DUBLIN, June 14, 2023 /PRNewswire/ — The “Global Algae and Seaweed Protein Market” report has been added to ResearchAndMarkets.com’s offering.
The global market for algae and seaweed protein was valued at $904.7 million in 2022 and is expected to reach $1.3 billion by the end of 2028, at a CAGR of 6.8% from 2023 to 2028. The Asia-Pacific region accounts for the largest share of the global market, while the North American market is projected to show the highest CAGR, at 7.7%, during the forecast period.
The global market is segmented into microalgae and seaweed/macroalgae. In 2022, the microalgae segment accounted for 88.1% of the global market, and is expected to have a CAGR of 7.0% during the forecast period.
By application, the global market is segmented into food and beverages, dietary supplements, animal feed and other segments. In 2022, the food and beverage segment accounted for the largest share of the market. The dietary supplements segment is projected to have the highest CAGR during the forecast period, at 7.8%.
Demand for algae and seaweed protein will increase over the forecast period due to factors such as the growing number of vegans, higher product use in food and beverage applications, and growing consumer awareness of the benefits of a healthy lifestyle.
The main factors driving the expansion of the algal protein market are the rising demand for naturally produced foods and health supplements, an increase in the number of health-conscious customers, and the continuing increase in the world population.
The COVID-19 epidemic has had only a minor impact on the market for algal protein. Growing consumer demand for dietary supplements made from algae, particularly those made from spirulina, fueled industry expansion throughout the pandemic.
The report also discusses the major players in each regional market. The report concludes with a focus on the competitive landscape and includes profiles of the major vendors.
Company profiles of the leading global players, including Algenuity Ltd., Arizona Algae Products LLC, Corbion N.V., DIC Corp., E.I.D. Parry (India) Ltd., Earthrise Nutritionals LLC, Nutrex Hawaii, Seaweed & Co., and Tianjin Norland Biotech Co., Ltd.
Report Includes
Estimated Market Value (USD) in 2023
Forecasted Market Value (USD) by 2028
$1338.4 Million
Chapter 1 Introduction
Chapter 2 Summary and Highlights
Chapter 3 Industry Overview
Chapter 4 Esg Perspective
Chapter 5 Market Dynamics
Chapter 6 Market Breakdown by Type
Chapter 7 Market Breakdown by Application
Chapter 8 Market Breakdown by Region
Chapter 9 Patent Review
Chapter 10 Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/r/jfqp0o
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