisition activities between regional and international players in this region. The APAC market is expected to witness higher growth rate, owing to increasing demand from manufacturers of animal feed products, growing food and cosmetics & personal care products industries, and rising number of prominent players in economies such as China and India in the Asia Pacific.
Below are the leading companies profiled in this Algal Proteins Market Report:
Chapter 1 Methodology and Scope