The global seaweed protein market is predicted to be valued at $1,512 million by 2030, surging from $550.4 million in 2021, at a noteworthy CAGR of 11.6%.
Impact Analysis of COVID-19 on the Seaweed Protein Market
The global seaweed protein market has been severely affected since beginning of the COVID-19 pandemic. Several industries are encountering challenges in their manufacturing processes as a result of the pandemic, which has limited daily operations of several businesses. Furthermore, due to a major decline in seaweed high prices, seaweed growers, sellers, and manufacturers are experiencing significant losses in their businesses. Owing to shortage of labor in the farming sector due to strict restrictions across various countries, seaweed protein market growth suffered a negative impact.
Several measures supported by governments of various countries across the globe are assisting farmers in recovering them from impact faced due to the pandemic. For example, the Indian Government is taking initiatives such as seaweed cultivation & value chain under Pradhan Mantri Matsya Sampada Yojana. This initiative aims at enhancing production and productivity in seaweed aquaculture in the country in order to maximize potential of coastal waters while reducing dependency on wild harvest.
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Global Seaweed Protein Market Analysis
Demand for seaweed protein is increasing due to rising consumer awareness regarding health advantages of consuming seaweed products. It is best way to intake vitamins and minerals without adding any calories. It may help with the thyroid function as thyroid gland controls and releases hormones. Red seaweeds, especially dulse, is a type of seaweed and it is popular in seaweed product range and among consumers. It is one of the most protein-rich seaweed products available in the market. Furthermore, seaweeds are believed to contain bioactive peptides that can help to prevent cardiovascular diseases and lower the blood pressure. One of the most common problems among the elderly is high blood pressure. As a result, seaweed protein consumption is expected to increase rapidly in the elderly population. Consumers prefer natural ingredients compared to the artificially manufactured ones. Supplements, food, and cosmetics have high demand for seaweed protein-based products. Cosmetic companies encourage use of seaweed protein since it has a number of benefits such as it consists of fair amount of iodine and mineral which are vital for the health and skin. Plant proteins, anti-inflammatory agents, natural antioxidants, and other nutrients are major features expected to increase demand for seaweed protein-based products.
The amino acid composition of seaweeds is influenced by a number of factors, including species, preservation method, extraction procedure, seasonal change, and the environment in which they develop. Plant proteins are generally viewed as insufficient protein sources as they lack one or more essential amino acids, including histidine, isoleucine, leucine, lysine, methionine, valine, tryptophan, phenylalanine, and threonine. These factors might hamper the market growth.
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Rising demand for seaweed is driven by an increase in use of seaweed in dietary supplements due to its nutritious value, flavor-enhancing characteristics, and weight-loss properties. Furthermore, seaweeds are high in bioactive chemicals, antioxidants, and antibacterial characteristics, making them ideal for a variety of therapeutic applications. In addition, emerging applications of seaweed, such as a thickening agent in the textile sector, increasing yield, improving soil quality, and protecting crops have boosted product demand in recent years. Furthermore, rising consumer awareness regarding diverse applications of seaweed, as well as increased investments in several R&D initiatives is expected to stimulate the global seaweed market in the coming years.
Global Seaweed Protein Market, Segmentation
The global seaweed protein market is segmented based on type, application, and region.
The type segment is further classified into red, brown, and green. Among these, the red sub-segment is anticipated to have a dominant as well as the fastest growing market share by 2030. Red seaweeds are majorly considered as food and sources of two hydrocolloids: agar and carrageenan. Useful red seaweeds are found in cold waters such as Nova Scotia (Canada) and Southern Chile; in more temperate waters, such as coasts of Morocco and Portugal; and in tropical waters, such as Indonesia and the Philippines.
Red seaweed is used in variety of dishes such as salads, soups, and sushi, and is usually consumed raw or dried. Furthermore, there are certain well-known red seaweeds with great nutritional value that are commonly consumed in nations such as Korea, the U.K., and Japan, such as gim seaweed, dulse seaweed, and nori/porphyra seaweed (Japan). These factors are expected to drive revenue growth of the segment during the forecast period. Porphyra species are the most common red seaweed predators.
The application segment is further segmented into food, animal feed & additives, cosmetics & personal care, and others. Among these, the food sub-segment is anticipated to have a dominant market share by 2030. This increase in the market can be attributed to the use of seaweed in the food industry, as red and brown seaweeds can be used to make three different types of hydrocolloids, which are non-crystalline substances that thicken (viscous) solutions when dissolved in water, such as carrageenan, agar, and alginate. Hydrocolloids are primarily utilized in the food industry to emulsify, gel, preserve, and thicken food & beverages. All of these factors could drive up demand for seaweed proteins in food applications and accelerate market expansion.
The North America seaweed market is expected to grow significantly due to rising popularity of vegan and vegetarian diets in the region. Increasing popularity of functional food & beverages has boosted use of algae in a variety of products. The market is predicted to rise due to ongoing developments and technological advancements in the production and harvesting of algae.
Natural ingredient consumption is on rise in North America as seaweeds are high in minerals, vitamins, and micronutrients, all of which contribute to excellent health. Furthermore, firms are looking for strategic alliances and collaborations to expand their product reach in the global seaweed protein market. For example, Acadian, a Canadian food supply chain company, stated in April 2021, that its seaweed extract products can assist farmers enhance plant productivity. Such factors demonstrate that need for seaweed protein will increase, driving revenue growth of the seaweed protein market in the region during the forecast period.
Key Players in the Global Seaweed Protein Market
Some of the leading seaweed protein market players are
- CP Kelco
- Cargill, Incorporated
- Qingdo Gather Great Ocean Algae Industry Group CO, LTD
- Mary Seaweed
- Irish Seaweeds
- Main Coast Sea Vegetables
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