Seaweed Protein Market Projected to Surpass $1,512 Million and Grow at 11.6% CAGR in the 2021-2030 Forecast Period | Reveals [200-Pages] by Research Dive

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09 Aug, 2022, 13:01 GMT

Seaweed protein market is expected to flourish by 2030 due to increasing health benefits of seaweed & strategic acquisitions among market players. Food sub-segment is predicted to be highly lucrative. Market in Asia-Pacific region to prosper by 2030.

NEW YORK, Aug. 9, 2022 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Seaweed Protein Market by Type (Red, Brown, and Green), Application (Food, Animal Feed & Additives, Cosmetics & Personal Care, and Others), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021-2030."

According to the report, the global seaweed protein market is projected to surpass a revenue of $1,512 million by 2030, growing at a CAGR of 11.6% during the forecast period 2021-2030.

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Dynamics of the Market

Drivers: The increasing health benefits of seaweed along with the rising strategic acquisitions by key market players are some factors predicted to drive the growth of the global seaweed protein market during the analysis timeframe. In addition, the rising popularity of plant-based foods and consumption of natural ingredients is also estimated to boost the market growth by 2030.

Opportunities: Growing seaweed protein application in nutrient rich foods is the prime factor anticipated to create abundant growth opportunities for the global seaweed protein market during the forecast period. Moreover, people's growing focus on leading a healthier lifestyle by consuming seaweed, which is produced ethically, is safe, high-quality, and nutritious, is also expected to offer market growth opportunities by 2030.

Restraints: Presence of heavy metals in seaweed is the major factor to impede the market growth.

Covid-19 Impact on the Market

The onset of the Covid-19 pandemic has had a negative impact on the global seaweed protein market due to lower consumption rate and interrupted supply chains. Strict lockdowns and quarantine rules imposed by governments across the world led to reduced marine fishing, post-harvesting, and aquaculture activities. This has led to poor demand for fish, both domestically and internationally. These factors are predicted to hamper the market growth post the Covid-19 catastrophic stress.

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Segments of the Market

The report has segmented the market into a few segments based on type, application, and regional analysis.

  • The red sub-segment is projected to hold a dominant market share during the forecast years since red type seaweed protein is a good source of critical vitamins, fatty acids, trace elements, and minerals. Moreover, this type of seaweed is a great alternative for meaty dishes because of its red color and has high protein content. These factors are estimated to bolster the sub-segment's growth by 2030.
  • The food sub-segment of the global seaweed protein market is anticipated to have the highest growth rate during the analysis timeframe due to the growing demand for seaweed protein in the food industry. Moreover, vital nutrients, minerals like sodium, magnesium, copper, zinc, etc. present in seaweed protein is expected to boost the demand for seaweed in the food industry, thus propelling the sub-segment's growth by 2030.
  • The seaweed protein market in the Asia-Pacific region is predicted to witness better growth opportunities by 2030 due to the increased demand for seaweed protein from the food sector and rising initiatives by seaweed producers to enhance affordability. Moreover, the increasing use of commercial types of algae in traditional cuisines in India, China, and Vietnam is also projected to uplift the market growth in the Asia-Pacific region by 2030.

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Key Market Players

Some key players of the seaweed protein market include

1.  Mara Seaweed

2.  Seasol

3.  CP Kelco

4.  Irish Seaweeds

5.  Qingdao Gather Great Ocean Algae Industry Group CO. LTD

6.  ALGAIA

7.  ASL

8.  AtSeaNova

9.  Maine Coast Sea Vegetables

10.  Cargill Incorporated

These key players are undertaking various strategies, such as product development and enhancement, merger and acquisition, partnerships, and collaborations to sustain the market growth.

For example, in January 2022, Sozye, a UK-based startup, announced its launch of new allergen-free, soya-free plant-based alternatives to fish, soya, and oyster sauces by using certified organic Scottish seaweed. The company uses a sustainable method wherein only the top leaves are collected to ensure regrowth of plant and preservation while offering better alternatives to soya sauces. Buy Full Report Here

The report also summarizes many important facets including financial performance of the key market players, SWOT analysis, product portfolio, and the latest strategic developments.

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