Algae Protein Market Share

APAC Market Statistics

The Asia Pacific algae protein market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2037, backed by rising demand for vegan food, along with surge in awareness among people regarding health and wellness. India would have about 1 billion residents as of 2022, second only to China, which would have approximately 2 billion people. Moreover, about 23% of Indians are severe vegetarians, approximately 8% are vegans, and about 7% are pescatarians. Moreover, algae protein has increased in popularity owing to the rising demand for protein powders and nutritional supplements. Additionally, macroalgae have been used by other indigenous groups and in Asian cuisine for ages. Currently, bread, beverages, and candies all contain macro- and microalgae in the form of pills and powder. Microalgae are not only employed as animal feed, despite the fact that some aquaculture species, such as mollusks, depend on them for sperm production.

North American Market Forecast

The North America algae protein market, amongst the market in all the other regions, is projected to grow with the highest CAGR during the forecast period. The US has a growing vegan population and rising demand for plant-based meat, much as every other region owing to factors such as health, environment and ethical region. As consumers search for alternatives to meat and dairy-based proteins, plant-based proteins have grown in popularity in the US and Canada. This has fueled the expansion of the North American algae protein market. Moreover, a large number of people play sport in this region. Hence, the need for supplements containing powdered algal protein would increase since athletes must achieve their protein intake goals. The market expansion is also accelerated by an increase in the use of plant-based derivatives to improve skin health. Also, since more people in this region are overweight, the adoption of plant-based derivatives is increasing.

Europe Market Forecast

Additionally, the market in the Europe region is also estimated to grow significantly over the forecast period, backed by consumer demand for alternative protein sources, which is increasing in the region. Moreover, since algae is ideally suited to the expanding trend towards healthier and more naturally functioning meals, it is anticipated to flourish in the coming years owing to its diverse uses. However, to change consumer preconceptions, it would be essential to educate them about the nutritional advantages of algae. Hence, in order to increase consumer acceptance, businesses are placing a major emphasis on taste, for instance by pairing algae with well-known flavours. This is since many European customers are not yet accustomed to eating algae outside of sushi.