The global seaweed protein market is anticipated to witness noteworthy growth in the in the 2020—2027 timeframe. Increasing use of plant-based protein in food industries is boosting the growth of the market. The food sub-segment and red type seaweed sub-segment are projected to lead the market. The Asia-Pacific market is projected to be at the forefront.
New York, USA, Oct. 18, 2021 (GLOBE NEWSWIRE) -- A new report on the global seaweed protein market has been added by Research Dive to its repository. According to the report, the global market is expected to hit $11, 92,255.9 thousand by 2027, rising at a CAGR of 13.5% from 2020 to 2027. This report in an in-depth study offering meticulous insights into the present situation and future scope of the global industry. The report is drafted by expert market analysts and assures to be a reliable source of data and comprehensive market insights for new market players, investors, prevalent players, stakeholders, shareholders, etc.
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Impact of COVID-19 Pandemic on the Market:
The abrupt rise of COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global seaweed protein market. The pandemic has curbed the regular processes of numerous industries due to which many factories are facing issues in their manufacturing and transportation processes. In addition, many farmers, vendors, and manufacturers involved in seaweed production are experiencing massive losses in their business owing to a substantial decline in seaweed prices, which is hampering the growth of the market in the pandemic period.
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Factors Impacting the Market Growth:
Growing adoption of plant-based protein in food owing to its numerous health benefits is the main factor fueling the growth of the global market. Additionally, the increasing uses of seaweed protein in nutraceuticals is projected to bring in lucrative growth opportunities for the market in the forecast period. However, huge investments involved in the production of seaweed is projected to hamper the growth of the market.
Red Type Sub-Segment to be at the Foremost Position
The red type sub-segment of the source segment is expected to dominate the market by surpassing $7,37,505.20 thousand in the estimated timeframe. This growth is primarily owed to the growing demand for red type seaweed protein as they are a good source of proteins, vital vitamins, fatty acids, trace elements, and minerals.
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Food Sub-Segment to Dominate the Market
The food sub-segment of the application segment is projected to lead the market and hit $8,08,669.10 thousand in the projected timeframe. This growth is primarily because seaweed protein is greatly in-demand in food industries.
Asia-Pacific Region to Hold a Leading Market Position
The report evaluates the global seaweed protein market across numerous regions including Asia Pacific, North America, Europe, and LAMEA. Among these, the Asia-Pacific region market is projected to grow significantly and garner $3,86,290.90 thousand in the estimated timeframe. The growth of this region market is mainly owing to the rising demand for seaweed protein from food sectors and increasing initiatives by seaweed producers to produce affordable seaweed protein.
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Major Players of the Market
1. CP Kelco,
3. Qingdao Gather Great Ocean Algae Industry Group Co Ltd
4. Mara Seaweed
5. Acadian Seaplants
6. Irish Seaweed
9. Seasol International Pty Ltd
10. Maine Coast Sea Vegetables
For instance, in February 2021, Trophic, a startup company developing the most sustainable protein source on the planet: ocean farmed seaweed, has planned to use seaweed to develop the world’s most sustainable protein.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. Click Here to Get Absolute Top Companies Development Strategies Summary Report.
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