Key Drivers and Market Size for Algae Protein Globally in 2024

The Algae Protein Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Algae Protein Global Market Report 2024, 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.

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.

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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

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 report table of contents includes:

1. Executive Summary
2. Algae Protein Market Characteristics
3. Algae Protein Market Trends And Strategies
4. Algae Protein Market - Macro Economic Scenario
5. Global Algae Protein Market Size and Growth..

...

32. Global Algae Protein Market Competitive Benchmarking
33. Global Algae Protein Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Algae Protein Market
35. Algae Protein Market Future Outlook and Potential Analysis
36. Appendix

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