The Asia Pacific Algae Protein Market would witness market growth of 7.7% CAGR during the forecast period (2022-2028).
Proteins derived from algae are utilized in human nutrition, animal feed, and aquaculture. As protein is a vital component of the human diet, algae can be a dependable supply of protein for those, such as athletes, who require greater than normal protein consumption. It can be a suitable substitute for those who cannot consume dairy products or eggs. As a rich source of amino acids, seaweed and microalgae are a wonderful supplement to any balanced diet.
For centuries, macroalgae have been employed in Asian cuisine and by other indigenous tribes. Both macroalgae and microalgae are currently accessible in pill and powder form and have been added to bread, beverages, and candies. In addition to being used for animal feed, microalgae are essential for the reproduction of some aquaculture species, such as mollusks.
In addition to providing a food supply, they may maintain pH levels, eliminate bacteria, and boost the probability of reproduction. This leads to significantly greater survival rates than diets created by humans. There are further industrial applications for algal protein sources, such as the extraction of lectins and phycobiliproteins. Algae are also utilized to produce biofuel, however, it is too expensive to be commercially viable at this moment. It has several advantages over petroleum fuel, including minimal land usage and high oil content.
The Indian medicines sector plays a significant part in the global pharmaceuticals market. India is third globally in terms of output by volume and fourteenth by value. The nation is the world's largest provider of generic medications, accounting for 20% of worldwide supply by volume, and the world's top maker of vaccines. India is home to more than 3,000 pharma businesses with a robust network of over 10,500 production sites and a highly qualified talent pool.
The China market dominated the Asia Pacific Algae Protein Market by Country 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $767.8 million by 2028.The Japan market is estimated to grow a CAGR of 7% during (2022 - 2028). Additionally, The India market would display a CAGR of 8.4% during (2022 - 2028).
Based on Type, the market is segmented into Microalgae and Macroalgae. Based on Microalgae Type, the market is segmented into Spirulina, Chlorella and Others. Based on Source, the market is segmented into Freshwater and Marine. Based on Application, the market is segmented into Dietary Supplements, Animal Feed, Pharmaceuticals, Human Food and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Algae Protein Market is Projected to reach USD 4.4 Billion by 2028, at a CAGR of 8.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Cyanotech Corporation, E.I.D. Parry Limited (Murugappa Group), Rainbow Light Nutritional Systems, LLC (The Clorox Company), Corbion N.V., DIC Corporation, NOW Foods, Inc., ENERGYbits, Inc., Vimergy LLC, and Far East Microalgae Industries, Co., Ltd.
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