Seaweed Protein Market Anticipated to Generate a Revenue of $11,92,255.9 Thousand, Growing at a CAGR of 13.5% From 2020 to 2027Download Sample Reports Overview
The global seaweed protein market is estimated to be valued at $11,92,255.90 thousand by 2027, surging from $5,17,360.00 thousand in 2019 at a noteworthy CAGR of 13.50%.
Impact Analysis of COVID-19 on the Seaweed Protein Market
The global market for seaweed protein is estimated to experience a low growth amid the COVID-19 pandemic. Moreover, China is one of the largest manufacturers and suppliers of seaweed and due to industry shutdowns, travel ban, and border restrictions they are unable to supply their products. Therefore, overall seaweed protein market is affected due to obstacle in supply chain and as a result the demand for seaweed protein has consequently witnessed a decline.
Furthermore, several researches and studies are ongoing to bring out the potential of seaweed for fighting against the COVID-19. For instance, according to a study in 2020, it is suggested that seaweed extract is effective in neutralizing the impact of COVID-19 that is caused by the virus called SARS-CoV-2. These factors are anticipated to create lucrative investment opportunities in the market during the forecast period.
Global Seaweed Protein Market Analysis
The enormous growth of the global seaweed protein market is mainly attributed to increasing demand for vegetarian/vegan alternative proteins. There are different types of vegan alternative proteins available such as nuts, seeds, seaweed, tofu, quinoa, and tempeh. Also, growing health awareness among consumers about the consumption of dairy and meat products is creating awareness about seaweeds. Also, rising seaweed protein feed-related applications for animals are projected to drive the growth of the seaweed protein market globally in upcoming years. These types of factors are increasing the adoption rate of vegan protein diets like seaweed, thus fueling the market growth.
There are side effects of seaweeds such as excessive consumption can cause digestibility issues among the consumers as it contains heavy metal residues. Such key issues may create a negative impact on the market during the forecast period.
The increasing application of seaweed extracts in weight loss may create huge opportunities for the market in the future. Now-a-days, people are adopting a healthier lifestyle with food that is highly nutritious and with low fat and sugar content. Moreover, seaweed has emerged as one of the best options to consume for weight loss. Moreover, seaweed proteins are used as protein supplements by people who are indulged in gym workouts. All such factors among the youth are expected to raise the demand for seaweed protein.
Furthermore, the companies involved in the global seaweed protein are following effective strategies like launch of innovative products to grow their footprint in the market. For instance, Cargill Inc., an American privately held global food corporation, in February 2019, announced the launch of ‘Red Seaweed Promise’ which is a program helping to overcome the challenges faced by farmers during the cultivation, harvesting, and supply of red seaweed. Such technological advancements may further lead to lucrative market opportunities in the market in the upcoming years.
Global Seaweed Protein Market, Segmentation
The global seaweed protein market is segmented based on source, application, and region.
The type segment is further classified into red, brown, and green sub-segments. Among these, the red type sub-segment is anticipated to have the fastest as well as dominant growth and surpass $7,37,505.20 thousand by 2027, with an increase from $3,08,155.50 thousand in 2019.
The sub-segment growth can be attributed to the direct consumption of seaweed in many countries due to their higher protein content. Also, red type of seaweeds are densely nutritious and are mainly used in various food items and products such as salads, sushi, soups, and snacks. Moreover, in comparison to other seaweeds such as brown and green, red seaweeds contains 9-47% of protein, which is the highest. These factors may create a positive impact on the segment throughout the forecast period.
The application segment is further divided into food, animal feed & additives, cosmetics & personal care, and others. The food sub-segment is anticipated to have a dominating share and generate revenue of 8,08,669.10 thousand.
This growth of the food sub segment is mainly due to increasing utilization of seaweed for human consumption. Also, substances that are extracted from seaweeds such as carrageenan are used in food industry as thickening agent. These aspects may aid in the generation of a lucrative revenue for the market throughout the forecast period.
The seaweed protein market for the Asia-Pacific region is projected to witness a dominant market share. This market generated a revenue of $1,79,006.6 thousand in 2019 and is further projected to reach up to $3,86,290.9 thousand by 2027.
The demand for seaweed protein is surging in the Asia-Pacific region specifically because of various factors such as increasing prevalence of healthy foods. Also, seaweed protein extracts are used in pharmaceutical and nutraceutical industries because of their advantages such as in diabetes. Moreover, strong presence of leading seaweed protein providers and manufacturers is one of the key factors for the growth of market in the region. For instance, Cargill Inc., an America based food corporation in May 2018, announced that they have launched “Satiagel Seabird”, a type of carrageenan extract that is specially designed for helping in manufacturing of dairy that can be used to achieve the creamy texture of dairy desserts. All such factors are anticipated to boost the market in the Asia-Pacific region.
Key Players in the Global Seaweed Protein Market
3.Qingdao Gather Great Ocean Algae Industry Group Co Ltd
9.Maine Coast Sea Vegetables
10.Seasol International Pty Ltd
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Seaweed Protein Market
- Bargaining Power of Suppliers: The suppliers involved in the market are extensive in number. Thus, manufacturers and companies have several options and alternatives to handle expensive supplies. Moreover, unpredictable demands in supplier pricing may impact company profitability. Hence, there will be low threat from the supplier side.
Thus, the bargaining power of the suppliers is moderate.
- Bargaining Power of Buyers: Buyers have high bargaining power, primarily because of the huge number of seaweed proteins that are offered in low prices. The buyers can hence choose the seaweed protein products that best fits their preferences.
Hence, the bargaining power of buyers is high.
- Threat of New Entrants: Startups entering this market are providing innovative seaweed protein to the customers. However, key companies that are in the seaweed protein have a globalized reach.
Thus, the threat of the new entrants is moderate.
- Threat of Substitutes: There are different types of sea foods available for consumption, but they do not offer the type of nutrition that seaweed offers.
Therefore, the threat of substitutes is low.
- Competitive Rivalry in the Market: The ventures operating in the global seaweed protein are opting for various businesses deployment strategies to hold their position in the market. Several companies are launching their value-added services in the international market and strengthening the footprint worldwide.
Therefore, competitive rivalry in the market is high.