Global Algae Protein Market will be worth USD886.802 million in 2024

Knowledge Sourcing Intelligence announces the publication of a new report on “Global Algae Protein Market - Forecasts from 2019 to 2024" to their offering.

Algae emerged as a new alternative for food and are cultivated globally utilized for providing human nutrition. This is due to the fact that algae hold a strong potential in being cultivated in areas that are not suitable for growing plants, thus, they are not affected by seasonality. At present, most commonly consumed algae proteins are from the Chlorella and Spirulina due to their rich protein content and other bioactive compounds. Algae protein is further utilized as a feed supplement in aquaculture and poultry industries too apart from being used for human nutrition supplements.

This report provides forecast and analysis of the global algae protein market which is estimated to witness a high compound annual growth rate of 6.85% between 2018 to 2024. This market growth is attributed to the growing population and increasing the demand for proteins and protein-rich food. Also, the growing popularity of algae-based protein is due to the high-protein content of algae comprising of around 50% to 60% of protein content compared to other plant-based protein sources like soybean. Furthermore, growing consumer awareness regarding the protein intake with the changing dietary patterns is fueling the market demand during the forecast period. Geographically, North America is expected to hold a significant market share followed by the Asia Pacific region to be the fastest-growing. Additionally, with the growing trend towards the consumption of alternative sources of protein apart from animal protein is further impacting the market growth in a positive manner. However, the wide availability of cheaper substitutes may pose a risk in hampering the growth of the global algae protein market in the forecast period.

Some of the major players covered as part of the report are Cyanotech Corporation, Far East Bio-Tec Co., Ltd., and Algatechnologies Ltd. among others.

This report segmented the global algae protein market on the basis following terms:

• By Type
o Spirulina
o Chlorella
o Seaweed
o Others

• By End-User
o Dietary Supplements
o Food Items
o Animal Feed
o Pharmaceuticals
o Cosmetics and Personal Care

• By Geography
o North America
o South America
o Europe
o Middle East and Africa
o Asia Pacific

Purchase complete report or request sample: www.knowledge-sourcing.com/report/global-algae-protein-market

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Knowledge Sourcing Intelligence (KSI) is a market research and consulting firm publishing market research studies spanning across ten industry verticals. KSI has a team of experienced and young professionals with a singular focus on delivering high-quality research services to enterprises, non-government organizations, government agencies, and research institutes and organizations. We publish hundreds of reports per year centring on niche and latest technologies. We engage with key decision makers and stakeholders across the value chain to provide clients with a detailed analysis and bird’s-eye view of the market with complete market dynamics, statistical forecasts, competitive analysis, key trends, market drivers and challenges and strategic recommendations for making informed decisions. Our success lies in the effort of our analysts who strive to meet client expectations by delivering quality work within the stipulated deadlines.

This release was published on openPR.