Market Trends of North America Algae Protein Industry
This section covers the major market trends shaping the North America Algae Protein Market according to our research experts:
Largest Segment By End User : <span style="font-family: 'regular_bold';color:#0e7db3;">Supplements</span>
- Supplements emerged as the largest algae protein consumer by end-users owing to its growing demand from elderly nutrition and medical nutrition segment.
- The segment is led by the promising demand for algae in the sports and elderly nutrition segments. The market is mainly benefitted by the companies constantly involved in product developments and expansions. In 2020, the US-based Arizona Algae Products initiated the construction of its state-of-the-art facility in the country. This establishment may increase the production volume of the company by more than double.
- The demand is expected to expand in other applications, such as food and beverage, with companies involved in research in the area. In 2019, Nestlé partnered with Corbion to develop microalgae-based ingredients, enabling the company to deliver sustainable, tasty, and nutritious plant-based products.
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Largest Country : <span style="font-family: 'regular_bold';color:#0e7db3;">United States</span>
- By country, the United States retained its top position. The demand for algal protein is rising in the country, with the recognition of the potential protein gap. Research activities are being done to make microalgae commercially viable to the mainstream industry.
- Currently, the production of microalgae is mostly done through photo-bioreactors, consisting of large glass tubes or open ponds. However, as the ingredient is gaining traction, the production is slowly moving toward industrial-scale fermenters, which is further expected to boost the market during the forecast period. The country is expected to remain the fastest-growing geographical segment, with a CAGR value of 6.59%.
- On the other hand, Canada and Mexico both captured a minor volume share in undefined, majorly driven by the supplement industry.
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