Algae Protein Market to Be Worth $709M by 2028 as Demand for Sustainable Proteins Increases
According to a report by Allied Market Research, the global algae protein market will be worth $709 million by 2028, up from $361.4 million in 2020. The market will register a CAGR of 8.9% over the forecast period. Algae is considered highly sustainable as it produces a higher protein yield than traditional crops (4-15 tons per hectare per year for microalgae, compared to 0.6-1.2 tons for crops such as soybeans). Another advantage is that algae can be grown in freshwater, saltwater, or on non-arable land. These factors, along with increasing consumer interest in health and wellness following the pandemic, are expected to drive market growth. The spirulina segment currently leads the market, and this is expected to continue over the forecast period. On the other …