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, 2020–2027
Global Seaweed Protein Market Analysis
The global seaweed protein market is predicted to garner $11, 92,255.9 thousand in the 2020–2027 timeframe, growing from $5, 17,360 thousand in 2019 at a healthy CAGR of 13.5%.
Strategic alliances among market players, along with growing health benefits associated with seaweed, is expected to accelerate the growth of the seaweed protein market.
However, excessive consumption of seaweed is found to affect the health in an undesirable way, as some of the seaweeds consist toxic minerals, which is expected to be the growth-restricting factor for the market.
According to the regional analysis, the Asia-Pacific seaweed protein market is anticipated to grow during the review period due to increasing consciousness of consumers about the use of seaweeds and its pharmaceutical and healthcare use.
Seaweed Protein Overview
Seaweed is a form of algae or marine plant that grows inside the water bodies such as oceans, rivers, and seas. Seaweed is a good source of nutrition for living organisms including plants as it is used as a fertilizer and has protein composition up to 9-47%. Therefore, it is directly consumed in Asian cuisine and in countries such as Japan, Korea, and China.
Impact Analysis of COVID-19 on the Global Seaweed Protein Market
The novel coronavirus pandemic had a devastating effect on several industries including seaweed protein industry. Owing to worldwide lockdowns and quarantine regulations, many manufacturers are facing problems such as reduced consumption and disrupted supply chains. Also, the COVID-19 pandemic affected seaweed farming as many farmers experienced a decrease in prices of seaweed. For instance, United Nations Industrial Development Organization announced on February 2020 that in Indonesia, the price of Cottonii seaweed (type of red seaweed) has fallen up to 50% due to the lockdown in China. The Cottonii seaweed is used in food industry as a thickening and gelling agent. Moreover, there are many vendors, farmers, and manufacturers facing business losses due to fallen seaweed prices. Therefore, seaweed protein market experienced slow growth during the COVID-19.
In addition to this, several researches and studies are ongoing, to learn the potential of seaweed to fight against COVID-19. For instance, according to an article in Oxford University, on December 2020, certain countries such as Japan is less affected by COVID-19 because of people’s lifestyles and food habits there that include seaweed-rich diet. Consumption of dietary seaweed helps in getting various components such as proteins, minerals, carbohydrates, water and iodine and they act as anti-inflammatory, antiviral, and antioxidants as well as have prebiotic effects. The above-stated factors and studies show that the pandemic may generate substantial investment opportunities in the market in the coming years.
Increasing prevalence of Plant-based Protein in Food to Surge the Market Growth
The global seaweed protein industry is witnessing a massive growth mainly due to increasing popularity of plant-based products. Also, consumption of natural ingredients is trending among people and seaweeds are healthy as they are rich in minerals, vitamins, and micronutrients which help in promoting good health. All such factors are thereby driving the global market of seaweed protein.
Furthermore, key players operating in the market are adopting strategic collaborations to offer best products to the customers. For instance, in August 2020, CP Kelco, an U.S. based company, announced that they are into a partnership with Biesterfeld, a German based chemical company for selling their CP Kelco’s citrus fiber, xanthan gum, nature-based pectin, and carrageenan in Poland, Latvia, the Czech Republic, Slovakia, Hungary, Estonia, Lituania, and Germany. These types of initiatives from market leaders are also predicted to drive the growth of the market.
To know more about global seaweed protein market drivers, get in touch with our analysts here.
Higher Cost of Seaweed Production to Restrain the Market Growth
The seaweed farming is costlier than land farming and is a major factor that could hamper growth of the global seaweed protein market. Also, excessive consumption of seaweed can cause health problems due to presence of toxic minerals. Therefore, all such elements may create a negative impact on the growth of the market during the forecast period.
Growing Seaweed Protein Application in Nutraceuticals to Create Massive Investment Opportunities
The global seaweed protein market is growing at a very fast pace due to rising application of seaweed protein and their extracts. Nutraceutical (any type of food substance that offers various health or medical benefits) industries are continuously adopting seaweed due to the presence of bioactive compounds including pigments, vitamins, phlorotannins, polysaccharides, peptides, mineral, and dietary effects. Therefore, the inclusion of edible seaweeds in daily diet is advisable. Also, according to studies conducted by Global Dietary, a global Nutrition and Policy Consortium in 2017, it is estimated that countries with regular consumptions of seaweed have significantly less obesity and diet-related diseases. All such applications of seaweed protein in nutraceuticals are predicted to be major growth accelerating factors of the seaweed protein market globally.
Furthermore, in some studies, it is found that different types of seaweed extracts have experimentally proved that they are effective in destruction of cancer. Also, seaweed proteins have the potential to act as a protective agent in the aetiology of breast cancer. Also, according to the findings stated in an article in NCBI (The National Center for Biotechnology Information), in April 2020, Fucoidans (species of brown seaweed) has anti-cancer properties and molecular reactions with tumor cells. Such factors may further lead to lucrative market opportunities for key players in the upcoming years.
To know more about global seaweed protein market opportunities, get in touch with our analysts here.
Global Seaweed Protein Market, by Source
Based on source, the market has been divided into red, brown, and green sub-segments of which the red sub-segment is projected to generate the maximum revenue as well as exhibit the fastest growth.
Source: Research Dive Analysis
The red type sub-segment is predicted to have a dominating as well as the fastest growing market share in the global market. The sub-segment is expected to register a revenue of $7,37,505.20 thousand during the forecast period. Red seaweeds have higher proteins, minerals, vitamins, trace elements, vitamins, and essential fatty acids. Moreover, red seaweeds are eaten raw with meals, salads, condiments, and soups, mostly in Asian countries. In addition to this, there are some famous red seaweeds that have high content of nutrition and are mostly consumed in countries such as such as Gim seaweed (Korea), Dulse seaweed (Britain), and Nori seaweed (Japan). These factors and may bolster the growth of segment during the forecast period.
Global Seaweed Protein Market, by Application
On the basis of application, the market has been sub-segmented into food, animal feed & additives, cosmetics & personal care, and others. Among the mentioned sub-segments, the animal feed & additives sub-segment is predicted to show the fastest growth, and food sub-segment is projected to have the most dominant market share.
Source: Research Dive Analysis
The food sub-segment of the global seaweed protein market is projected to have the most dominant share. It is projected to surpass $8,08,669.10 thousand by 2027, with an increase from $3,52,935.60 thousand in 2019. This growth in the market can be attributed to seaweed application in food industries, such as red and brown type of seaweeds can be used to produce three different types of hydrocolloids which is a non-crystalline substance, and when dissolved in water, gives thickened (viscous) solution such as carrageenan, agar, and alginate. Hydrocolloids are mostly used by food industries to emulsify, gelling, preserving, and thickening of foods and drinks. All such elements may increase the demand for seaweed proteins in food application and further surge the market growth.
The animal feed & additives sub-segment of the global seaweed protein market is projected to have the fastest growth. It is also projected to surpass $ 1,77,651.20 thousand by 2027, with an increase from $70,179.30 thousand in 2019. This growth in the market can be attributed to the use of seaweed extract for feed supplements that helps animals to improve their gut by killing all the harmful microbes present. Also, seaweed offers various benefits such as their functional polysaccharides are a very good source of proteins, minerals, and vitamins which prove very beneficial for animals. All such elements may increase the demand for seaweed proteins in animal feeds and additives and further surge the market growth.
Global Seaweed Protein Market, Regional Insights:
The seaweed protein market was investigated across North America, Europe, Asia-Pacific, and LAMEA.
Source: Research Dive Analysis
The Market for Seaweed Protein in Asia-Pacific to be the Most Dominant
The Asia-Pacific seaweed protein market accounted $1,79,006.60 thousand in 2019 and is projected to register a revenue of $3,86,290.90 thousand by 2027. The uncontrollable human population in the Asian region will rise the prices of animal protein, and therefore manufacturers are trying to make cost effective protein options such as seaweed proteins. Moreover, countries in Asia have long history of using seaweed in food and supplements. Such type of elements showcase that the demand for seaweed protein will exponentially increase and eventually foster the Asia-Pacific seaweed protein market, in the upcoming years. These factors will ultimately drive the demand in the seaweed protein market across the region.
The Market for Seaweed Protein in North America to be the Fastest Growing
The share of North America seaweed protein market is anticipated to grow at a CAGR of 14.9% by registering a revenue of $3,33,831.70 thousand by 2027. In North America, the consumption of natural ingredients is trending and seaweeds are rich in minerals, vitamins, and micronutrients, which helps in promoting good health. Moreover, to increase the product reach, companies are eyeing strategic partnerships and collaborations to enhance the seaweed protein market globally. For instance, Acadian seaplants, a food-supply chain company in Canada, announced in April 2020, that their seaweed extract products are helpful for farmers to increase the yield of plants. Such elements showcase that the demand for seaweed protein will exponentially increase which will eventually foster the seaweed protein market in this region, in the upcoming years.
Competitive Scenario in the Global Seaweed Protein Market
Product launches and mergers & acquisitions are common strategies followed by major market players.
Source: Research Dive Analysis
Some of the leading seaweed protein market players are CP Kelco, Cargill, Qingdao Gather Great Ocean Algae Industry Group Co Ltd, Mara Seaweed, Acadian Seaplants, Irish Seaweed, Atseanova, ALGAIA, Seasol International Pty Ltd and Maine Coast Sea Vegetables.
Porter’s Five Forces Analysis for the Global Seaweed Protein Market:
- Bargaining Power of Suppliers: The service suppliers of seaweed protein market are high in number and have a globalized reach. Moreover, companies entering into the seaweed protein market offers various innovative products.
Thus, the bargaining power of suppliers is low.
- Bargaining Power of Buyers: Buyers have huge bargaining power; they demand best services at low prices. This increases the pressure on the seaweed protein providers to offer the best service in a cost-effective way. Thus, buyers can freely choose the best products that best fits their preference.
Therefore, the bargaining power of the buyers is high.
- Threat of New Entrants: Companies entering the seaweed protein market are adopting various innovations such as different types of seaweed extracts that have different application in many industries.
Thus, the threat of the new entrants is moderate.
- Threat of Substitutes: There are different type sea food available, but they do not offer the nutrition and protein that seaweed offers.
Thus, the threat of substitutes is low.
- Competitive Rivalry in the Market: The competitive rivalry among industry leaders is rather intense, especially between the global players including CP Kelco, Cargill, and Acadian Seaplants. These companies are launching their value-added services in the international market and strengthening their footprint worldwide.
Therefore, competitive rivalry in the market is high.
Historical Market Estimations
Base Year for Market Estimation
Forecast Timeline for Market Projection
North America, Europe, Asia-Pacific, LAMEA
Segmentation by Source
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 $5,17,360 thousand in 2019 and is projected to reach $ 11,92,255.9 thousand by 2027.
Q2. Which are the major companies in 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 North America seaweed protein market?
A. North America seaweed protein market is anticipated to grow at 14.9% 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 Seaplants 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
2.2.By source trends
2.3.By application trends
3.1.Market segmentation & definitions
3.2.1.Top investment pockets
3.2.2.Top winning strategies
3.3.Porter’s five forces analysis
3.3.1.Bargaining power of consumers
3.3.2.Bargaining power of suppliers
3.3.3.Threat of new entrants
3.3.4.Threat of substitutes
3.3.5.Competitive rivalry in the market
3.8.2.by application source
3.9.Market value chain analysis
3.9.1.Stress point analysis
3.9.2.Raw material analysis
184.108.40.206.Raw material suppliers
4.Seaweed Protein Market, by Source
4.1.1.Market size and forecast, by region, 2019-2027
4.1.2.Comparative market share analysis, 2019 & 2027
4.2.1.Market size and forecast, by region, 2019-2027
4.2.2.Comparative market share analysis, 2019 & 2027
4.3.1.Market size and forecast, by region, 2019-2027
4.3.2.Comparative market share analysis, 2019 & 2027
5.Seaweed Protein Market, by application
5.1.1.Market size and forecast, by region, 2019-2027
5.1.2.Comparative market share analysis, 2019 & 2027
5.2.Animal Feed & Additives
5.2.1.Market size and forecast, by region, 2019-2027
5.2.2.Comparative market share analysis, 2019 & 2027
5.3.Cosmetics & Personal Care
5.3.1.Market size and forecast, by region, 2019-2027
5.3.2.Comparative market share analysis, 2019 & 2027
5.4.1.Market size and forecast, by region, 2019-2027
5.4.2.Comparative market share analysis, 2019 & 2027
6.Seaweed Protein Market, by Region
6.1.1.Market size and forecast, by source, 2019-2027
6.1.2.Market size and forecast, by Application , 2019-2027
6.1.3.Market size and forecast, by country, 2019-2027
6.1.4.Comparative market share analysis, 2019 & 2027
220.127.116.11.Market size and forecast, by Source, 2019-2027
18.104.22.168.Market size and forecast, by Application , 2019-2027
22.214.171.124.Comparative market share analysis, 2019 & 2027
126.96.36.199.Market size and forecast, by Source, 2019-2027
188.8.131.52.Market size and forecast, by Application , 2019-2027
184.108.40.206.Comparative market share analysis, 2019 & 2027
220.127.116.11.Market size and forecast, by Source, 2019-2027
18.104.22.168.Market size and forecast, by Application , 2019-2027
22.214.171.124.Comparative market share analysis, 2019 & 2027
6.2.1.Market size and forecast, by Source, 2019-2027
6.2.2.Market size and forecast, by Application , 2019-2027
6.2.3.Market size and forecast, by country, 2019-2027
6.2.4.Comparative market share analysis, 2019 & 2027
126.96.36.199.Market size and forecast, by Source, 2019-2027
188.8.131.52.Market size and forecast, by Application , 2019-2027
184.108.40.206.Comparative market share analysis, 2019 & 2027
220.127.116.11.Market size and forecast, by Source, 2019-2027
18.104.22.168.Market size and forecast, by Application , 2019-2027
22.214.171.124.Comparative market share analysis, 2019 & 2027
126.96.36.199.Market size and forecast, by Source, 2019-2027
188.8.131.52.Market size and forecast, by Application , 2019-2027
184.108.40.206.Comparative market share analysis, 2019 & 2027
220.127.116.11.Market size and forecast, by Source, 2019-2027
18.104.22.168.Market size and forecast, by Application , 2019-2027
22.214.171.124.Comparative market share analysis, 2019 & 2027
126.96.36.199.Market size and forecast, by Source, 2019-2027
188.8.131.52.Market size and forecast, by Application , 2019-2027
184.108.40.206.Comparative market share analysis, 2019 & 2027
6.2.10.Rest of Europe
220.127.116.11.Market size and forecast, by Source, 2019-2027
18.104.22.168.Market size and forecast, by Application , 2019-2027
22.214.171.124.Comparative market share analysis, 2019 & 2027
6.3.1.Market size and forecast, by Source, 2019-2027
6.3.2.Market size and forecast, by Application , 2019-2027
6.3.3.Market size and forecast, by country, 2019-2027
6.3.4.Comparative market share analysis, 2019 & 2027
126.96.36.199.Market size and forecast, by Source, 2019-2027
188.8.131.52.Market size and forecast, by Application , 2019-2027
184.108.40.206.Comparative market share analysis, 2019 & 2027
220.127.116.11.Market size and forecast, by Source, 2019-2027
18.104.22.168.Market size and forecast, by Application , 2019-2027
22.214.171.124.Comparative market share analysis, 2019 & 2027
126.96.36.199.Market size and forecast, by Source, 2019-2027
188.8.131.52.Market size and forecast, by Application , 2019-2027
184.108.40.206.Comparative market share analysis, 2019 & 2027
6.3.8.Rest of Asia Pacific
220.127.116.11.Market size and forecast, by Source, 2019-2027
18.104.22.168.Market size and forecast, by Application , 2019-2027
22.214.171.124.Comparative market share analysis, 2019 & 2027
6.4.1.Market size and forecast, by Source, 2019-2027
6.4.2.Market size and forecast, by Application , 2019-2027
6.4.3.Market size and forecast, by country, 2019-2027
6.4.4.Comparative market share analysis, 2019 & 2027
126.96.36.199.Market size and forecast, by Source, 2019-2027
188.8.131.52.Market size and forecast, by Application , 2019-2027
184.108.40.206.Comparative market share analysis, 2019 & 2027
220.127.116.11.Market size and forecast, by Source, 2019-2027
18.104.22.168.Market size and forecast, by Application , 2019-2027
22.214.171.124.Comparative market share analysis, 2019 & 2027
126.96.36.199.Market size and forecast, by Source, 2019-2027
188.8.131.52.Market size and forecast, by Application , 2019-2027
184.108.40.206.Comparative market share analysis, 2019 & 2027
7.1.4.Recent strategic moves & developments
7.2.4.Recent strategic moves & developments
7.3.Qingdao Gather Great Ocean Algae Industry Group Co Ltd
7.3.4.Recent strategic moves & developments
7.4.4.Recent strategic moves & developments
7.5.4.Recent strategic moves & developments
7.6.4.Recent strategic moves & developments
7.7.4.Recent strategic moves & developments
7.8.4.Recent strategic moves & developments
7.9.Seasol International Pty Ltd
7.9.4.Recent strategic moves & developments
7.10.Maine Coast Sea Vegetables
7.10.4.Recent strategic moves & developments
Seaweeds are ocean-based organisms or plants and belong to the algae family. They are normally found in other water bodies such as lakes, rivers, and seas. They are mostly consumed in various Asian countries such as China, Japan, Korea, and more.
COVID-19 Impact on the Global Seaweed Protein Market
In many areas of Asia, apart from their natural availability in water bodies, seaweeds are also grown and cultivated in farmlands. The pandemic is one of those factors which affected the market immensely due to its falling cost. One variety of seaweed known as Cottonii is used for cooking purposes as it works in the process of thickening a food product or turning it into a gel consistency. This market along with the farmers, vendors, and manufacturers faced heavy losses in the past year which also slowed down the growth of the industry.
But, the rising awareness about the dietary benefits of consuming seaweed has shown to lead to the growth of the market. The fact that it contains not only proteins but carbohydrates, water, minerals and iodine makes it a much sought after food item. This along with various organizations willing to invest in the industry may help in restabilising the market’s growth rate.
Key Developments in the Industry
Many organizations have been working on building and creating new products that are made keeping in mind customers and their demands. Innovative methods are used in order to ensure the highest quality of the products. A renowned French company, Algaia, which specializes in biomarine ingredients, in June 2020, earned a major investment of $2.4 million. They plan to invest this money into producing more plant based products along with a newer variants containing seaweed known as VegAlg.
Similarly, in April 2021, New Wave Foods, a producer of alternative seafood announced their plan to start distribution of a new plant-based shrimp dish. This dish is made using completely vegan ingredients, mainly seaweed and plant protein and will be supplied to every food service and restaurant in USA. They plan to expand the variants even further in the next two years to include crabs, lobsters, and more seafood.
Forecast Analysis of the Global Seaweed Protein Market
The latest report published by Research Dive states that the global seaweed protein market is set to garner significant revenue of $11,22,255.9 million at a stable CAGR of 13.5% from 2020-2027.
The North American region is predicted to witness a rise in revenue of over $3, 33,831.70 Million at a CAGR of 14.8% from 2020-2027. Consumers are increasingly gravitating towards the vegan style of eating. Since a lot of meat products are not allowed, they need to look for alternative sources of protein and the best among them is seaweed. Apart from protein, it also contains minerals, micronutrients and vitamins. This has added to the growth of the North-American market.
The awareness and need to lead a healthy lifestyle is pushing more people to try such nutrient rich alternatives as seaweed helps in keeping the protein levels high. It is one of the most important nutrients that is required for the human body. This along with various companies coming up with partnerships is a major factor for growth of the seaweed protein market all over the world.
On the contrary, the process of seaweed farming is elaborate and expensive which is one of the restraining factors for the market. Additionally, seaweed need to be consumed keeping in mind that excess amounts can be toxic and also it needs to be cooked properly. These issues can be a restraining factor for the industry.
The utilization of seaweed protein to extract neutraceutical as it contains bioactive compounds along with peptides, polysaccharides, vitamins and more has added to the demand for seaweed.
- CP Kelco,
- Qingdao Gather Great Ocean Algae Industry Group Co Ltd
- Mara Seaweed
- Acadian Seaplants
- Irish Seaweed
- Maine Coast Sea Vegetables
- Seasol International Pty Ltd