Europe Algae Protein Market size surpassed USD 160 million in 2019 and is anticipated to register a growth rate of 6.5% between 2020 and 2026.
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Algae is an aquatic organism that can perform photosynthesis and derived from blue-green, brown, and green algae. Algae a rich source of protein with protein content ranging from 40% to 60%, and contains macronutrient, vitamins, minerals, and essential fatty acids, thus can be utilized in human foods as functional food ingredient. Algae protein is also seen as a rich source of omega-3, essential and non-essential amino acids. Therefore, these multi-nutrient properties of algae protein led to fuel its market growth over the coming years. Algae protein has gained popularity among consumers with vegetarian diets. The growing consumption of plant-based supplements should create new opportunities for the European algae protein industry.
Based on sources, the seaweed segment is expected to gather considerable gains of over 7% from 2020 to 2026. They are rich source of proteins, vitamins, minerals, and fibers and possess anti-inflammatory and anti-microbial properties. In addition, seaweed is used for extracting algae protein as these are a high source of protein and other nutrients. Therefore, demand for algae protein is estimated to increase in recent years pertaining to rising demand for cheap and alternative source of protein.
In terms of product, the spirulina segment is predicted to register a growth of over 8% till 2026. Spirulina is a blue-green algae which includes nutrients like protein, beta-carotene, vitamin E and vitamin B and possesses antioxidant and anti-inflammation properties, which help in enhancing the human immune system. Among vegetarian and vegan consumers, spirulina serves the purpose of an excellent dietary supplement.
Spirulina has gained popularity among consumers pertaining to its effectiveness against managing diabetes, weight loss, reducing cholesterol, and reducing blood pressure. Therefore, such benefits of spirulina have driven the consumption of spirulina among individuals who are seeking preventive measures for heart diseases and cancer. Furthermore, the demand for algae protein has soared in developed markets owing to significant rise in consumer spending on dietary supplements for weight loss and boosting metabolism.
Algae proteins are majorly utilized in the food and beverage industry, as a source of protein, vitamin, and bioactive compounds, in functional foods and supplements. Therefore, high utilization of algae proteins in the food and beverage sector pertaining to rising consumption of functional foods led to propel its market growth. Further, changing consumer preferences and growing focus on healthy lifestyle has also led to an increase in the demand for functional foods with high nutritional value.
Major players in the Europe algae protein market include Corbion NV, Terravia Holdings Inc., Phycom, Prolgae, Far East Bio-Tec Co., Ltd, Allmicroalgae, Roquette Klötze GmbH & Co. K, E.I.D. - Parry Limited, Vimergy LLC, and Prairie Naturalsm.
Overseas companies are focusing on expanding into European market though collaborations, partnerships, and mergers for catering the growing demand in the region. In November 2019, Nestlé announced partnerships with Corbion to develop microalgae-based ingredients for delivering plant-based products.