The need for healthy plant-based products, a rise in occurrence of various diseases, increased awareness regarding health and fitness among consumers, the extensive use of seaweeds in dietary supplements and the presence of high concentration of bioactive compounds in seaweeds drive the growth of the global seaweed protein market.
PORTLAND, Ore., Aug. 15, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “Seaweed Protein Market by Source (Red, Brown, Green), by Application (Food, Animal Feed and Additives, Cosmetics and Personal Care, Others): Global Opportunity Analysis and Industry Forecast, 2021-2030.” According to the report, the global seaweed protein industry generated $550.40 million in 2021, and is estimated to reach $1.51 billion by 2030, witnessing a CAGR of 11.6% from 2022 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Drivers and Opportunities
The need for healthy plant-based products, a rise in occurrence of various diseases, increased awareness regarding health and fitness among consumers, the extensive use of seaweeds in dietary supplements due to their nutritional worth, flavor-enhancing capabilities and weight-loss properties and the presence of high concentration of bioactive compounds in seaweeds drive the growth of the global seaweed protein market. However, seaweed farming is more expensive than land farming. In addition, excessive consumption of seaweed is associated with health problems due to the presence of toxic minerals. These factors hinder the market growth. On the other hand, new uses for seaweed raised its demand. Seaweed is used as a thickener in the textile industry and is used to improve soil quality in agriculture. This factor presents new opportunities in the market in the coming years.
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- The COVID-19 pandemic had a negative impact on various industries such as farming which resulted in a drastic decline in the availability of food products. As seaweed is widely used in the food industry, the demand for seaweed reduced significantly all over the world.
- North America, which is the leading producer and exporter of seaweed food products, was severely affected by the COVID-19 pandemic. Its export trade was affected, leading to a decline in the seaweed production.
- Consumption of seaweed is linked to several health benefits due to the presence of various nutrients in them such as proteins, minerals, carbohydrates, water and iodine. Seaweeds also have anti-inflammatory, antiviral, antioxidant and prebiotic properties. Therefore, people in certain countries included seaweeds in their diet during the pandemic. These factors present numerous growth opportunities in the seaweed protein market in the coming years.
The red segment to hold the lion’s share during the forecast period
Based on source, the red segment contributed to the highest market share in 2021, grabbing nearly three-fifths of the global seaweed protein market, and is expected to maintain a noteworthy growth during the forecast period. This is due to the high consumption of red seaweeds with meals, salads, sauces and soups in Asian countries. Additionally, there are other well-known red seaweeds with great nutritional value that are primarily consumed in nations like Korea, Britain and Japan. The same segment is projected to witness the fastest CAGR of 12.6% from 2022 to 2030.
The food segment to maintain its leadership status during the forecast period
Based on application, the food segment contributed to the highest market share of more than two-thirds of the global seaweed protein market in 2021, and is expected to maintain its leadership status during the forecast period. This is attributed to the extensive use of seaweed in the food industry. However, the animal feed and additives segment is expected to exhibit the highest CAGR of 13.4% from 2022 to 2030. This is because seaweed protein is extensively used in animal feeds due to the presence of nutrients in it.
Asia-Pacific to maintain its dominance in terms of revenue by 2030
Based on region, Asia-Pacific held the highest market share in 2021, accounting for more than one-third of the global seaweed protein market, and is expected to maintain its dominance during the forecast period. Seaweed has traditionally been used in food and supplements in Asian nations, and therefore, the demand for seaweed protein is expected rise sharply in the coming years. However, North America is projected to manifest the fastest CAGR of 13.4% during the forecast period, owing to the high demand for plant-based products in the region. The other regions discussed in the report are Europe and LAMEA.
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Leading Market Players
- CP Kelco
- Cargill Incorporated
- Qingdao Gather Great Ocean Algae Industry Group CO. LTD
- Mara Seaweed
- Irish Seaweeds
- Maine Coast Sea Vegetables
The report analyzes these key players of the global seaweed protein market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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