May 22, 2020
As per the report titled ‘Algae Protein Market Size By Source, By Product, By Dosage Form, By Application Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026’, available with Market Study Report LLC, global algae protein market is expected to register strong CAGR through 2026.
Inclination towards protein consumption owing to changing lifestyle and growing health consciousness is driving the growth of global algae protein market. Algae is rich source of antioxidants, protein, omega-3 and essential fatty acids. This factor coupled with various health benefits including improved digestion, protection against oxidative damage, and enhanced muscle repair & building are fueling the product demand. Algae protein is used in protein powders and shakes made with plant-based protein to fulfill the protein and nutritional requirements of the body.
Nutritional products with algae protein are a better choice in comparison to animal-based sources as they are packed with high-density proteins resulting in higher performance. Moreover, they are easily digestible and are free from allergens like dairy, soy, and gluten.
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Elaborating on the source type, seaweed segment is categorized into brown algae, red algae, and green algae, wherein, brown algae share is projected to register 6% CAGR during the forecast period. Increasing use of brown algae in production of dietary supplements, along with its application in conditions such as obesity, cancer, stress, heart disease, high cholesterol, and arthritis are fueling the segment growth.
Based on the product type, the market is classified into spirulina, chlorella, and others. Other product segment is slated to exhibit a CAGR of 3%, owing to growing use of algae in pharmaceutical, cosmetic, and food industries.
Speaking of the application spectrum, protein drinks segment from food & beverage application is likely to expand at 6% CAGR over the analysis timeline. Escalating demand for protein shakes among gym professionals and athletics is supporting the growth of segment.
With respect to the dosage form, algae protein market is split into powder, capsules, liquid, and others. Liquid segment is poised to notice a sluggish growth as algae protein powder and capsules are more popular among the consumers. Whereas, other dosage segment held 11% market share in 2019.
Considering the geographical landscape, MEA algae protein market is anticipated to see a sizeable growth during 2020-2026, owing surging awareness regarding wide application scope of algae protein in the region.
Major players operating in algae protein market are Heliae Development LLC, Corbion NV, ENERGYbits Inc., Roquette Klötze GmbH & Co. KG, Far East Bio-Tec Co., Ltd., Nutrex Hawaii Inc., Myanmar Spirulina Factory, Allmicroalgae, TerraVia Holdings, Inc., Phycom Microalgae, Cyanotech Corporation, and Earthrise Nutritionals LLC.