The seaweed protein market grows 6% CAGR by 2028, says Global Market Insights Inc.

Algae proteins have a high nutritional value in terms of amino acid quality, protein content and nutritional acceptability. These proteins offer great economic potential for use in processed, functional and healthy foods. The widespread use of algae proteins in food and beverage manufacturing to incorporate healthy lipids, insoluble fiber and micronutrients is expected to fuel market growth during the evaluation period.

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Green microalgae are widely used in cosmetic formulations for their beneficial properties, such as skin hydration and regenerating effect. Chlorella, which is a genus of unicellular green algae, has shown positive results in eliminating toxins from the body and improving cholesterol levels. It is rich in various nutrients such as vitamin C, protein, vitamin B12 and iron. The soaring consumption of vitamin C to boost immunity and prevent the spread of the virus during the COVID-19 pandemic is likely to boost demand for products. In 2021, the green algae segment was valued more than 215 million dollars and it is estimated that it will grow by about 6.5% CAGR to be overcome 340 million dollars revenue by 2028 fueled by prevalent product adoption.

Meanwhile, the algae protein industry’s share from the powder dosage forms segment has been estimated to be around 355 million dollars in 2021 and is poised to grow at a CAGR of nearly 6.5% between 2022 and 2028. Widespread application in the food and beverage industry and nutraceutical supplements is expected to drive adoption of the product. In addition, Chlorella powder is considered a superfood algae made up of a high amount of chlorophyll and offers various health benefits, such as promoting cleansing and detoxification of the body, which is expected to increase segment growth in the review period.

Key reasons for Growth of the algae protein market:

1. Increasing use in cosmetic products.

2. Mainly diffused in the food and beverage sector.

3. High demand for product in powder dosage form.

4. Increasing prominence in nutraceutical supplements.

Forecasts for 2028 show that the “cosmetics” segment maintains its dominant position:

From an application point of view, the cosmetics segment is destined to surpass 130 million dollars in revenue by 2028. Algae proteins are widely used as moisturizing and thickening agents in cosmetics to improve skin’s proficiency against tanning and abrasions. The shift in consumer preferences towards algae proteins, coupled with the growing demand for natural cosmetics and the growing awareness of beauty among the young and elderly population, would increase the application of the product in cosmetics, which is hypothesized to promote segmental development. in the next years.

Europe to maintain leading status in terms of revenue:

Depending on the region, the Europe the algae protein market was valued above 165 million dollars in 2021 and is expected to experience substantial growth above 6.4% CAGR through 2028 due to the expansion of the cosmetics sector. The increase in cosmetics sales in the region due to the growing awareness of beauty and the increase in disposable income among consumers is expected to support the growth of the market. In addition, the proliferation of the domestic tourism industry has increased the demand for cosmetics and baked goods, which are expected to further facilitate the progress of the regional market in the future.

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Impact of the COVID-19 pandemic on algae protein market:

The onset of the COVID-19 pandemic has prompted research efforts to identify effective solutions to combat coronavirus infection. To this end, some studies have suggested that algal nutraceuticals could potentially act as immune boosters against COVID-19 and other viral diseases. Subsequently, the growing importance of algal nutraceuticals, particularly spirulina products, has increased consumer demand, which played a vital role in the expansion of the industry during the pandemic.

Main market players:

Prominent companies in the global algae protein industry include Corbion NV, ENERGYbits Inc, Far East Bio-Tec Co., Ltd (FEBICO), Heliae Development LLC, Nutrex Hawaii Inc, EID Parry (India) Limited, Roquette Klotze GmbH & Co. KG, Allmicroalgae and others.

About Global Market Insights Inc.

Global Market Insights Inc., based in Delaware, USA, is a global market research and consulting services provider. By offering syndicated and customized research reports, growth consulting, and business intelligence services, Global Market Insights Inc. aims to help clients with insightful insights and actionable market data that aid in strategic decision making.

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SOURCE Global Market Insights Inc.

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