Rise in demand for seats installed with IFEC systems, maintenance & retrofitting of existing aircraft, and increase in aircraft production drive the growth of the global algae protein market. However, the outbreak of the COVID-19 pandemic led to the global lockdown and temporary closure of aircraft industries across the world, thereby adversely disrupted the supply chain and affected the overall design, development, and production facilities.
Portland, OR, Sept. 06, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global algae protein market generated $361.4 million in 2020, and is projected to reach $709.0 million by 2028, witnessing a CAGR of 8.9% from 2021 to 2028. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Rise in vegan population and multiple benefits of consuming algae protein drive the growth of the global algae protein market. However, impact on spirulina production due to climate change and presence of large number of alternatives for proteins restrain the market to some extent. On the other hand, algae protein-fortified food along with innovation in technology presents new opportunities in the upcoming years.
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The outbreak of the COVID-19 pandemic has positively impacted the algae protein market, owing to increased health consciousness among consumers.
However, the pandemic, especially in the initial period, had disrupted the supply chain management of the algae protein industry to some extent.
COVID-19 has altered consumer behavior with more consumers transitioning toward vegetarian and vegan diets, which lead to increased adoption of alternative proteins such as algae protein.
COVID-19 has caused widespread disruption across regions, resulting in consumer behavioral changes. As a result, operating players in the industry are recalibrating their consumer segment, establishing product portfolio, prioritizing on omnichannel approach, repositioning their brands, and deploying new service models
The report offers detailed segmentation of the global algae protein market based on type, application, and region.
Based on type, the spirulina segment held the highest market share in 2020, holding nearly three-fourths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, this segment is estimated to register the highest CAGR of 9.2% from 2021 to 2028.
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Based on application, the supplements segment held the largest market share in 2020, holding more than four-fifths of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, this segment is projected to register the highest CAGR of 9.1% from 2021 to 2028.
Based on region, North America contributed to the highest share in terms of revenue in 2020, holding nearly two-fifths of the total market share, and is estimated to continue its dominant share by 2028. However, Asia-Pacific is projected to manifest the fastest CAGR of 11.4% during the forecast period.
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Leading players of the global algae protein market analyzed in the research include Cyanotech Corporation, C.B.N. Bio-engineering Co., Ltd, Far East Microalgae Industries, Co., Ltd., Fuqing King Dnarmsa Spirulina Co., ltd., Gong Bih Enterprise Co., Ltd., Algenol biotech, Sun Chlorella Corporation, NB Laboratories, Taiwan Chlorella Manufacturing Company Ltd, and Tianjin Norland Biotech Co., Ltd.
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