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Protein Extracts from Single Cell Protein Sources Market Overview
The global protein extracts from single cell protein sources market generated $5.3 billion revenue in 2017 and is projected to witness a CAGR of 8.6% during the forecast period, on account of the rising initiatives to create awareness about health and environmental benefits of alternative protein sources, rise in the production of animal feed, and increasing initiatives by public and private entities to cater the increasing demand for protein.
GLOBAL PROTEIN EXTRACTS FROM SINGLE CELL PROTEIN SOURCES MARKET, BY SOURCE, $M (2013-2023)
On the basis of source, the protein extracts from single cell protein sources market is categorized into algae, yeast, bacteria and fungi. Among these, the algae category held 33.4% share in protein extracts from single cell protein sources market in 2017, owing to the rising adoption of commercialized algae-based Spirulina and Chlorella in various industries including food and beverage, pharmaceutical and biotechnology, cosmetic, animal feed, and agriculture.
The products in the protein extracts from single cell protein sources market find application in animal feed, biotechnology, agriculture and fertilizers, and others. Animal feed was the largest application area in the global protein extracts from single cell protein sources market in 2017. Increasing production of animal feed due to the growing population of cattle, buffalo, and livestock is a key factor contributing to the largest share of this application area in the global market.
Geographically, the Asia-Pacific (APAC) protein extracts from single cell protein sources market is predicted to witness the fastest growth during the forecast period, with 9.8% CAGR. The countries in the APAC are showing considerable growth in animal feed production in recent times. In the APAC, the livestock production rate is high which increases the consumption of protein and other nutrients. SCP is one of the major factor that is expected to boost animal production. Also, protein extract from SCP is being used to prevent malnutrition in infants, children and pregnant women.
Furthermore, spirulina has been widely used in patients having malnourishment or suspected with AIDS in APAC. The high protein content of spirulina makes it an immunity booster and, therefore, it is also being used as an ideal food supplement. This is expected to drive the protein extracts from single cell protein sources market in the region.
Protein Extracts from Single Cell Protein Sources Market Dynamics
Globally, many initiatives have been launched to raise the interest of consumers toward benefits of proteins such as spirulina and chlorella. For instance, in 2017, Valensa International, a manufacturer of microalgae-based nutraceuticals, entered into an alliance with Algae Biomass Organization (ABO), a U.S. based trade association for the algae industry. This partnership aimed to create awareness about microalgae as a sustainable source for human nutrition, animal feed, water treatment service, fuel, chemical and other products. Microalgae is also useful in controlling air pollution. Furthermore, the European Algae Biomass Association (EABA) organizes workshops and conferences to create awareness about the use of algae-based products for the environmental aspects. Thus, increasing initiative to raise awareness about the alternative proteins among the consumers is expected to boost the growth of the global market.
With the rising population of cattle and livestock including buffalo, sheep, and goat, there is an increase in the production of animal feed, which further leads to increase the demand of animal protein. According to the International Feed Industry Federation (IFIF), approximately one billion tonnes of compound feed was produced in 2016, globally. Therefore, it can be stated that with the rising production of compound feed, production of protein from different sources such as plant, animal, and microbes will also increase in the coming years. The use of alternative sources of proteins such as spirulina and chlorella has been continuously increasing and players in the market are introducing alternative proteins to replace plant- and animal-based proteins due to safety and quality concerns.
Protein Extracts from Single Cell Protein Sources Market Competitive Landscape
As part of business strategy, companies are expanding their product portfolio by introducing new SCP-based products in the protein extracts from single cell protein sources industry to increase their market share. For instance, In June 2018, Nutrex Hawaii Inc., a division of Cyanotech Corporation, received the United States Pharmacopeia (USP) verification mark for its BioAstin Hawaiian Astaxanthin. The USP verification mark indicates that the product has been made using safe, sanitary, and well-controlled manufacturing practices regulated by the FDA and USP guidelines.
Some of the other key players operating in the protein extracts from single cell protein sources industry are Lallemand Inc., Unibio International plc., Qingdao CBH Co. Ltd., euglena Co. Ltd., Unilever Group, Valensa International , Bega Cheese Limited, Cangzhou Tianyu Feed Additive Co. Ltd., Tangshan Top Bio-Technology Co. Ltd, Cargill Incorporated.