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.

To know more about global seaweed protein market opportunities, get in touch with our analysts here.

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.