(I-BusinessNews.Com, May 21, 2021 ) North American Algae Protein Market size in 2019 is estimated to be $276.3 million, growing at a CAGR of 6.5% during the forecast period 2020-2025. Algae proteins are the protein derived from algae particularly from blue algae and green algae which grown in fresh water and marines. It consist of high protein as well as vitamins, amino acids, omega-3 and other essential fatty acids. It helps to improve immune system, digestion system, cardiovascular functions, reduce fatigue and allergies and other inflammation. Algae proteins are widely used in food & beverage, pharmaceutical industry, personal care, dietary supplements, cosmetics and others. Increasing awareness about nutritional benefits of algae protein among consumers coupled with rising aging population in this region are the major factors driving the growth of the market. Moreover, increasing popularity of naturally derived health supplements and food products owing to rise in concern about health further enhance the overall market demand for North American Algae Protein during the forecast period 2020-2025.
North American Algae Protein Market Segment Analysis – By Type
Based on the Product Type, North American Algae Protein Market is segmented into Spirulina, Chlorella, and Other types. The Spirulina segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 5.7% during the forecast period 2020-2025. This is mainly owing to it being the most highly consumed algae owing to their nutritional benefits such as anti-hypertension, renal protective, anti-hyperlipidaemia, and anti-hyperglycaemic . Moreover, it is rich in protein and contains 60% protein content further contributing to the growth of this segment.
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North American Algae Protein Market Segment Analysis – By Product Form
Based on the Product Form, North American Algae Protein Market is segmented into Powder, Tablet, Liquid. In 2019, powder segment held the largest share in the North American Algae Protein market. This is mainly owing to rising preference of people towards powder form owing to ease and flexibility of use. Moreover, availability of new flavors in algae protein is also contributing to the growth of this segment.
North American Algae Protein Market Segment Analysis – By Application
Based on the Product Form, North American Algae Protein Market is segmented into Functional Food and Beverages, Nutritional and Dietary Supplements, Animal Feed, Cosmetics & Personal Care Products, Pharmaceuticals, and Others. In 2019, Functional Food and Beverages segment held the largest share in the North American Algae Protein market. This is mainly owing to rising demand of functional food and beverages product in this region owing to the health benefits and rise in health consciousness among consumers.
North American Algae Protein Market Drivers
Increasing Prevalence of obesity and cardiovascular diseases
Increasing Prevalence of obesity and cardiovascular diseases in this region so that people are more inclined towards heathy supplements are some factors driving the growth of North American Algae Protein market. According to U.S. Department of Health and Human service, about 78 million U.S. adults and about 12.5 million (16.9%) children and adolescents are obese.
Growing Consumption Healthy Products
Growing consumption rate of healthy food and beverages products owing to health benefits is driving the growth of the market. Moreover, people are more inclined towards plant protein sources rather than animal based products owing to environmental impacts are further contributing to the growth of North American Algae Protein market.
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North American Algae Protein Market Challenges
High cost of algae protein products are challenging the growth of the market. Moreover, availability of cheap substitute product are further restraining its market growth during the forecast period 2020-2025.
North American Algae Protein Industry Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the North American Algae Protein Market. North American Algae Protein top 10 companies are Corbion Biotech, Inc., NP Nutra, Algama, Arizona Algae Products, LLC, Global Algae Innovations, Inc., Algenol Biotech LLC, Triton Algae Innnovations, Pond Technologies Holdings Inc., Earthrise Nutritionals LLC., Cyanotech Corporation.
Acquisitions/Product Launches:
In December 2019, Corbion Biotech, Inc. has signed a partnership with Nestle to Produce Protein-Rich, Microalgae-Based Ingredients.
Key Takeaways
Increasing prevalence of obesity and cardiovascular diseases in this region is driving the market growth of North American Algae Protein.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the North American Algae Protein Market report.
High cost of algae protein products and availability of cheap substitute product in the market are challenging the growth of the market.
Related Reports :
A. Plant Protein Ingredients Market
https://www.industryarc.com/Report/7491/plant-protein-ingredient-market.html
B. Algae Protein Market
https://www.industryarc.com/Report/15474/algae-protein-market.html
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