Increasing prevalence of Plant-based Protein in the Food Industry to Drive the Market Growth.
The seaweed protein market was valued at $550.40 million in 2021, and is estimated to reach $1.51 billion by 2030, growing at a CAGR of 11.6% from 2022 to 2030.
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Proline, glycine, alanine, glutamic, arginine, and aspartic acids are among the amino acids present in seaweed protein. These amino acids are beneficial for human health. According to research, red seaweeds have a high protein content, green seaweeds have a moderate protein content, and brown seaweeds have a low protein content. Seaweed protein is gaining demand as a more cost-effective and alternative source of protein for human and animal nutrition. The seaweed protein market growth is being aided by an increase in the occurrence of health diseases, increased understanding of healthy eating habits, and an increase in health and fitness awareness. Consumers are more conscious regarding their nutritional consumption, benefits of physical activity, and importance of eating food that suits the body’s nutritional needs. These trends are anticipated to boost revenue growth the seaweed protein market size in the upcoming years.
Seaweed protein is mostly used in animal feed due to nutrients included in it such as vitamin A, B1, B2, E, K, and C. Consuming seaweeds such as spirulina and chlorella, contain all of the essential amino acids. Moreover, seaweed ensures that consumer gets full range of amino acids. Seaweed can also act as a good source of omega-3 fats. It is used in the development of aquaculture feed, monogastric cattle feed, ruminant feed, and others. Cattle’s overall health and growth rate is improved as a result of consuming seaweed protein. Development of this market is fuelled by increased livestock industrialization, rising meat consumption, and increased need for nutritious feed.
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Seaweed farming is more expensive than land farming, which is projected to hinder the global market expansion. Also, excessive consumption of seaweed can cause health problems due to presence of toxic minerals. Therefore, all such factors are anticipated to hamper the seaweed protein market share during the forecast period.
Increased use of seaweed in dietary supplements due to its nutritional worth, flavor-enhancing capabilities, and weight-loss properties has driven seaweed protein demand. Seaweeds also have a high concentration of bioactive compounds, antioxidants, and antibacterial properties, making them appropriate for a number of medicinal uses. In addition, new uses for seaweed have raised demand in recent years. In the textile business, it is used as a thickener, and in agriculture, it is used to improve soil quality. the above mentioned factors are anticipated to propell the seaweed protein market opportunities over the forecast period.
The market is segmented on the basis of type, application, and region. By type, the market is classified as red, brown, and green. By application, it is classified as food, animal feed & additives, cosmetics & personal care, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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The key players profiled in the seaweed protein market include 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.
Impact of COVID-19 on the Global Seaweed Protein Industry
The COVID-19 pandemic had a negative impact on the global market. Due to increasing prevalence of coronavirus, several industries including agriculture, food, and others were completely closed. As of result of this, demand for seaweed protein was significantly reduced. The market has faced a negative impact during the epidemic.
COVID-19 hampered industrial processes and disrupted the supply chain, affecting almost every industry. Due to a lack of workers, most businesses had ceased operations during the pandemic. As a result of COVID-19’s impact on the global seaweed protein market demand was reduced significantly.
COVID-19 had a lower impact on certain countries such as Japan, due to people’s lifestyles and food patterns, which included a seaweed-rich diet. Seaweed consumption provides a variety of nutrients such as proteins, minerals, carbohydrates, water, and iodine. It also acts as an anti-inflammatory, antiviral, and antioxidant, and has prebiotic properties. According to the aforementioned considerations and analyses, the pandemic could create significant investment opportunities and seaweed protein market trends in the near future.
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