Individuals around the world are increasingly becoming health conscious and prefer healthier food options. As a result of this, the demand for protein sources such as algae protein, have increased. Additionally, consumers are looking for food products from which they can get additional nutritional value. Against this backdrop, products that contain all the major nutrients such as protein, vitamins, and minerals, are in demand.
Algae protein is among the rare protein sources in which all the essential amino acids, required for a healthy diet, are present. Recent years have witnessed an unprecedented demand for plant-based foods and products due to growing animal welfare concerns. This has led to major industries such as cosmetics, animal feed, and pharmaceuticals adopting algae protein as raw material. In this business scenario, the global algae protein market is projected to undergo robust expansion over the forecasted period.
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Increased Consumption of Algae Protein as a Supplement Aids in Market Expansion
Over recent years, the consumption of algae protein as a supplement has significantly increased. Algae protein has proven to be effective in weight loss, relieve fatigue and anxiety, treating diabetes, attention deficit-hyperactivity disorder (ADHD), and premenstrual heart diseases among others. Algae has high omega-3 content and essential fatty acids, nutrients that are great for brain and heart health, and reduce inflammation. In addition to this, the antioxidants in algae have a positive effect on the immune system. Algae protein is available in various forms such as powder, liquid, capsules, and pastes. This factor is also contributing to the rising demand for algae protein. Considering this, the global algae protein market is projected to reach new levels of growth over the forecast period.
Paced Demand for Healthy Food and Drinks to Stimulate Market Growth
The global algae protein market is experiencing a major boost from the food and beverage industry. Functional drinks with algae protein and chlorella ingredients are gaining significant traction owing to their health benefits and refreshing taste. In order to meet this burgeoning demand, key industry players are investing in advanced food fortification technologies. Besides this, after receiving recognition from prominent food regulatory bodies, spirulina is being increasingly adopted as a functional food. Spirulina algae contain a large amount of protein, making it a perfect ingredient for various functional foods and beverages. It is predicted that the growing demand for healthy food and beverages will unlock novel growth opportunities for the algae protein market.
North America to Lead Global Protein Market Owing to Growing Demand for Nutraceutical
North America is projected to sustain its dominance in the global algae protein market over the forecast period. This is mainly attributed to growing demand for algae protein from the food industry and increased dietary supplements. Additionally, the rising fitness awareness among individuals is also improving the growth prospects for the regional market. This trend is expected to remain steady with the heightened demand for nutraceuticals due to increased focus on preventive healthcare. Other key drivers include growing dietary supplement consumption, stringent regulations against synthetic food colouring, presence of spirulina manufacturers.
Leading Market Players
Some of the major players in the algae protein market include Cyanotech Corporation, Tianjin Norland Biotech Co. Ltd, NB Laboratories,Taiwan Chlorella Manufacturing Company Ltd, C.B.N. Bio-engineering Co. Ltd, Sun Chlorella Corporation, Far East Microalgae Industries Co. Ltd, Algenol Biotech, Fuqing King Dnarmsa Spirulina Co. Ltd, and Gong Bih Enterprise Co. Ltd.
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