Algae proteins Market are protein which are derived from marine algae as well as fresh water algae by extracting, harvesting, and drying the algae. They have an extremely nutritious profile due to the good quality of amino acids and high protein content and hence are used in the preparation of animal feeds, dietary supplements, and food beverages. Algae protein is marketed as being effective in encouraging weight loss and prevention heart diseases, diabetes, and fatigue.
Market Dynamics - Algae Protein Market
High nutritional value and the growing acceptance of naturally-derived food products and health supplements, owing to the growing number of health-conscious consumers and constant growth in population, are some of the key drivers for the growth of the algae protein market. The increasing vegan population is another key factor responsible for the growth of the market. Furthermore, with rising awareness about the various health benefits of vegan diets, the number of people adopting vegan lifestyles are increasing across the globe.
Economic Impact of COVID-19 on Algae Protein Market
The exclusive COVID 19 impact analysis provides an analysis of micro and macro-economic factors on the algae protein market. In addition, complete analysis of changes in food & beverage industry, economic and international policies on supply and demand side is included in the report. The report also studies the impact of the pandemic on global economies, international trade, business investments, GDP, and marketing strategies of key players present in the market.
Algae Protein Market- Segmental Overview
The study analyses the global algae protein market based on product, source, application, and geography.
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Algae Protein Market by Product
Spirulina and chlorella are the major product of algae protein. Spirulina is named as a superfood and one of the most nutrient-rich foods on Earth. It contains around 55% to 70% protein. Increase in the demand for cyanobacteria due to their contribution in weight decrease and growing number of health clubs and fitness centres are anticipated to boost growth of the spirulina market in the forecast period.
Algae Protein Market by Source
Fresh water and marine water are the major sources of algae protein. Freshwater algal protein is majorly derived from spirulina, which is a blue-green alga (cyanobacterium) and is a highly rich source of protein that contains all essential amino acids and minerals. Growing awareness regarding health benefits of algal protein and consumer preference for numerous algal protein-based foods are the main factors for driving the market. Marine algal protein is mainly derived from seaweeds and is extensively 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
Algae Protein Market by Application
The market finds application in dietary supplements, food products, animal feed, and others. Dietary supplements held a lion’s share in the market. Increasing ingesting of junk food products and progressively busy lifestyles have resulted in a lesser intake of required nutrients, particularly among the millennial population. Furthermore, changing food habits have been leading to obesity and other serious health issues. So, to maintain the required nutritional intake, consumers are opting for nutraceutical products since they are easy to consume and offer high nutrition value.
Algae Protein Market Key Players
The key competitor of the market includes Cyanotech Corporation, Earthrise Nutritional, Far East Bio-tech Co. Ltd., E.I.D. –Parry Limited, ENERGYbits Inc., Rainbow Light, NOW Foods, Prairie Naturals, Vimergy LLC, among others.
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