2024 Market Report by Kings Research "Algae Protein Market Size, Share Ranking, Overall Sales and Demand Forecast 2024-2031" provides an extensive examination of Tube Packaging market attributes, size assessments, and growth projections through segmentation, regional analyses, and country-specific insights, alongside a scrutiny of the competitive landscape, player market shares, and essential business strategies.
Algae Protein Market was valued at USD 954.2 Million in 2023 and is projected to grow from USD 1,002.3 million in 2024 to USD 1,483.9 million by 2031, exhibiting a CAGR of 5.77% during the forecast period.
Market Definition:
The market encompasses the production and commercialization of protein derived from various species of algae, notably microalgae and macro algae. This market is driven by the growing demand for sustainable, plant-based protein sources that offer high nutritional value.
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Key Players Algae Protein :
- Corbion
- Cyanotech Corporation.
- ALGAMA FOODS
- E.I.D. - Parry (India) Limited
- Earthrise Nutritionals LLC
- dsm-firmenich
- BASF
- International Flavors Fragrances Inc.
- Cargill, Incorporated
- Algatech LTD
- Nutrex Hawaii
- DIC CORPORATION
- Algaia
- Green Plains Inc.
- algaeplanet.com
Recent Developments:
In May 2023, Cyanotech announced a partnership with Symbrosia to grow its proprietary strain of seaweed for sustainable algae production. This collaboration aims to enhance the cultivation of algae for protein, omega-3, and other nutrients, supporting Cyanotech’s growth in the market. The partnership emphasizes sustainability and the development of innovative solutions for the food and nutrition industries, helping meet the increasing demand for eco-friendly protein alternatives.
Key Growth Drivers:
Health and Wellness Trends: Consumers are increasingly seeking natural and nutrient-dense food options to support holistic health. Algae protein's high bioavailability and comprehensive nutrient composition make it a preferred choice among health enthusiasts.
Sustainability Concerns: The environmental impact of conventional livestock farming has prompted a shift towards eco-friendly protein sources. Algae cultivation offers a lower carbon footprint, aligning with global sustainability goals.
Technological Advancements: Innovations in algae cultivation and processing technologies have enhanced production efficiency and product quality, making algae protein more accessible and appealing to a broader consumer base.
Regional Insights:
North America: Accounting for approximately 29.7% of the global market share in 2024, North America's growth is fueled by rising health awareness and a strong demand for plant-based proteins. The U.S. market alone is projected to grow at a CAGR of 3.9% from 2025 to 2030.
Europe: With a projected CAGR of 4.7% from 2025 to 2030, Europe's market expansion is driven by stringent sustainability regulations and a growing consumer base favoring plant-based diets. Countries like Germany and the UK are at the forefront, investing in research and development to optimize algae protein production.
Asia Pacific: Representing 22.4% of the global market share in 2024, the Asia Pacific region is poised for rapid growth. Traditional consumption of algae in countries like China and Japan, combined with increasing health consciousness, propels the demand for algae protein. China holds a significant share, accounting for 34.3% of the Asia Pacific market in 2024.
Future Outlook:
The algae protein market is poised for sustained growth, driven by continuous innovations, expanding applications, and a global shift towards sustainable and health-centric consumption patterns. As consumer awareness and technological advancements converge, algae protein is set to become a cornerstone in the future of nutrition.
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