Seaweed Protein Market Size to Grow USD 1.51 Billion by 2030 at a CAGR of 11.6% | Valuates Reports
BANGALORE, India, Dec. 13, 2023 /PRNewswire/ -- Seaweed Protein Market is Segmented by Source (Red, Brown, Green), by Application (Food, Animal Feed and Additives, Cosmetics and Personal Care, Others): It is Published in Valuates Reports Under the Category of Food & Drink.
The Global Seaweed Protein Industry was valued at USD 550.40 Million in 2021, and is projected to reach USD 1.51 Billion by 2030, growing at a CAGR of 11.6% from 2022 to 2030.
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Major Factors Driving the Growth of Seaweed Protein Market:
A number of variables are coming together to drive the seaweed protein market's exponential expansion. Seaweed protein's many functional qualities, which enhance textures and lengthen shelf lives, make it a useful component in a variety of food products and support the industry's growth.
Seaweed protein is being promoted as a sustainable and wholesome substitute in the worldwide movement towards plant-based diets, which is being fueled by decisions made with health and the environment in mind. Its outstanding nutritional profile, which includes vital minerals and amino acids, meets the growing need for healthy plant-based protein sources. Seaweed farming emphasizes sustainability by using few resources, which is in line with the eco-friendly methods that the industry and customers are demanding.
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TRENDS INFLUENCING THE GROWTH OF SEAWEED PROTEIN MARKET
Because of its many useful qualities, seaweed protein is highly sought-after in the culinary business. It improves the texture and shelf life of many food items because of its capacity to function as a gelling agent, emulsifier, and stabilizer. Because of its adaptability, seaweed protein is seen as a desirable component by food makers and is used in a wide range of products, including plant-based meat substitutes and dairy substitutes.
The increasing interest in varied cuisines has an impact on the uptake of seaweed protein as global culinary borders continue to merge. Seaweed has long been a mainstay in Asian cuisines, and its introduction into Western and other international diets is indicative of a fusion of culinary cultures that increases demand and broadens the market's consumer base.
The increased need for plant-based protein sources throughout the world is driving the expansion of the seaweed protein market. Seaweed protein is becoming more and more popular as people switch to plant-based diets for moral, ethical, and health-related reasons. It's a wholesome and sustainable option. Seaweed is a highly attractive option in the quickly growing plant-based protein industry because of its high protein content and environmentally benign farming.
The nutritional profile of seaweed protein is well-known, since it contains vital vitamins, minerals, and amino acids. The abundance of vitamins B12, iron, and omega-3 fatty acids in seaweed protein makes it a desirable choice for customers who are health-conscious and are looking for protein sources with additional nutritional advantages. The market is growing as a result of its nutritional density, especially among consumers who want to improve their general health.
The market is expanding due in large part to the sustainable seaweed cultivation, which is in line with the growing emphasis from consumers and industry players on eco-friendly techniques. Seaweed is becoming more and more popular in the market since it is a sustainable protein source with less of an environmental impact than traditional animal-based proteins. Its production also requires less freshwater, land, and fertilizer.
Consumer preferences are being influenced by the increased worldwide awareness of health and wellness, with a focus on nutrient-dense, clean-label foods. Because seaweed protein is a naturally occurring and less processed protein source, it fits perfectly with these consumer expectations. The increasing recognition of the health advantages linked to the consumption of seaweed protein is driving the expansion of this market.
Although the food sector still consumes a large amount of seaweed protein, its uses are becoming more widespread than just in cooking. Because of its bioactive components, seaweed protein is making an appearance in animal feed, cosmetics, and medicines. This application diversity aids in the market's growth and adaptability to shifting customer preferences.
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SEAWEED PROTEIN MARKET SHARE ANALYSIS
During the projection period, North America is expected to continue to grow at the quickest rate among the subsegments. In the North American area, there is a growing need for plant-based goods. The region's seaweed market is monopolized by the United States. It is anticipated that North America's seaweed protein industry would expand at a 12.9% compound annual growth rate, generating USD 432.4 million in sales.
In terms of kind, the market was led by the red subsegment in 2021. The greatest protein content is seen in red seaweed. Red seaweed also contains larger concentrations of vitamins, minerals, trace elements, and important fatty acids. Asian cuisines frequently employ red seaweed as a raw component in salads and soups.
The food sub-segment led the market in terms of application in 2021. The use of seaweed in the food industry is responsible for this market's growth because three distinct kinds of hydrocolloids—carrageenan, agar, and alginate—can be made from red and brown seaweeds. Hydrocolloids are non-crystalline substances that thicken (viscous) solutions when dissolved in water. The food sector mainly uses hydrocolloids to thicken, emulsify, gel, and preserve food products. It is anticipated that each of these variables will propel the market share of seaweed protein in food applications and quicken its growth.
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Key Players:
- Irish Seaweed
- Qingdao Gather Great Ocean Algae Industry Group Co Ltd
- Mara Seaweed
- Seasol International Pty. Ltd
- Maine Coast Sea Vegetables
- CP Kelco
- Algaia
- Cargill Inc
- Acadian Seaplants
- AtSeaNova
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- Algae Protein market size is estimated to be worth USD 421.3 million in 2022 and is forecast to a readjusted size of USD 514.9 million by 2028 with a CAGR of 3.4% during the review period.
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- Rice Protein market was valued at USD 150 million in 2022 and is anticipated to reach USD 354.1 million by 2029, witnessing a CAGR of 12.9% during the forecast period 2023-2029.
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- Dietary Supplements market size is projected to reach USD 121110 Million by 2027, from USD 89810 Million in 2020, at a CAGR of 3.9%.
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