Introduction
Single cell protein (SCP) derived from algae is an emerging protein source in the food and feed industries. Algae-based SCP has gained significant attention due to its high protein content, sustainability, and potential to reduce the environmental impact of protein production. The global algae-based single cell protein market is expected to grow significantly during the forecast period from 2021 to 2028. This report analyzes the market size, share, and analysis based on end-use and region.
Market Overview
The global algae-based single cell protein market was valued at USD 505 million in 2020 and is expected to reach USD 1.6 billion by 2028, at a CAGR of 15.4% during the forecast period. The market growth can be attributed to the increasing demand for sustainable protein sources, rising population, and growing demand for animal feed.
By End-Use
Based on end-use, the algae-based single cell protein market is segmented into animal feed, human food, and others. The animal feed segment is expected to hold the largest market share during the forecast period due to the increasing demand for high-quality protein sources in animal feed. Algae-based SCP is used as an alternative protein source in animal feed as it is cost-effective and sustainable. The human food segment is also expected to grow significantly due to the rising demand for plant-based protein sources and increasing awareness about the health benefits of SCP.
By Region
Based on region, the algae-based single cell protein market is segmented into North America, Europe, Asia-Pacific, and Rest of the World. The Asia-Pacific region is expected to hold the largest market share during the forecast period due to the growing population, rising demand for animal feed, and increasing awareness about the benefits of SCP. The North America and Europe regions are also expected to grow significantly due to the increasing demand for sustainable protein sources and rising investments in SCP research and development.
Trends and Drivers
The global algae-based single cell protein market is driven by several factors such as the increasing demand for sustainable protein sources, rising population, and growing demand for animal feed. The market is also driven by the following trends:
- Growing demand for plant-based protein sources: The rising demand for plant-based protein sources is driving the demand for algae-based SCP in the food industry. Algae-based SCP is a sustainable and high-quality protein source that can be used as an alternative to traditional protein sources such as soy and whey.
- Sustainable production process: The sustainable production process of algae-based SCP is attracting investors and manufacturers. The use of renewable resources and waste products in algae-based SCP production reduces the environmental impact of protein production.
- Government support: The government support and investments in algae-based SCP research and development are driving the growth of the market. The governments of various countries are promoting sustainable protein sources to reduce the environmental impact of protein production and ensure food security.
- Increasing awareness: The increasing awareness about the benefits of algae-based SCP is driving the demand for algae-based SCP in the food and feed industries. Algae-based SCP is a high-quality protein source that is rich in essential amino acids and can be used in various applications.
Conclusion
The global algae-based single cell protein market is expected to experience significant growth during the forecast period from 2021 to 2028 due to the increasing demand for sustainable protein sources, rising population, and growing demand for animal feed. The market is segmented by end-use and region. The animal feed segment is expected to hold the largest market share, while the Asia-Pacific region is expected to dominate the market. The market is driven by several trends and drivers such as the growing demand for plant-based protein sources, sustainable production process, government support, and increasing awareness.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Everest Market Insights journalist was involved in the writing and production of this article.
