North American Algae Protein Market - Growth, Trends, and Forecast (2018 - 2023)
The North America algae protein market was valued 58.52 million USD in 2016 and is expected to register a CAGR of 6.2%, during the forecasted period of 2018-2023. Terravia, a leading algae protein producer, claims that AlgaVia®, a whole algae protein, opens a new world of possibilities in providing rich taste, enticing the texture of the food with high nutrition levels, and providing environmental sustainability, which is presently the consumers demand.
The increasing popularity of protein-rich whole algae can be credited to the uniqueness of the same among plant-based proteins. Algae protein is free of known allergens, gluten, GMO, and has a neutral flavor profile and texture, making it a great option for fortifying food products that meet current consumer demand. A recent research demonstrates that nearly 30% of the Americans are consuming more non-animal sources of protein. The growing trend toward plant-based algae proteins is due to the increasing popularity of vegetarian and vegan diets, and the demand for allergen-free protein sources.
Chlorella was the segment that accounted for more than 39% of the total North American market in 2016. Spirulina and chlorella are also sold as functional foods because of their high vitamin and mineral content, and because they have been declared safe by the FAA. Chlorella is likely to account for higher growth rate during the forecast period, owing to increasing demand for functional ingredients and enhancing instinctive health function. Chlorella is a spherical member of the green algae that has seen increased popularity as a food supplement in recent times.
North America algae protein market is expected to witness moderate to high growth rate during the forecast period, owing to the approval for the production of algal ingredients as food supplements. The inclusion of algae proteins in various applications, such as food & beverage, animal feed, and sports nutrition in the US and Canada enable the same to gain the maximum market share in the North American region.