The global seaweed protein market size was US$ 550.4 million in 2021. The global seaweed protein market size is estimated to reach US$ 1477.9 million by 2030, growing at a compound annual growth rate (CAGR) of 11.6% during the forecast period from 2022 to 2030.
Seaweed protein is a megastar in the industry of nutrition and food, balanced for significant growth soon. Sourced from different types of seaweed including dulse, kelp, wakame, and nori it delivers an eco-friendly and sustainable solution to conventional animal-based proteins.
Factors Influencing Market Growth
The increasing demand for plant-based foods and products, which boosts the demand for plant-based protein supplements propels the overall market growth.
Seaweed farming is extensively more costly than land farming, which hinders the expansion of the overall market.
Seaweeds are safe, pure, high-quality, secure, and nutritious based. Thus, these elements boost the growth of the global market.
Effect of the COVID-19 Pandemic
The COVID-19 outbreak severely impacted the overall market growth, including multiple businesses, farming, etc. Due to this, there has been a sharp decline in the supply of food products. As it is majorly used in the food sector, there was a considerable decline in the seaweed requirement all around the world. Thus, hindering the overall market expansion.
North America is expected to hold the fastest-growing element in 2021. Plant-based products are in huge demand in the region. Seaweed is rich in vitamins, minerals, and micronutrients, all of which support good health which is fascinating to the American population. Furthermore, leading players are aiming for strategic partnerships and alliances to help them improve their product penetration in the overall market.
The prominent players in the global seaweed protein market are:
Maine Coast Sea Vegetables
Seasol International Pty
The global seaweed protein market segmentation focuses on Source, Application, and Region.
Segmentation on the basis of Source
Segmentation on the basis of Application
Animal Feed and Additives
Cosmetics and Personal Care
Segmentation on the basis of Region
Rest of Western Europe
Rest of Eastern Europe
Australia & New Zealand
Rest of Asia Pacific
Middle East & Africa (MEA)
Rest of MEA
Rest of South America