Seaweed Protein Market Report
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
Global Seaweed Protein Market Analysis
The global seaweed protein market is predicted to generate a revenue of $1,512 million by 2030, growing from $550.4 million in 2021, at a healthy CAGR of 11.6%.
Seaweed Protein Market Synopsis
Seaweed proteins are a good source of vitamins & mineral and contain iodine & tyrosine, which support thyroid functions. The seaweed protein market size is expected to increase during the forecast period as consumers are becoming more aware regarding benefits of seaweeds in pharmaceutical and healthcare applications. Seaweed protein is becoming more popular as a fruitarian protein substitute for meat and dairy items. Rising global demand for seaweed protein is expected to open several opportunities for key market players. However, excessive consumption of seaweed protein has been discovered to have negative health effects as few seaweeds contain poisonous (toxic) metals such as arsenic (As), mercury (Hg), copper (Cu), Al, Si, Ti, Rb, Cd, Sr, Sn, and Pb, which is predicted to hinder revenue growth of the market.
The global seaweed protein market is expanding rapidly, owing to rising popularity of plant-based foods. Globally, several people are increasingly consuming natural ingredients, and seaweeds are beneficial as they are rich in minerals, vitamins, (A, C, E, and K, along with folate, zinc, sodium, calcium, and magnesium), and micronutrients, all of which aid in the promotion of good health. All these factors are anticipated to boost the seaweed protein demand in the upcoming years.
According to regional analysis, Asia-Pacific seaweed protein market is expected grow significantly during the estimated timeframe.
Seaweed Protein Overview
Seaweed is used in the food industry, which accounts for more than half of the total market share compared to other categories which include hydrocolloids, feed, and fertilizers. Seaweed is a type of algae that develops in water bodies including seas, rivers, and lakes. Seaweed protein is used in extraction of industrial gums and chemicals, as well as in nutrition and cosmetics. It is utilized as a fertilizer for living creatures including plants and has a protein composition of 9-47%. As a result, it is widely consumed in Asian cuisine, particularly in Japan, Korea, and China.
COVID-19 Impact Analysis on the Global Seaweed Protein Market
The COVID-19 pandemic impacted various businesses, including the seaweed protein industry. Many businesses experienced issues such as interrupted supply chains as a result of global lockdowns and quarantine rules. The impact and consequences of COVID-19 on the ocean economy sector in three countries (Barbados, Belize, and Costa Rica) were similar to those seen globally.
Seaweed’s potential to fight against COVID-19 is being recognized by many organizations such as World Health Organization (WHO), which is thereby expected to boost demand for seaweeds even during the COVID-19 pandemic. Regions such as Bali, which was earlier known for seaweed farming, were affected by the tourism sector. But now they have reverted immediately to their seaweed farms as a result of decline in tourism due to the pandemic.
Rising Prevalence of Plant-based Protein in Food Sector is Expected to Drive the Market Growth
Increasing popularity of the plant-based protein supplement has led to increased demand for seaweed protein which is a major market driving factor. The global seaweed protein market is flourishing, due to rising demand for plant-based foods. Seaweeds are also beneficial as they are high in minerals, vitamins, and micronutrients, all of which aid in the promotion of good health. As a result, the global market for seaweed protein is being driven by these factors.
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Presence of Heavy Metals in Seaweed is Estimated to Restrain the Market Growth
Sometimes seaweeds can be contaminated with heavy metals such as a toxic metals and tin found in impure water. In seaweed, type and quantity of contamination vary widely based on the plant’s natural habitat, (Hijiki) a thin seaweed that turns black when cooked, which is the most common source of arsenic poisoning. Due to the presence of heavy metals in seaweeds, quality of seaweed products gets hampered. Excessive consumption of seaweed increases iodine level above the required level in the body, which is harmful. These health and safety concerns associated with the consumption of seaweed are restraining market growth to some extent.
Growing Seaweed Protein Applications in Nutrient Rich Food are Estimated to Provide Lucrative Opportunity for the Market Growth
Increasing seaweed popularity as a plant-based protein since it is the best dietary source of iodine, which helps support thyroid gland and contains minerals & vitamins such as K and B, zinc, and iron, along with antioxidants that help protect cells from damage, is expected to boost demand for seaweeds. Emerging applications in various industries such as food and cosmetics are projected to create significant opportunities for the key players in the market over the projection period. Seaweed production has increased significantly year over year as consumers are adapting a healthier lifestyle across the globe.
Seaweed farming is largely practiced in the Asia-Pacific, and it is a labor-intensive process that raises company operating costs. To enhance seaweed production and monitor seaweed biomass and habitats, companies interested in seaweed farming are implementing newest emerging technologies such as machine learning, Internet of Things (IoT), and artificial intelligence. As a result of improved technology improvements, the seaweed cultivation industry is seeing profitable commercial potential.
To know more about global seaweed protein market opportunities, get in touch with our analysts here.
Global Seaweed Protein Market, by Type
Based on type, the market has been classified into red, brown, and green. Among these, the red sub-segment accounted for highest market share in 2021 and is estimated to witness the fastest growth during the forecast period.
Global Seaweed Protein Market, by Type, 2021
Source: Research Dive Analysis
The red sub-segment is predicted to dominate the market in the analysis timeframe. Increasing need for red type seaweed protein, as it is a good source of proteins, critical vitamins, fatty acids, trace elements, and minerals, is acting as a driving factor. Red seaweeds have the highest protein content, due to which they have a red color. Moreover, protein content and color of red seaweed offer some distinct advantages in producing meat substitutes. Red seaweeds are consumed raw in Asian countries with meals, salads, condiments, and soups. Furthermore, there are 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 seaweed (Japan). These factors are expected to drive revenue growth of the segment during the forecast period.
Global Seaweed Protein Market, by Application
Based on application, the market has been segmented into food, animal feed & additives, cosmetics & personal care, and others. Among these, the food sub-segment accounted for the highest seaweed protein market share in 2021 and is estimated to show the fastest growth during the forecast period.
Global Seaweed Protein Market, by Application, 2021
Source: Research Dive Analysis
The food sub-segment is expected to lead the market during the forecast timeframe. Seaweed protein is in high demand in the food industry, which is driving revenue growth of the segment. This is majorly owing to vital nutrients and minerals present in commercial seaweed protein such as magnesium, potassium, sodium, copper, zinc, calcium, sulfur, phosphorus, chlorine, and other macro & micro nutrients. There are roughly (221) different types of commercial seaweeds, with red and brown commercial seaweed being the most common. Carrageenan, agar, and alginate are some of the commercial seaweed derivatives that can also be obtained. Due to its varied qualities as a hydrocolloid, carrageenan is the most frequently used commercial seaweed derivative in the food & beverage sector.
Global Seaweed Protein Market, Regional Insights:
The seaweed protein market was investigated across North America, Europe, Asia-Pacific, and LAMEA.
Global Seaweed Protein Market Size & Forecast, by Region, 2021-2030 ($ Million)
Source: Research Dive Analysis
Asia-Pacific Holds the Major Seaweed Market Share
The Asia-Pacific seaweed protein market is expected to develop significantly over the forecast period. Increased demand for seaweed protein from the food sector, as well as increasing initiatives by seaweed producers to provide affordable seaweed port is driving revenue growth of the market in the region. Increasing use of commercial types of algae in traditional cuisines in nations such as China, Japan, and Vietnam have increased global seaweed protein demand in recent years. Increased demand from the foodservice sector for macro algae is also expected to drive market revenue growth in the region. Rising popularity of plant-based cosmetics and personal care products among consumers is expected to drive revenue growth of the market in the region during the forecast period.
Global Competitive Scenario in the Global Seaweed Protein market
Investment and business expansion are common strategies followed by major market players. On March 17, 2022, – CP Kelco, a global pioneer in nature-based ingredient solutions, launched a new range of options to enable product development in the fast-growing market for plant-based meat alternatives. For developing plant-based burger and sausage alternatives and delivering a meat-like eating experience, the new line of products comprises nature-based, cleaner label-friendly ingredient possibilities.
Source: Research Dive Analysis
Some of the leading seaweed protein market players are CP Kelco, Cargill, Incorporated, Qingdao Gather Great Ocean Algae Industry Group CO. LTD, Mara Seaweed, ASL, Irish Seaweeds, AtSeaNova, ALGAIA, Seasol, and Maine Coast Sea Vegetables.
Historical Market Estimations
Base Year for Market Estimation
Forecast Timeline for Market Projection
North America, Europe, Asia-Pacific, and LAMEA
Segmentation by Type
Segmentation by Application
Key Companies Profiled
Q1. What is the size of the global seaweed protein market?
A. The size of the global seaweed protein market was over $550.4 million in 2021, and is projected to reach $1,512 million by 2030.
Q2. Which are the major companies in the seaweed protein market?
A. CP Kelco, Cargill, and Acadian Seaplants are some of the key players in the global seaweed protein market.
Q3. Which region, among others, possesses greater investment opportunities in the near future?
A. The North America region possesses great investment opportunities for investors to witness the most promising growth in the future.
Q4. What will be the growth rate of the Asia-Pacific seaweed protein market?
A. Asia-Pacific seaweed protein market is anticipated to grow at 10.6% CAGR during the forecast period.
Q5. What are the strategies opted by the leading players in this market?
A. Technological development and strategic partnerships are the key strategies opted by the operating companies in this market.
Q6. Which companies are investing more on R&D practices?
A. Cargill and Acadian Sea plants are investing more on R&D activities for developing new products and technologies.
1.2.Real time insights and validation
1.4.Assumptions and forecast parameters
1.5.Market size estimation
2.2.Key objectives of the study
2.5.Overview of the impact of COVID-19 on global seaweed protein market
4.2.Growth impact forces
4.3.Market value chain analysis
4.3.1.List of raw material suppliers
4.3.2.List of manufacturers
4.3.3.List of distributors
4.4.Innovation & sustainability matrices
4.5.Porter’s five forces analysis
4.5.1.Bargaining power of suppliers
4.5.2.Bargaining power of consumers
4.5.3.Threat of substitutes
4.5.4.Threat of new entrants
4.5.5.Competitive rivalry intensity
4.7.Impact of COVID-19 on seaweed protein market
4.7.1.Pre-covid market scenario
4.7.2.Post-covid market scenario
5.Seaweed Protein Market, by Type
5.1.1.Market size and forecast, by type
5.2.1.Key market trends, growth factors, and opportunities
5.2.2.Market size and forecast, by region, 2021-2030
5.2.3.Market share analysis, by country 2021 & 2030
5.3.1.Key market trends, growth factors, and opportunities
5.3.2.Market size and forecast, by region, 2021-2030
5.3.3.Market share analysis, by country 2021 & 2030
5.4.1.Key market trends, growth factors, and opportunities
5.4.2.Market size and forecast, by region, 2021-2030
5.4.3.Market share analysis, by country 2021 & 2030
5.5.Research Dive Exclusive Insights
6.Seaweed Protein Market, by Application
6.1.1.Market size and forecast, by application
6.2.1.Key market trends, growth factors, and opportunities
6.2.2.Market size and forecast, by region, 2021-2030
6.2.3.Market share analysis, by country 2021 & 2030
6.3.Animal Feed & Additives
6.3.1.Key market trends, growth factors, and opportunities
6.3.2.Market size and forecast, by region, 2021-2030
6.3.3.Market share analysis, by country 2021 & 2030
6.4.Cosmetics & Personal Care
6.4.1.Key market trends, growth factors, and opportunities
6.4.2.Market size and forecast, by region, 2021-2030
6.4.3.Market share analysis, by country 2021 & 2030
6.5.1.Key market trends, growth factors, and opportunities
6.5.2.Market size and forecast, by region, 2021-2030
6.5.3.Market share analysis, by country 2021 & 2030
6.6.Research Dive Exclusive Insights
7.Seaweed protein Market, by Region
188.8.131.52.Market size analysis, by Type
184.108.40.206.Market size analysis, by Application
220.127.116.11.Market size analysis, by Type
18.104.22.168.Market size analysis, by Application
22.214.171.124.Market size analysis, by Type
126.96.36.199.Market size analysis, by Application
7.1.4.Research Dive Exclusive Insights
188.8.131.52.Market size analysis, by Type
184.108.40.206.Market size analysis, by Application
220.127.116.11.Market size analysis, by Type
18.104.22.168.Market size analysis, by Application
22.214.171.124.Market size analysis, by Type
126.96.36.199.Market size analysis, by Application
188.8.131.52.Market size analysis, by Type
184.108.40.206.Market size analysis, by Application
220.127.116.11.Market size analysis, by Type
18.104.22.168.Market size analysis, by Application
7.2.6.Rest of Europe
22.214.171.124.Market size analysis, by Type
126.96.36.199.Market size analysis, by Application
7.2.7.Research Dive Exclusive Insights
188.8.131.52.Market size analysis, by Type
184.108.40.206.Market size analysis, by Application
220.127.116.11.Market size analysis, by Type
18.104.22.168.Market size analysis, by Application
22.214.171.124.Market size analysis, by Type
126.96.36.199.Market size analysis, by Application
188.8.131.52.Market size analysis, by Type
184.108.40.206.Market size analysis, by Application
220.127.116.11.Market size analysis, by Type
18.104.22.168.Market size analysis, by Application
7.3.6.Rest of Asia-Pacific
22.214.171.124.Market size analysis, by Type
126.96.36.199.Market size analysis, by Application
7.3.7.Research Dive Exclusive Insights
188.8.131.52.Market size analysis, by Type
184.108.40.206.Market size analysis, by Application
220.127.116.11.Market size analysis, by Type
18.104.22.168.Market size analysis, by Application
22.214.171.124.Market size analysis, by Type
126.96.36.199.Market size analysis, by Application
188.8.131.52.Market size analysis, by Type
184.108.40.206.Market size analysis, by Application
7.4.5.Rest of LAMEA
220.127.116.11.Market size analysis, by Type
18.104.22.168.Market size analysis, by Application
7.4.6.Research Dive Exclusive Insights
8.1.Top winning strategies, 2021
8.3.Market share analysis, 2021
9.3.Qingdao Gather Great Ocean Algae Industry Group CO., LTD
9.10.Maine Coast Sea Vegetables
10.1.Parent & peer market analysis
10.2.Premium insights from industry experts
Seaweed is a type of algae that is mostly found in water bodies like rivers, seas, and lakes, and is widely used in the extraction of industrial gums and chemicals. Seaweed is also used in nutrition and is considered as an essential element in cosmetics. Besides, it is also used as a fertilizer for living organisms like animals, plants, and has high protein content. It’s widely consumed by people of Asian countries like India, China, Vietnam, and South Korea for its nutrients and minerals including potassium, sodium, zinc, copper, iron, etc.
Forecast Analysis of the Global Market
Attractive health benefits associated with seaweed and the rising strategic alliances among key market players are some factors estimated to drive the growth of the global seaweed protein market during the 2021-2030 analysis timeframe. In addition, the rising popularity of plant-based foods and consumption of natural ingredients is also anticipated to boost the market growth by 2030. Moreover, the growing seaweed protein application in nutrient rich foods is expected to create abundant growth opportunities for the global seaweed protein market during the forecast period. Furthermore, people’s growing focus on leading a healthier lifestyle by consuming seaweed is also predicted to offer market growth opportunities by 2030. However, the presence of heavy metals in seaweed is the major factor to impede the market growth.
Regionally, the seaweed protein market in the Asia-Pacific region is projected 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 the 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.
According to the report published by Research Dive, the global seaweed protein market is estimated to surpass a revenue of $1,512 million by 2030, growing at a CAGR of 11.6% during the forecast period 2021-2030. Some key market players are Mara Seaweed, Seasol, CP Kelco, Irish Seaweeds, Qingdao Gather Great Ocean Algae Industry Group CO. LTD, ALGAIA, ASL, AtSeaNova, Maine Coast Sea Vegetables, Cargill Incorporated, among others.
Covid-19 Impact on the Market Seaweed Protein 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.
Key Market Developments
The significant companies operating in the industry are adopting numerous growth strategies & business tactics, such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, thus helping the seaweed protein market to flourish. For instance,
- 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.
- In June 2021, LIVEKINDLY Collective, a variety of food brands’ collective, announced the acquisition of The Dutch Weed Burger, an Amsterdam-based food organization, to expand their seaweed food products. The Dutch Weed Burger offers a wide range of meat analogs with seaweed as its main ingredient and help LIVEKINDLY Collective to scale internationally into the UK and the US.
- In April 2022, Umaro Foods, a renowned producer of seaweed-based bacon, announced its collaboration with the Shark Tank, an American TV series, to offer its innovative bacon to a greater food service network. Mark Cuban of the Shark Tank announced the investment of $1 million in the brand to use the proprietary red algae protein for creating seaweed-based meats.