According to the research report titled ‘Algae Protein Market Size By Source, By Product, By Dosage Form, By Application Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026‘, available with Market Study Report, global algae protein market is projected to experience considerable growth during 2020-2026.
 

Rising demand for nutritional products, increasing consumption of protein supplements, and initiatives taken by government to promote algae production are the major factors propelling the growth of global algae protein market.
 

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Further, benefits of the product such as high nutrient content, presence of antioxidants, and easy digestibility are contributing to the industry growth. However, presence of other protein products is likely to hamper the global algae protein market growth in coming years.
 

Speaking of source, global algae protein market is divided into seaweed and micro-algae, wherein seaweed is further fragmented into red algae, brown algae, and green algae. Among these, the brown algae segment is predicted to witness a CAGR of 6% over the forecast timeline, owing to its rising usage in producing dietary supplements. Further its utilization in treatment of diseases such as cancer, stress, heart disease, weight loss, high cholesterol, arthritis and others, is also fueling global algae protein industry growth.
 

With respect to product, the industry is divided into chlorella, spirulina, and others. Among these, the others segment is expected to register a CAGR of 3% through 2026, owing to rising adoption of algae in pharmaceutical, food, and cosmetic industries.
 

Based on application spectrum, global algae protein market is segmented into dietary supplements, food & beverage, animal feed, cosmetics, and others. While, the food & beverage application segment is further classified into snacks, protein drinks, bakery & confectionery, breakfast cereals, and others. As per the report, protein drinks segment is poised to witness a CAGR of 6% over the analysis timeframe, owing to rising demand for protein shakes among athletes and gym professionals.  
 

With regards to dosage form, global algae protein market is bifurcated into capsules, powder, liquid, and others. The report cites that powder and capsules segments are gaining popularity among the individuals. Whereas, the others segment contributed 11% to the market share in 2019 and is projected to register notable growth during the forecast time period.
 

From a regional point of view, Latin America algae protein market accounted 10% of the overall revenue. Meanwhile, MEA market is expected to witness lucrative opportunities during the estimated timeframe, owing to varied application scope of algae proteins.
 

Major players influencing global algae protein market trends are Roquette Klötze GmbH & Co. KG , Corbion N.V., Allmicroalgae - Natural Products S.A., TerraVia Holdings Inc., Far East Bio-Tec Co. Ltd., Heliae Development LLC, Myanmar Spirulina Factory, Nutrex Hawaii Inc., Earthrise Nutritionals LLC, Cyanotech Corporation, ENERGYbits Inc., and Phycom Microalgae.