Algal protein is the protein derived from several algae grown in both marines as well as fresh waters. Marine algal protein is majorly derived from seaweeds and is widely used as a substitute for animal protein such as whey protein. The algal protein derived from marine waters consists of about 60% protein by weight which is high when compared to animal protein. Freshwater algal protein is majorly derived from spirulina, which is a cyanobacterium (Blue-green algae) and is a highly rich source of protein that contains all essential amino acids and minerals. Increasing awareness regarding health benefits of algal protein and consumer preference for various algal protein-based foods are the major factors for driving the market.
Algal protein market is segmented on the basis of product form, type, application, and distribution channels. On the basis of product form, algal protein market is segmented into powder and liquid forms. Amongst all the segments, powder segment accounts for major revenue share and is expected to register significant growth during the forecast period.
On the basis of product source, algal protein market segments include marine and fresh water algae. Among both segments, fresh water algae segment holds the major share and is expected to register a significant growth during the forecast period. Due to increasing demand for fresh water algae, growers are improving existing methods of aquaculture by providing sterilized water, nutrients, oxygen, and carbon dioxide at the appropriate rates to the algal plants.
On the basis of product type, algal protein market segments include spirulina, chlorella and other algae. Among all the segments, spirulina segment holds the major share and is expected to register a significant growth during the forecast period.
On the basis of application, algal protein market is segmented into food and beverages, nutritional and dietary supplements, animal feed, and cosmetics & personal care products. Among all these segments, nutritional and dietary supplements segment accounts for major share due to a historically high usage. Furthermore, use of algal protein as a natural food colorant is a major driver for the global market.
On the basis of distribution channel, it is segmented into direct and indirect sales. The indirect sales segment is further sub-segmented into wholesaler, trader and retailer. Among the various retail segments, increasing online sales are a major factor driving the market as online medium substantially reduces the distribution and marketing costs of small-scale producers.
The algal protein market in North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Japan, and MEA is covered in the report. North America accounts for major revenue share of global algal protein market, followed by Europe and is expected to register a moderate growth over the forecast period. The market in Asia Pacific is expected to accounts an increase in demand for natural food additives and dietary supplements.The U.S. market is one of the major suppliers of algal protein. Consumption of algal protein in this region is rapidly growing due to increasing consumer preference for plant based dietary supplements.
Increasing awareness among consumers regarding algae proteins such as spirulina for its health benefits is a major factor driving the global algal protein market. Algal protein as a natural substitute for animal proteins such as whey protein and gelatin is attracting the target group which is allergic to whey protein and vegetarian.
Some of the key players participating the global algal protein marketinclude TerraVia Holdings, Inc., Nutress BV, Nutrex Hawaii Inc., Cyanotech Corporation, Far East Bio-Tec Co., Ltd., Earthrise Nutritionals LLC, and Rainbow Light Nutritional Systems, Inc.