The global seaweed protein market size is expected to reach USD 1,037.6 million by 2028 according to a new study by Polaris Market Research. The report “Seaweed Protein Market Share, Size, Trends, Industry Analysis Report, By Source (Green Seaweed, Red Seaweed, Brown Seaweed); By Application (Animal Feed, Pharmaceutical and Nutraceutical, Food & Beverages, Personal Care and Cosmetics, Others); By Region; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The demand for the industry is expected to increase during the forecast period owing to growing health consciousness, increasing obesity and related disorders, and greater awareness regarding benefits associated with seaweed protein. The rising disposable income of consumers and a growing shift towards health and wellness products have led to greater demand for this protein. The use of this protein has increased during the pandemic owing to its potential to treat COVID-19 and related symptoms. However, the COVID-19 outbreak has impacted the industry through disruption of the supply chain, reduced seaweed farming, decreased prices, and limited workforce.
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The different applications covered in the report include animal feed, pharmaceutical, and nutraceutical, food & beverages, personal care and cosmetics, others. The demand from the pharmaceutical and nutraceutical segment is expected to increase during the forecast period. Rapid urbanization and growing initiatives towards preventive healthcare during the pandemic have driven the overall growth of this segment. The growth of the fitness industry further boosts the demand for nutraceuticals and supplements. The sedentary lifestyle of consumers leading to lifestyle diseases, the growing geriatric population, and public initiatives associated with health and wellbeing further aid the industry growth.
Some major participants include Seaplants, Agrocare, Algaia, Aquagri Processing Private limited., AtSeaNova, Beijing Leili Agriculture Co. Ltd, Cargill Incorporated, CEAMSA, Compo Expert GmBH, Extractos Naturales, Gelymar S.A., Kelco U.S., Inc., Le Groupe Roullier, Qingdao Gather Great Ocean Algae Industry Group, Seasol International, Trophic LLC, Irish Seaweeds, Mara Seaweed, The Seaweed Company. Market players are collaborating with each other for research and development, strengthening market presence, and technological innovation. Greater need to cater to growing customer requirements has encouraged industry participants to leverage new technologies for development of high-quality products.
Polaris Market Research has segmented the seaweed protein market report on the basis of source, application, and region:
Seaweed Protein, Source Outlook (Revenue, USD Million, 2016 - 2028)
Seaweed Protein, Application Outlook (Revenue, USD Million, 2016 - 2028)
Seaweed Protein Regional Outlook (Revenue, USD Million, 2016 - 2028)