Published Date: 30-Nov-2022
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According to a new report, published by KBV research, The Global Algae Protein Market size is expected to reach $4.4 billion by 2028, rising at a market growth of 8.1% CAGR during the forecast period.
The Macroalgae segment is showcasing a CAGR of 11.7% during (2022 - 2028). It is because macroalgae are bigger or macroscopic and resemble plants in their form. Due to their size, macroalgae have a greater capacity to detoxify pollutants, since their bigger surface area may give a wider biosorption area for the toxins. In addition, macroalgae are the primary feedstocks for renewable energy sources including bioethanol, biodiesel, and biogas.
The Freshwater segment acquired maximum revenue share in the Global Algae Protein Market by Source 2021 thereby, achieving a market value of $3.2 billion by 2028. Increasing demand for chlorella and spirulina from the nutraceuticals and pet food sectors is anticipated to fuel expansion in the freshwater algae segment over the projected period. In streams and rivers, freshwater algae are observed growing underwater on rocks and dirt. Typically, they are more plentiful in slow-moving streams than in swift-moving rivers.
The Dietary Supplements segment has shown the growth rate of 7.1% during (2022 - 2028). The expansion of the nutraceuticals industry in India, China, and Japan due to increased health supplement use is anticipated to increase demand for the product throughout the forecast period. In powder, liquid, tablet, paste, and capsule form, chlorella, and spirulina are two of the most popular algae-based protein nutritional supplements in the area and worldwide.
The Asia Pacific market dominated the Global Algae Protein Market by Region 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2.7 billion by 2028.The Europe market is exhibiting a CAGR of 8.9% during (2022 - 2028). Additionally, The North America market would showcase a CAGR of 8.4% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/algae-protein-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Cyanotech Corporation, E.I.D. Parry Limited (Murugappa Group), Rainbow Light Nutritional Systems, LLC (The Clorox Company), Corbion N.V., DIC Corporation, NOW Foods, Inc., ENERGYbits, Inc., Vimergy LLC, and Far East Microalgae Industries, Co., Ltd.
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