Global Algal Protein Market: Introduction
Algae is one of the simplest and abundant forms of plant life, ranging from single cell microalgae to largest seaweeds. Algae produce products like biodiesel, protein, fats, carbohydrate and other. Algae contain 10% to 50% of protein depending upon their sizes. Chlorella, type of algae, contains 58g of protein in 100g of it. Due to high protein content, algal protein is gaining preference as a plant protein alternative. Algal protein is rich in vitamins, minerals, and carotenoids that help the cells from damage. Algal protein boosts the immune system, improve digestion, reduce fatigue, build endurance, acts as the detoxifier, boosts energy levels, controls appetite, improves cardiovascular function, reduces inflammation and allergies and helps in better functioning of liver and kidneys. Algae protein contains omega-3 fatty acids which prevent several diseases like atherosclerosis, thrombosis, arthritis, cancers, etc. The omega-3 fatty acids include Docosahexaenoic acid (DHA) and Eicosapentaenoic acid (EPA). Algae contain protein with essential amino acids, which is involved in the metabolic processes like enzyme production. Hence, high demand is observed for algae products from the food & feed industry in the market.
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Global Algal Protein Market: Segmentation
The global market for algal protein can be segmented on the basis of type, application, distribution channel, and geography.
On the basis of type, algal protein can be segmented into chlorella and spirulina which are commercially available. One bowl of spirulina contains 64g of protein.
On the basis of application, algal protein market is segmented into dietary food, feed industry, the pharmaceutical industry, and cosmetics industry. The dietary industry holds a maximum share of market compares to others due to the high content of protein.
Algal protein market is further segmented on the basis of distribution channel into the direct and indirect channel. Indirect channel is further segmented into modern trade, specialty stores, convenience stores, commercial, online retailers, and other retailing formats. Of them, specialty stores segment is estimated to hold the maximum of the market by the end of 2017.
Global Algal Protein Market: Drivers and Restraints
Demand for protein globally is driven by socio-economic changes such as rising incomes, increased urbanization, and aging populations whereby the contribution of protein to healthy aging is increasingly recognized and recognition of the role of protein in a healthy diet. Economic development and increased urbanization are leading to major transitions in population-level dietary patterns in low and middle-income countries in particular, such that most of the global increases in demand for foods of animal origin are seen in developing countries.
The algae production requires a high-level of sterility, which also makes it an expensive procedure. Another cause of concern is that it’s intake as a dietary supplement may lead to indigestion or allergic reactions in humans.
Algal Protein Market Regional Outlook
The global confectionery panned product market is segmented on the basis of geography, into key four regions viz. North America, Europe, Asia Pacific, and rest of the world. Presence of a large number of leading international protein producer and higher protein consumption will continue to account for the top market position of North America, especially the U.S. Europe will be another major market, led by the U.K. and Germany. APAC, predominantly China and India, is however expected to emerge at the fastest rate over 2017-2027. This growth is attributed to soaring influence of the Western lifestyle and awareness about health benefits of the protein product.
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Algal Protein Market Key Players:
With the increasing consumer demand for algal protein, more and more manufactures are emerging in the global algal protein market and some of the key players participating in the global algal protein market includes; The Nutrex Hawaii Inc., Cyanotech Corporation, Heliae Development LLC, Allma, Far East Bio-Tech Co., Rainbow Light Nutritional System, TerraVia Holdings Inc and many other.