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.
- August 2017 – Corbion announced to purchase the stock and assets of TerraVia for USD 20 million to expand its product portfolio into algae based fatty acids and proteins.
- September 2015 - DIC Corporation announced the opening of the DIC/Earthrise Algae Research Center, a leading edge facility that will capitalize on expertise accumulated through the production of Spirulina for use in health foods. Algae Research Center was built with a total investment of approximately USD 1.7 million.
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- Analyzing outlook of the market with the recent trends and Porters five forces analysis
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- Market segmentation analysis, including qualitative & quantitative research incorporating the impact of economic & non-economic aspects
- Regional and Country level analysis integrating the demand and supply forces that are influencing the growth of the market
- Competitive landscape involving the market share of major players, along with the key strategies adopted for development in the past five years
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1.1 Key Findings of the Study
1.2 Study Assumptions
1.3 Market Definition
2. Research Methodology
3. Market Overview
3.1 Market Trends
4. Market Dynamics
4.1.1 Growing Demand for Algae Products in Regular Diet
4.1.2 Rise in Health Awareness among Consumers
4.2.1 Presence of Various Other Vegan Proteins
4.3.1 Aquaculture Offering High Market Potential
4.3.2 Emerging Demand for Plant Protein
4.4 Porters Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. Market Segmentation
5.1 By Type
5.2 By Application
5.2.1 Dietary Supplements
5.2.2 Food Products
5.2.3 Animal Feed
5.2.4 Sports Nutrition
6. By Geography
6.1 North America
6.1.4 Rest of North America
7. Competitive Landscape
7.1 Strategy Adopted by Key Players
7.2 Most Active Companies in the Past Five years
7.3 Market Share Analysis
8. Company Profiles
8.2 Corbion Biotech Inc.
8.3 Cyanotech Corporation
8.4 Earth Rise Nutritionals
8.6 Far East Bio-Tech Co.
8.7 Heliae Development LLC
8.10 Nutrex Hawaii Inc.
8.11 Plant Head
8.12 Rainbow Light Nutritional Systems
8.14 TerraVia Holdings Inc.
- Corbion Biotech Inc.
- Cyanotech Corporation
- Earth Rise Nutritionals
- Far East Bio-Tech Co.
- Heliae Development LLC
- Nutrex Hawaii Inc.
- Plant Head
- Rainbow Light Nutritional Systems
- TerraVia Holdings Inc.