The algae protein global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Algae Protein Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size -
The
algae protein market size has grown rapidly in recent years. It will
grow from $3.50 billion in 2023 to $3.87 billion in 2024 at a compound
annual growth rate (CAGR) of 10.8%. The growth in the historic period
can be attributed to increase in demand for plant-based proteins, rise
in awareness of the environmental impact, increase in recognition of
algae's nutritional profile, increase in venture capital and government
funding for algae protein research and development, and increase in use
in food and beverage sector.
The algae protein market size is expected to see rapid growth in the next few years. It will grow to $5.86 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to expanding product applications, increasing consumer awareness and education, increasing regulatory support, rise in favorable policies and regulations promoting sustainable food sources, and increasing adoption of algae protein in emerging markets. Major trends in the forecast period include advancements in extraction technologies, adoption of genetic modification to create algae strains with higher protein content, integration of automation and artificial intelligence for monitoring, adoption of nanotechnology to enhance the bioavailability, and the development of new formulations.
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Scope Of Algae Protein Market
The Business Research Company's reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Algae Protein Market Overview
Market Drivers -
The
surge in the vegan population is expected to propel the growth of the
algae protein market going forward. The vegan population refers to the
group of people who follow a diet and lifestyle that excludes all animal
products and by-products. The surge in the vegan population is due to
increased awareness of animal welfare, health benefits, environmental
concerns, and the availability of plant-based food options. Algae
protein serves as a sustainable, nutrient-rich source of plant-based
protein for the vegan population. For instance, in April 2023, according
to the Plant-Based Foods Association, a US-based trade association
representing the plant-based food industry, in 2022, 70% of the total
U.S. population consumed plant-based foods, up from 66% in 2021.
Therefore, the surge in the vegan population will drive the growth of
the algae protein market.
Market Trends -
Major companies
operating in the algae protein market are adopting strategic
partnerships approach to develop innovative algae-based protein
products. Strategic partnerships help algae protein companies by
combining resources and expertise, enhancing research and development
capabilities, and accelerating commercialization. For instance, in
September 2022, Turtle Island Foods, a US-based vegan food manufacturer,
partnered with Triton Algae Innovations, a US-based plant-based protein
producer company. This partnership aims to commercialize new meat
alternatives made with Triton's protein-rich, non-GMO essential red
algae. Triton uses a process to stimulate its green algae (Chlamydomonas
reinhardtii) to turn red and produce heme, giving the algae a unique
nutritional and functional profile. The whole algae ingredient
(Essential Red) contains 40-50% protein, minerals, and carotenoids such
as astaxanthin and beta-carotene.
The algae protein market covered in this report is segmented –
1) By Type: Microalgae, Macroalgae
2) By Source: Freshwater, Marine
3) By Application: Dietary Supplements, Human Food, Animal Feed, Pharmaceutical, Other Applications
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Regional Insights -
Asia-Pacific
was the largest region in the algae protein market in 2023. North
America is expected to be the fastest-growing region in the forecast
period. The regions covered in the algae protein market report are
Asia-Pacific, Western Europe, Eastern Europe, North America, South
America, Middle East, Africa.
Key Companies -
Major companies
operating in the algae protein market are Roquette Freres SA,
E.I.D-Parry Limited, Corbion NV, Now Health Group Inc., Rainbow Light
Nutritional Systems, Far East Bio-Tec Co. Ltd., Cyanotech Corporation,
Heliae Development LLC, Earthrise Nutritionals LLC, Algenol Biotech LLC,
Algenuity Limited, Triton Algae Innovations Ltd., AlgaEnergy, Prairie
Naturals, ALGAMA Foods, Qualitas Health Inc., ENERGY bits Inc. , Vimergy
LLC, AlgoSource SA, Aliga ApS, Pond Technologies Holdings Inc.,
Seagrass Tech Private Limited, EnerGaia Pte Ltd., GreenCoLab, Phycom BV
Table of Contents
1. Executive Summary
2. Algae Protein Market Report Structure
3. Algae Protein Market Trends And Strategies
4. Algae Protein Market – Macro Economic Scenario
5. Algae Protein Market Size And Growth
…..
27. Algae Protein Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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