New York, USA, April 13, 2023 (GLOBE NEWSWIRE) -- According to Research Dive, the global seaweed protein market is estimated to generate a revenue of $1,512 million by 2030 and grow at CAGR of 11.6% over the forecast period (2022 to 2030). The comprehensive report provides a summary of the present market scenario comprising key aspects of the market, such as growth factors, lucrative growth opportunities, and restraining factors. Besides, the report provides all the global market trends, COVID-19 impact on the market, and market estimations making it easier, helpful, and useful for the new participants to understand the market.
Market Dynamics
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. In addition, the increasing adoption of emerging technologies like artificial intelligence (AI), Internet of Things (IoT), and machine learning by the companies interested in seaweed farming is another factor predicted to uplift the market growth over the forecast period. Moreover, the rising application of seaweed protein in nutraceuticals is expected to open doors to profitable opportunities for the growth of the market throughout the forecast period. However, health & safety concerns associated with the consumption of seaweed is the factor expected to hinder the market growth.
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COVID-19 Impact on the Seaweed Protein Market
The outbreak of COVID-19 pandemic has had a severe impact on the growth of the global seaweed protein market. The pandemic 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. However, the potential of seaweed to fight against COVID-19 is being recognized by many organizations like the World Health Organization (WHO), which is thereby predicted to boost the demand for seaweed even during the COVID-19 pandemic.
Segments of the Market
The report has divided the seaweed protein market into a few segments based on type, application, and regional analysis.
Type: Red Sub-Segment to Hold a Dominating Position
The red sub-segment of the is anticipated to hold a leading position in the market during 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. Besides, the red seaweeds are consumed raw in Asian countries with salads, meals, soups, and condiments.
Application: Food Sub-Segment to Grab a Foremost Market Position
The food sub-segment is anticipated to grab a foremost position in the market during the estimated period. The growth of this sub-segment is primarily owing to the growing demand for seaweed from the food sector across the globe. This rising demand is mainly due to minerals and vital nutrients present in commercial seaweed protein, such as potassium, magnesium, sodium, zinc, copper, and many more macro- as well as micro- nutrients.
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Asia-Pacific Region to Hold Majority of Market Share
The Asia-Pacific region of the seaweed protein market is anticipated to develop a significant market share during the forecast period. This is mainly due to the increasing demand for seaweed protein from the food sector and the growing initiatives by seaweed producers in the region to provide affordable seaweed port. The increasing demand for seaweed protein in the region is owing to the growing usage of commercial types of algae in various traditional cuisines in countries like China, Vietnam, and Japan.
Prominent Market Players
Some of the top players of the global seaweed protein market are
- CP Kelco
- Qingdao Gather Great Ocean Algae Industry Group CO. LTD
- Cargill Incorporated
- Mara Seaweed
- Irish Seaweeds
- ASL
- AtSeaNova
- Seasol
- ALGAIA
- Maine Coast Sea Vegetables
These players are applying various strategies to gain a competitive edge and strong hold in the global industry.
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For instance, in June 2021, The Dutch Weed Burger, a food organization based in Amsterdam, was acquired by LIVEKINDLY Collective, a variety of food brands’ collective, with an aim to expand their seaweed food products.
More about Seaweed Protein Market:
- How is Seaweed Protein Revolutionizing the Plant-based Meat Industry?
- Strategic Acquisition Like That of The Dutch Weed Burger by LIVEKINDLY Collective to Drive the Global Seaweed Protein Market
