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North American Algae Protein Market - Growth, Trends, and Forecast (2020 - 2025)

  • ID: 5119818
  • Report
  • June 2020
  • 95 pages
  • Mordor Intelligence
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FEATURED COMPANIES

  • Algama
  • Algenol Biotech LLC
  • Corbion Biotech, Inc.
  • NP Nutra
  • Triton Algae Innnovations
  • MORE
The North America algae protein market is anticipated to witness a CAGR of 6.25 % during the forecast period (2020 - 2025).
  • The increased availability of seaweed and algae protein in diverse foods products in the region is expected to familiarize consumers with the ingredient and holds a bright future for the segment.
  • In spite of the proportion of North American consumers who consider themselves vegetarians or vegans still relatively small, the preference for natural, healthy, and flexible diets is becoming more mainstream. The Americans, in particular, are actively looking for protein substitutes to cut-off animal products from their diet as much as possible, which is further expected to promote market growth in the near future.
  • The consumer demand for protein alternatives is inflating in the North American region and, as algae align well with the search for both greener and naturally functional foods by the local consumers, the extracted protein from algae is likely to flourish in the upcoming time, owing to its caliber for vivid applications.
Key Market Trends

Functional Food and Beverages are Likely to Foster the Growth of the Market

As the criticism for animal-based products rises across the region due to the associated health and environmental impacts, the interest in alternative protein sources, including algae such as algae, chlorella, and spirulina have also developed among the consumers. The younger generation of the country is readily accepting healthier food and drinks sourced from algae sources due to their urge to try innovative products.

Companies like Carbion are aiming to introduce more cost-effective ingredients for larger-scale food applications and to attain traction with large food manufacturers. The company recently signed a partnership with Nestle for providing algae for omega-3s in their food products. Moreover, analyzing the market potential, many new startups like Triton Algae Innovations are coming up which are targeting the food and beverage industry with their Non-GMO 'wild type' whole algae ingredient rich in protein.

United States dominates the Algae Protein Market in the Region

The United States has a large population of consumers that are trying to flee away from animal-based products in response to the growing health awareness and as an initiative to prevent animal cruelty. The vegan population of the country promotes the use of meat substitutes in their diet and convince others that plant and other protein sources can provide an equal amount of protein and meat or egg. Owing to this, a considerable portion of people have also left milk-based dairy products and are looking for alternative sources. With the growing health consciousness, many people are swaying towards fitness activities and following strict diets to maintain their BMIs and are, therefore, demanding for more dietary supplements. Thus, to cater to the inflating demand for animal-alternative solutions in the country, the manufacturers in the region are utilizing the opportunity to the maximum extent. For instance, Spira, a startup, is exploring the potential of protein from spirulina to develop innovative solutions for incorporation into beverages.

Competitive Landscape

The North American algae protein market is competitive with many domestic and multinational players trying to capture the market in the region. The primary emphasis for building a strong market is on geographical expansions and product innovations. Partnerships and mergers and acquisitions are also considered as an effective means of strengthening the brand value.

The regional and global-scale manufacturers are actively involved in new product development to develop versatile solutions that can serve multiple purposes. Also, one of the foremost targets of the manufacturers is to overshadow the typical algae taste and disguise it by flavor addition so that consumers do not abstain from opting for algae-based products. Thus, the overall market of algae protein has good potential in the North American region and offers opportunity-plethora for the manufacturers to do their R&D on, to enhance their market grip.

Reasons to Purchase this report:
  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support
Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • Algama
  • Algenol Biotech LLC
  • Corbion Biotech, Inc.
  • NP Nutra
  • Triton Algae Innnovations
  • MORE
1 INTRODUCTION
1.1 Study Deliverables and Study Assumptions
1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION
5.1 By Type
5.1.1 Spirulina
5.1.2 Chlorella
5.1.3 Other types
5.2 By Application
5.2.1 Food & Beverages
5.2.2 Dietary Supplements
5.2.3 Pharmaceuticals
5.2.4 Others
5.3 By Geography
5.3.1 United States
5.3.2 Canada
5.3.3 Mexico
5.3.4 Rest of North America

6 COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Position Analysis
6.3 Company Profiles
6.3.1 Corbion Biotech, Inc.
6.3.2 NP Nutra
6.3.3 Algama
6.3.4 Arizona Algae Products, LLC
6.3.5 Global Algae Innovations, Inc.
6.3.6 Algenol Biotech LLC
6.3.7 Triton Algae Innnovations
6.3.8 Pond Technologies Holdings Inc.

7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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  • Corbion Biotech, Inc.
  • NP Nutra
  • Algama
  • Arizona Algae Products, LLC
  • Global Algae Innovations, Inc.
  • Algenol Biotech LLC
  • Triton Algae Innnovations
  • Pond Technologies Holdings Inc.
Note: Product cover images may vary from those shown
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