Market Evolution: Seaweed Protein Industry Expected to Grow at...

Market Evolution: Seaweed Protein Industry Expected to Grow at 11.3% CAGR by 2032

نشر بتاريخ 2024-06-12 09:31:08

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Seaweed Protein Market

The global seaweed protein market is expected to witness growth at a CAGR of 11.3% in the forecasted period and to be valued more than US$ 971.7 Million by 2032.

The burgeoning demand for vegetarian and vegan alternative proteins is fueling the remarkable expansion of the seaweed protein market. Seaweed, along with nuts, tofu, seeds, quinoa, and tempeh, represents a diverse array of options for plant-based protein sources.

Moreover, growing consumer awareness regarding the health implications of dairy and animal product consumption is driving public interest in seaweed as a nutritious alternative. Additionally, the expanding applications of seaweed protein in animal feed supplements are anticipated to propel the global seaweed market in the coming years.

Furthermore, the increasing adoption of seaweed proteins in weight management programs is expected to significantly contribute to market growth. With a rising emphasis on healthier lifestyles characterized by high-nutrient, low-fat, and low-sugar dietary choices, there is a growing demand for seaweed protein as part of a balanced diet.

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Key Takeaways from Market Study

The seaweed protein market is expected to expand at CAGR of 11.3% over the forecasted period.
Among the source, red seaweed is dominating the segment holding around 52.7% of the revenue and it is expected to grow with CAGR of 8.9% over the forecasted period.
Among the extraction method segment, conventional method is expected to dominate the seaweed protein market holding more than 43.5% revenue share and it is expected to grow with around 8.6% CAGR over the forecast period.
Food & beverage is dominating the application segment holding around 42.1% in 2022 and it is expected to grow with CAGR of 9% over the forecasted period.

“The seaweed protein market is expected to grow at a bolstering rate owing to the future demand for alternate protein most human applications, such as food, supplements, and cosmetics, choose seaweed protein-based products since they have no negative side effects.” says a Future Market Insights analyst.

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Competitive Landscape

Key manufacturers of global seaweed protein market are majorly focusing on research & development in order to develop innovative and unique product offering. In addition to this these key players in the seaweed protein market are also concentrating on merger, acquisition and joint ventures to expand their geographical presence and also to increase the existing production capacity.

6 May 2021, Schiedam — Last year, The Seaweed Company began a pilot project off the coast of the Netherlands at the Offshore Test Site. The goal of the pilot is to put the ‘Cultivator’s seaweed infrastructure to the test in the severe conditions of the North Sea. The Seaweed Company, one of the pilot’s partners, is overjoyed to report that the installation exceeded expectations during the storm in March.

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Global Seaweed Protein Market by Category

By Source, Global Seaweed Protein Market is segmented as: