The global seaweed protein market revenue was around US$ 614.2 million in 2022 and is estimated to reach US$ 1,649.2 million by 2031, growing at a compound annual growth rate (CAGR) of 11.6% during the forecast period from 2023 to 2031.
Seaweed protein is a plant-based and naturally derived protein that has a high level of protein content and fiber, which are utilized for culinary purposes. Seaweed or edible seaweed is a kind of algae mainly grown in polluted waters and shallow waters, which are the dumping places for sewage systems and industrial waste.
Market Driving Factors
The surge in the need for plant-based protein sources is estimated to boost the market growth. Seaweed protein is becoming more and more prevalent as individuals change to plant-based diets for ethical, moral, and health-related reasons. As a result, seaweed is a highly attractive choice in the quickly increasing plant-based protein industry due to its high protein content and environmentally benign farming.
Customer preferences are being influenced by the surge in worldwide awareness of wellness and health, with a concentration on nutrient-dense, clean-label foods. Because seaweed protein is a naturally occurring and low-processed protein source, it fits perfectly with these customer expectations. As a result, the growing recognition of the health benefits connected to the consumption of seaweed protein has propelled the market growth.
The growing interest in various cuisines has an impact on the uptake of seaweed protein as global culinary borders continue to combine. In addition, seaweed has long been a mainstay in Asian cuisines, and its introduction into Western and other global diets is indicative of a fusion of culinary cultures that raises demand and consumer base. Thus, this factor boosts the market growth.
Customers may get concerned about their health due to the toxicity levels of some seaweed varieties, which could reduce the protein content of the seaweed. Thus, this factor restricts the market growth.
Regional Analysis
Asia Pacific dominated the market in terms of the growth rate. Seaweed is an essential ingredient in Asian cuisine and has been traditionally consumed in many Asian nations for centuries. As a result, there is a high level of familiarity and approval of seaweed as a food ingredient in the region, which is estimated to increase demand for seaweed protein as a plant-based alternative to animal-based protein sources.
North America is predicted to dominate the market in terms of revenue. Plant-based products are in high demand in the region. Seaweeds are rich in vitamins, minerals, and micronutrients, all of which contribute to good health which is attracting the United States population. Additionally, key players are seeking strategic partnerships and collaborations to assist them in growing their product reach in the region.
Europe is estimated to dominate the market in terms of the largest shares. This is due to the existence of a large pool of health-conscious population and an increasing vegan population in the region. Furthermore, favorable government policies towards the broad extraction of various algae species and increasing awareness among the population regarding the health problems associated with the high consumption of meats are also driving the market growth in the region.
Segmentation Insights
Source Insight
The red segment dominates the market in terms of the growth rate. Red seaweed has the highest protein content. Also, red seaweed has higher levels of vitamins, minerals, trace elements, and important fatty acids. Additionally, red seaweed is commonly utilized as a raw ingredient in Asian cuisines, soups, and salads. Furthermore, in countries such as Korea, Japan, and the U.K., various well-known red seaweeds with high nutritional content, such as dulse seaweed, and gum seaweed, are commonly consumed.
Application Insight
The food segment dominates the market in terms of revenue. This is mainly due to the increased use of seaweed in the food industry, as brown and red seaweeds can be utilized to make three distinct types of hydrocolloids, which are non-crystalline substances that thicken (viscous) solutions when dissolved in water, such as alginate and carrageenan. In addition, hydrocolloids are mainly utilized in the food industry to preserve, emulsify, gel, and thicken foods and beverages.
Prominent Companies
Segmentation Outline
The global seaweed protein market segmentation focuses on the Source, Application, and Region.
By Source
By Application
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL SEAWEED PROTEIN MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: SEAWEED PROTEIN MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL SEAWEED PROTEIN MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL SEAWEED PROTEIN MARKET, BY SOURCE
5.1 OVERVIEW
5.2 RED
5.3 BROWN
5.4 GREEN
6 GLOBAL SEAWEED PROTEIN MARKET, BY APPLICATION
6.1 OVERVIEW
6.2 FOOD
6.3 ANIMAL FEED AND ADDITIVES
6.4 COSMETICS AND PERSONAL CARE
6.5 OTHERS
7 GLOBAL SEAWEED PROTEIN MARKET, BY GEOGRAPHY
7.1 OVERVIEW
7.2 NORTH AMERICA
7.2.1 NORTH AMERICA MARKET SNAPSHOT
7.2.2 U.S.
7.2.3 CANADA
7.2.4 MEXICO
7.3 EUROPE
7.3.1 EUROPE MARKET SNAPSHOT
7.3.2 WESTERN EUROPE
7.3.2.1 THE UK
7.3.2.2 GERMANY
7.3.2.3 FRANCE
7.3.2.4 ITALY
7.3.2.5 SPAIN
7.3.2.6 REST OF WESTERN EUROPE
7.3.3 EASTERN EUROPE
7.3.3.1 POLAND
7.3.3.2 RUSSIA
7.3.3.3 REST OF EASTERN EUROPE
7.4 ASIA PACIFIC
7.4.1 ASIA PACIFIC MARKET SNAPSHOT
7.4.2 CHINA
7.4.3 JAPAN
7.4.4 INDIA
7.4.5 AUSTRALIA & NEW ZEALAND
7.4.6 ASEAN
7.4.7 REST OF ASIA PACIFIC
7.5 MIDDLE EAST & AFRICA
7.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
7.5.2 UAE
7.5.3 SAUDI ARABIA
7.5.4 SOUTH AFRICA
7.5.5 REST OF MEA
7.6 SOUTH AMERICA
7.6.1 SOUTH AMERICA MARKET SNAPSHOT
7.6.2 BRAZIL
7.6.3 ARGENTINA
7.6.4 REST OF SOUTH AMERICA
8 GLOBAL SEAWEED PROTEIN MARKET COMPETITIVE LANDSCAPE
8.1 OVERVIEW
8.2 COMPANY MARKET RANKING
8.3 KEY DEVELOPMENT STRATEGIES
8.4 COMPETITIVE DASHBOARD
8.5 PRODUCT MAPPING
8.6 TOP PLAYER POSITIONING, 2022
8.7 COMPETITIVE HEATMAP
8.8 TOP WINNING STRATEGIES
9 COMPANY PROFILES
9.1 SEASOL INTERNATIONAL PTY LTD
9.1.1 OVERVIEW
9.1.2 FINANCIAL PERFORMANCE
9.1.3 PRODUCT OUTLOOK
9.1.4 KEY DEVELOPMENTS
9.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.2 MAINE COAST SEA VEGETABLES
9.2.1 OVERVIEW
9.2.2 FINANCIAL PERFORMANCE
9.2.3 PRODUCT OUTLOOK
9.2.4 KEY DEVELOPMENTS
9.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.3 QINGDAO GATHER GREAT OCEAN ALGAE INDUSTRY GROUP CO., LTD (GGOG)
9.3.1 OVERVIEW
9.3.2 FINANCIAL PERFORMANCE
9.3.3 PRODUCT OUTLOOK
9.3.4 KEY DEVELOPMENTS
9.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.4 ALGAIA
9.4.1 OVERVIEW
9.4.2 FINANCIAL PERFORMANCE
9.4.3 PRODUCT OUTLOOK
9.4.4 KEY DEVELOPMENTS
9.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.5 IRISH SEAWEED
9.5.1 OVERVIEW
9.5.2 FINANCIAL PERFORMANCE
9.5.3 PRODUCT OUTLOOK
9.5.4 KEY DEVELOPMENTS
9.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.6 MARA SEAWEED
9.6.1 OVERVIEW
9.6.2 FINANCIAL PERFORMANCE
9.6.3 PRODUCT OUTLOOK
9.6.4 KEY DEVELOPMENTS
9.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.7 CARGILL
9.7.1 OVERVIEW
9.7.2 FINANCIAL PERFORMANCE
9.7.3 PRODUCT OUTLOOK
9.7.4 KEY DEVELOPMENTS
9.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.8 ACADIAN SEAPLANTS
9.8.1 OVERVIEW
9.8.2 FINANCIAL PERFORMANCE
9.8.3 PRODUCT OUTLOOK
9.8.4 KEY DEVELOPMENTS
9.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.9 ATSEANOVA
9.9.1 OVERVIEW
9.9.2 FINANCIAL PERFORMANCE
9.9.3 PRODUCT OUTLOOK
9.9.4 KEY DEVELOPMENTS
9.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
9.10 CP KELCO
9.10.1 OVERVIEW
9.10.2 FINANCIAL PERFORMANCE
9.10.3 PRODUCT OUTLOOK
9.10.4 KEY DEVELOPMENTS
9.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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