- TerraVia recently announced it has gained regulatory approval in Canada, Brazil and Mexico for its AlgaVia Lipid-Rich Whole Algae product, according to a statement. It is used as a replacement for eggs, dairy fats and oils in products such as baked goods and snack foods.
- In addition to reductions in fats, trans fats, the product supports a reduction in the number of ingredients needed. With this product foods can be fully plant based.
- The product responds to consumer demands for clean labels and healthier foods, which includes more plant-based ingredients.
Mintel's research found the plant-based dairy alternative market reached 27% market share in 2015; and Markets and Markets found 36% of consumers purchase plant-based proteins.
TerraVia (formerly Solazyme) identified the potential of plant-based products and earlier this year announced the repositioning of its portfolio and operations to exclusively derive ingredients and products from algae for food and personal care products. The company has also entered a $200 million supply partnership with Unilever, said Jonathan Wolfson, CEO of TerraVia, in a statement when announcing the company's results for the first quarter.
The company has also announced a partnership with private equity fund VMG Partners for a new venture called TerraBrands, a platform for launching products with algae-based ingredients.
In other activity, at the beginning of the year, Frutarom acquired 50% of Algalo to expand its own capabilities in producing ingredients from algae.
Recent data compiled by Credence Research stated the algae products market is expected to reach $0.70 billion by 2022. It will expand by a CAGR of more than 5% during this period.