Asia Pacific Algae Protein Market size valued at USD 150 million in 2020 and is projected to expand at a CAGR of 7.4% from 2021 to 2027.
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Algae proteins are obtained from seaweed and microalgae by using various extraction methods. Enzymatic hydrolysis, ultrasound-assisted extraction, solvent technique, and microwave-assisted are among the most commonly used extraction methods for algae proteins Algae proteins especially that are derived from spirulina, chlorella is rich in vitamins, amino acid, minerals, and other vital nutrients. They are widely utilized in foods and beverages, dietary supplements and cosmetics owing to their high nutritional profile.
Growing demand for vegan protein powders in Asia Pacific among consumers is anticipated to drive the market demand. Increasing consumer awareness about health and wellness coupled with the increasing disposable income and changing lifestyles has encouraged the consumers to spend more on personal health and diet. Growing popularity of dietary supplements and protein powders has supported the growth of algae protein.
Asia Pacific Market, By Source
The seaweed segment accounted for over USD 70 million revenue in 2020 and will showcase 7% growth rate during the forecast period. Increasing demand for seaweed extracts such as agar, alginate, and carrageenan hydrocolloids in food, cosmetic and several other end use industries coupled with growing agricultural and feed-related applications is expected to boost the market growth.
Seaweed contains high amount of minerals and vitamins thus they are utilized in the extraction of various hydrocolloids such as agar, alginate, gelatinous substances, and carrageenan. Due to high nutritional profile coupled with flavor-enhancing, and weight loss properties seaweed have great demand from nutraceuticals industry. In addition, seaweeds are rich in bioactive compounds, antioxidants, and antimicrobial properties, which makes them preferable ingredient in the cosmetics and pharmaceutical industry.
Asia Pacific Market, By Dosage Form
The capsules segment surpassed USD 24 million revenue in 2020. Algae protein capsules are the most convenient and easily available form to deliver the daily nutritional requirement. These capsules are rich source of proteins and vitamins and used for promoting heart, skin, bone, and joint health. Changing dietary patters of consumers and the upward trend of health & wellness is set to fuel the market expansion.
Asia Pacific Market, By Application
Functional food and beverages products have gained traction pertaining to growing health consciousness and rapid urbanization among consumers. Growing consumer inclination towards protein-based diets and inclusion of plant-based or natural ingredient into daily diet has boosted the adoption of algae protein in Asia Pacific. Changing dietary patterns have encouraged the manufacturers to utilized algae proteins in bakery & confectionery, protein drinks, breakfast cereals, and snacks and many other products.
Growing awareness related to various chronic diseases along with other health issues such as overweight, diabetes, and high blood pressure has increased the adoption of dietary supplements and nutraceuticals. Moreover, the protein supplements have gained popularity among the consumer due to increasing involvement in fitness and physical activities. Consumer in emerging economies such as China and India are including protein-based food products in day-to-day life to meet daily nutrient requirement.
Competitive Industry Landscape
Prominent participants operating across the Asia Pacific algae protein market include Far East Bio-Tec Co., Ltd., Corbion N.V., E.I.D. Parry (India) Limited, Phycom Microalgae, Cyanotech Corporation, Yunnan Green A Biological Project Co., Ltd., Fuqing King Dnarmsa Spirulina Co., Ltd., and Prolgae Spirulina Supplies Pvt. Ltd.