Algae Protein Market Trends

Growth Drivers

• Growing Food System Crisis - The food supply chain accounted for about 40% of the world's arable land and approximately 25% of all human greenhouse gas emissions in 2022. Using, sea grasses and algae for food could aid in the preservation of onshore and offshore ecosystems. Ocean conservation is essential for reducing the impacts caused by climate change. Up to 49% of all carbon dioxide emissions from fossil fuels are already absorbed by the ocean, 20 times more than are absorbed by all other land sources combined. Seaweed farming could aid in protecting these increasingly threatened habitats.
• Rise in Population - According to UN estimates for 2022, the world's population might reach 8.5 billion people in 2030 and 9.7 billion by 2050. The population is predicted to peak at 10.4 billion people in the 2080s and stay there until 2100. Hence, global food demand is increasing as a result of this development and also rising earnings in developing nations, which affect people's diets by making them eat more meat and protein.
• Surge in Vegan Population - Across the world, there were about 80 million vegans in September 2021, or slightly more than 1% of the population.
• Growth in Fish Farming - The total number of fish growers and fishermen in the globe in 2020 was about 57 million.

• Upsurge in Geriatric Population - According to the World Health Organization, one in six individuals worldwide would be 60 or older by the year 2030. From 1 billion people in 2020 to 1.4 billion people at this point, more people would be 60 years of age or older. Hence, the demand for algae protein is estimated to increase. Elderly persons are estimated to have chronic diseases and may have more difficulty getting the nutrients they need from their diet. As a result, functional foods made from algae may help enhance nutrient intake without adding more calories. This is important for middle-aged adults, since they tend to become less active and do not expend as much energy as they once did, which could also lead to various age-related ailments. Algae create a wide range of biologically active substances that are unique to them and may not be found in other species. They have also been mentioned in relation to potential medical applications. As a result, they are highly promising as a source of useful components.

Challenges

• Presence of Substitute
• High Cost for Algae Products - The extraction, concentration, and purification help enhancing up the production, which is typically expensive. Algal formulation is necessary for subsequent application after extraction and purification. The intended usage would also affect its formulation. Complex procedures are involved in the formulation, which raises manufacturing costs and limits the participation of local and regional competitors in the market for algae products.
• Sensitive Production for Algae Protein