New York, USA, July 12, 2021 (GLOBE NEWSWIRE) -- A new report on the global seaweed protein market has been added by Research Dive to its repository. According to the report, the global market is expected to hit $11, 92,255.9 thousand by 2027, rising at a CAGR of 13.5% from 2020 to 2027. This report in an in-depth study offering meticulous insights into the present situation and future scope of the global industry. The report is drafted by expert market analysts and assures to be a reliable source of data and comprehensive market insights for new market players, investors, prevalent players, stakeholders, shareholders, etc.
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Factors Impacting the Market Growth:
The key factor boosting the growth of the global seaweed protein market is the surging adoption of plant-based protein in food owing to the numerous health benefits it offers. Moreover, the rising applications of seaweed protein in nutraceuticals is expected to open doors to profitable opportunities for the growth of the market throughout the forecast period. However, high investments associated with the manufacturing of seaweed is expected to hinder the market growth.
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COVID-19 Pandemic Impact on the Market:
The outbreak of COVID-19 pandemic in 2020 has had a severe impact on the growth of the global seaweed protein market. The pandemic has restricted the regular operations of numerous industries owing to which several factories are experiencing issues in their production processes. Furthermore, numerous seaweed farmers, vendors, and manufacturers are undergoing huge losses in their business due to a significant drop in seaweed prices. All these aspects are adversely impacting the market growth during the pandemic period.
The report segments the global seaweed protein market into source, application, and region.
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Red Type Sub-Segment to Hold a Dominating Position
The red type sub-segment of the source segment is anticipated to hold a leading position in the market by garnering a revenue of $7,37,505.20 thousand in the forecast period. This is chiefly owing to the rising popularity of red type seaweed protein as they are a rich source of vitamins, proteins, minerals, trace elements, and vital fatty acids.
Food Sub-Segment to Grab a Foremost Market Position
The food sub-segment of the application segment is anticipated to grab a foremost position in the market by gathering a revenue of $8,08,669.10 thousand in the estimated period. The growth of this sub-segment is mainly owing to the growing demand for seaweed from food industries.
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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 region market is estimated to observe remarkable growth by surpassing $3,86,290.90 thousand in forecast period. The growth of this region market is primarily due to the growing applications of seaweed protein in food factories and rising initiatives by seaweed manufacturers in this region to produce reasonable seaweed protein.
Key Market Players
1. CP Kelco,
2. Cargill
3. Qingdao Gather Great Ocean Algae Industry Group Co Ltd
4. Mara Seaweed
5. Acadian Seaplants
6. Irish Seaweed
7. Atseanova
8. ALGAIA
9. Seasol International Pty Ltd
10. Maine Coast Sea Vegetables
For instance, in June 2021, LIVEKINDLY Collective, a collection of alternative protein brands, proclaimed its acquisition of the Dutch Weed Burger, the Amsterdam-based seaweed burger making company.
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. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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