Soaring number of initiatives by governments and private organizations for creating awareness amongst the people about the health and environmental benefits of alternative protein sources is one of the major factors responsible for the rise in the demand for protein extracts from single cell protein sources across the world. For instance, Valensa International, which is a major producer of microalgae-based nutraceuticals launched an alliance with a U.S. based trade organization called Algae Biomass Organization (ABO) in 2017 in order to create awareness amongst the masses about the consumption of microalgae as an alternative protein source.
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The surging population of livestock and cattle including
sheep, goat, and buffalo, has boosted the production of animal feed, which has
in turn, propelled the need for animal protein. As per the International Feed
Industry Federation (IFIF), the total worldwide production of compound feed was
recorded to be 1.0 billion tonnes in 2016. Therefore, it can be said that owing
to the increasing production of compound feed, the production of protein from
various alternative sources such as animals, microbes, and plants will also
increase in future.
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Due to the above-mentioned factors, the revenue generated from the worldwide sales of protein extracts from single protein sources will increase from $5.3 billion to $8.7 billion from 2017 to 2023. Moreover, the global protein extracts from single cell protein sources market is predicted to advance at an 8.6% CAGR during the forecast period (2018–2023). There are various alternative sources of protein, such as yeast, fungi, bacteria, and algae. Amongst these, the utilization of algae-based protein sources is expected to record the fastest rise in the coming years.
Therefore, it can be said with full surety that owing to the
increasing consumption of protein by livestock, animals, and people and
increasing awareness amongst the masses about alternative protein sources, the
demand for protein extracts from single cell protein sources will boom in
future.
