Global Seaweed Protein Market to Observe Significant Growth Due to Growing Use of Plant-Based Protein in Food Industries - Exclusive Report [165 pages] by Research Dive
Increasing use of plant-based protein in food industries is propelling the growth of the market. The food sub-segment and red type seaweed sub-segment are estimated to dominate the market. The Asia-Pacific market is projected to dominate the market.
NEW YORK, May 5, 2021 /PRNewswire/ -- Research Dive has added a new report on the Global Seaweed Protein Market to its offering. As per the report, the market is estimated to garner $11, 92,255.9 thousand by 2027, growing at a CAGR of 13.5% from 2020 to 2027. This report delivers detailed insights into the current condition and future lookout of the global industry. The report is articulated by expert market analysts and promises to be a trustworthy source of data and all-inclusive market insights for new entrants, investors, prevalent market players, stakeholders, shareholders, etc.
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Factors Impacting the Seaweed Protein Market Growth:
Growing popularity of plant-based protein in food due to their various health benefits is propelling the growth of the global seaweed protein market. Furthermore, growing seaweed protein applications in nutraceuticals are estimated to unlock lucrative opportunities for the market growth during the forecast period. However, high cost involved in seaweed production is likely to obstruct the market growth.
COVID-19 Pandemic Impact on the Seaweed Protein Market:
The abrupt rise of the COVID-19 pandemic has made a severe impact on the growth of the global seaweed protein industry. The rise of pandemic has curbed the normal functioning of various industries due to which various manufacturers are facing difficulties like decreased consumption and disrupted supply chains. Also, several vendors, farmers, and manufacturers have experienced business losses owing to decline in seaweed prices. All these factors are negatively impacting the market growth.
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The report segments the global seaweed protein market into source, application, and region.
Red Type Sub-Segment to Dominate the Market Growth
Among source segment, the red type sub-segment is projected to lead the market by surpassing $7,37,505.20 thousand revenue during the forecast period. The growth of this sub-segment is primarily due to the growing demand for the red type seaweed protein because of the presence of higher proteins, vitamins, minerals, trace elements, and essential fatty acids in them.
Food Sub-Segment to Lead the Market Growth
Among application segment, the food sub-segment is expected to lead the market by garnering $8,08,669.10 thousand in the forecast period. The growth of this sub-segment is mostly due to increasing applications of seaweed in food industries.
Asia-Pacific Region to Dominate the Global Market
The report analyzes the global seaweed protein market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the Asia-Pacific Seaweed Protein Market is expected to dominate the global market by gathering a revenue of $3,86,290.90 thousand in projected timeframe. The growth of this region market is chiefly owing to the increasing seaweed protein uses in food industries and growing initiatives by manufacturers to produce affordable seaweed proteins in this region.
Top 10 Leading Companies in in the Seaweed Protein Market and Their Development Strategies
The report lists some of the leading players functioning in the global seaweed protein industry including
- Seasol International Pty Ltd.
- CP Kelco
- Maine Coast Sea Vegetables
- Qingdao Gather Great Ocean Algae Industry Group Co Ltd.
- Acadian Seaplants
- Irish Seaweed
- Mara Seaweed
- Cargill
- Atseanova
- ALGAIA
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. For instance, in January 2021, New Wave Foods, a provider of algae and plant-based food, announced to officially launch its plant-based shrimp made from seaweed and plant proteins obtained from mung beans. Inquire and Get Quick Access to Top Companies Development Strategies Summary Report [80 pages]
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