Global Seaweed Protein Market - 2022-2029

Global Seaweed Protein Market - 2022-2029

Market Overview

Seaweed is healthy as it is a rich source of protein, minerals, vitamins and micronutrients. Protein concentration in the seaweed ranges from 5% to 47% of dry basic. Its value depends on species and the environmental conditions of seaweed. Seaweed protein is a rich source of amino acids such as glycine, alanine, arginine, glutamic, and aspartic acids. The protein profile in the seaweed is close to the profile of egg protein. There are 3 types of seaweeds: green, brown, and red. Seaweed protein is used in human and animal nutrition. Increased demand for plant-based protein in consumers drives the market growth.

The global seaweed protein market was valued at USD YY million in 2021. It is forecasted to reach USD YY million by 2029, growing at a CAGR of 10.86% during the forecast period (2022-2029).

Market Dynamics: An increasing in health benefits awareness of seaweed protein drives market growth

Seaweed is considered a functional food and can be defined as food components providing health-promoting energy and nutrition benefits. Functional ingredients have a good impact on health. Seaweeds contain several bioactive compounds, including polysaccharides, polyphenols, lipids, polyunsaturated fatty acids, sterols, proteins, dietary fiber, pigments, and vitamins. Several studies stated as seaweed is an excellent source of various proteins with interesting biological properties, such as antihypertensive, antioxidant, antidiabetic, anti-inflammatory, antitumoral, antiviral, and antimicrobial. Seaweed protein is a natural source of functional food development. Seaweed proteins have been proven to their antihypertensive, antidiabetic, antioxidant, anti-inflammatory, antitumoral, antiviral, antimicrobial, and many other beneficial functional properties. Lectins and phycobiliproteins are two groups of functionally active proteins in seaweeds. Lectins are proteins, glycoproteins, or hemagglutinin proteins that reversibly bind specific mono or oligosaccharides. Lectins have been found in red and green algae. Lectins are involved in numerous biological processes, such as host-pathogen interactions, intercellular communication, recognizing and binding carbohydrates, induction of apoptosis, metastasis, and cell differentiation in cancer cells. These proteins have other bioactive properties, including antibiotic, antibacterial, antifungal, anti-inflammatory, mitogenic, cytotoxic, anticancer, fibroblast, human platelet aggregation inhibition, antiviral, and anti-human immunodeficiency virus (anti-HIV) activities. Phycobiliprotein is present in seaweed and is popular for biological activities like antioxidant, antitumoral, antidiabetic, immuno-modulating, anti-inflammatory, liver protecting, antiviral, anticancer, antihyperlipidemic activities, lipase activity inhibitor, serum lipid reducing agent, and obstructing absorption of environmental pollutants into the body. These health benefits of seaweed protein drive market growth.

Market Segmentation: Red seaweed segment accounted for the highest share in global seaweed protein market

The red seaweed segment dominates the market due to its remarkable functional properties. Red seaweed is a rich source of vitamins, minerals, calcium, magnesium and antioxidants. It is high in iodine, copper, iron, potassium, magnesium, and calcium. Red seaweed is a dietary fiber source, promoting healthy blood circulation, lowering bad cholesterol and regulating blood sugar levels. Red seaweed is low in calories. They perform a good role in skin nourishment and help to boost immunity. It also helps to regulate blood sugar levels. Red seaweed is a rich calcium source and also a good vitamin supplement. The high nutritional value of red seaweed increases consumption, which drives segment growth in the forecast period. The increasing popularity of Japanese cuisine is a significant factor in increasing the demand for the red seaweed market.

Geographical Penetration: North America is the dominating region during the forecast period

Increased demand for plant-based food products like seaweed protein drives the market in the North America region. Seaweed is a rich source of vitamins such as B, C, E and K, omega-3 fatty acids, protein, amino acids, polyphenols and 10 times more minerals than land-based plants, which attracts consumers in the region to buy seaweed proteins. North America is a leading exporter and producer of seaweed food products, as seafood is a rich source of protein, vitamins, fibers and micronutrients. The United States and Canada are the dominating countries in the region due to the high demand for seaweed protein. Some of the region's key players actively launch new seaweed products in the market to increase their sales. For instance, in February 2021, Cargill Incorporated launched its first seaweed powder offering to accentuate dairy's smooth and creamy textures while offering gelling and thickening properties. This powder is entirely made from Gracilaria red seaweed and is perceived as a highly nutritious food due to its high fiber and low-calorie content.

Competitive Landscape

There are several established participants in the industry and local manufacturers; hence, the market is fragmented. Some major market players are CP Kelco, Cargill Incorporated, Qingdao Gather Great Ocean Algae Industry Group CO. Ltd, Mara Seaweed, DUPONT, AtSeaNova, ALGAIA, BASF SE and Maine Coast Sea Vegetables, among others. Some major key players launched new products in the market to expand their business. For instance, in March 2022, CP Kelco launched New Ingredient Solutions for Plant-based meat alternatives. The new product range of solutions includes nature-based, cleaner, label-friendly ingredients for formulating plant-based burger and sausage alternatives and helping deliver a meat-like eating experience. The company's new plant-based alternatives are KELCOGEL MA-60 Gellan Gum, GENU Pectin MA-50, GENU Texturizer MA-1 and NUTRAVA Citrus Fiber boost. In May 2020, Algaia secured 2.2 million euros in funding for launching the seaweed-based product line for plant-based meat applications. The company produces natural seaweed extracts and solutions for the food and nutraceutical industries. These new product lines include the protein, lipid, and water components of the food system to form a stable structure, which leads to enhanced texture and flavor in meat alternatives.

COVID-19 Impact Positive impact on the global seaweed protein market

Edible seaweed is a rich source of protein. Seaweed proteins are digested in the gastrointestinal tract, and the peptides generated through digestion likely contribute to the blood-pressure-lowering effects of seaweeds through angiotensin-converting enzyme inhibition. Thus, the peptides in edible seaweeds might function as dietary angiotensin-converting enzyme inhibitors, possibly exerting a protective effect against COVID-19 by reducing the degree of angiotensin-converting enzyme dominance. Consumers are focusing on health, and seaweed protein was found to be healthy and effective during the Covid pandemic, which increased the demand for seaweed protein in Covid pandemic. Moreover, seaweed suppliers found their sales increased during the pandemic. For instance, in May 2020, seaweed supplier Algaia enjoyed a sales boom as Covid accelerated the shift to traceable food solutions. Algaia’s focused on the production of seaweed ingredients. Manufacturers were ready to pay more for reliable supply chains and a greater level of traceability. Also, consumers paid more attention to the quality, provenance and health credentials. Consumers were more aware of their eating habits and consumed healthy products like seaweed protein.

The global seaweed protein market report would provide an access to approximately 53 market data tables, 43 figures and 170 pages