How Are Market Players Attracting Customers Toward Single-Cell Proteins?
The increasing production of animal feed on account of the escalating population of livestock and cattle, like goats, sheep, and buffalo, has boosted the demand for animal proteins, globally. Moreover, the widescale production of compound feed has fueled the derivation of protein from various sources, like microbes, plants, and animals in recent years. Additionally, food supplement companies are producing proteins from alternative sources, like chlorella and spirulina, to replace conventional animal- and plant-based proteins, due to quality and safety concerns.
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Besides, market players are also undertaking several initiatives to generate awareness among customers on the advantages of proteins derived from chlorella and spirulina. For instance, the European Algae Biomass Association (EABA) hosts conferences and workshops to create awareness regarding the applications of algae-based products for the environmental aspect. Owing to this factor, the protein extracts from single-cell protein sources market will advance at a CAGR of 8.6% during the forecast period (2018–2023). The market was valued at $5.3 billion in 2017, and it is projected to reach $8.7 billion by 2023.
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Geographically, the North American protein extracts from single-cell protein sources market held the largest share during the historical period (2013–2017). This can be owed to the presence of an advanced biotechnology sector and leading market players in the region. Besides, the rising frequency of conferences addressing the development of protein products in Canada and the U.S. will boost the market growth in the coming years. Additionally, the establishment of non-profit scientific foundations and research and academic institutions has been providing a better understanding of the role of science in enhancing the safety and nutritional quantity of food.
Thus, the escalating production of animal feed and compound feed will result in the increasing extraction of proteins from single-cell sources.