Seaweed Protein Market Size, Share, Industry Analysis, Trends, Growth, 2032

Seaweed Protein Industry Prospective:

The global seaweed protein market size was worth around USD 672.13 million in 2023 and is predicted to grow to around USD 2,364.47 million by 2032 with a compound annual growth rate (CAGR) of roughly 15.00% between 2024 and 2032.

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Seaweed Protein Market: Overview

Seaweed protein is a novel source of protein derived from several types of algae, a species of marine animals. Protein is an essential nutrient required for the comprehensive biological growth of living organisms. The global food demand is becoming difficult to meet with traditional sources of protein such as meat. This has resulted in an urgent need to research and obtain new sources that can provide efficient protein quantities at reasonable prices. One of the leading alternatives to traditional meat-based protein is seaweed protein. Macroalgae are considered a showcase profile of amino acids and are extremely rich in protein content. They contain bioactive compounds such as peptides, free amino acids, phycobiliproteins, and lectins. Studies indicate that seaweed proteins have excellent antioxidant, antidiabetic, antihypertensive, antimicrobial, and anti-inflammatory properties. This has resulted in great research and food developers using seaweed protein as a natural substitute for meat protein in functional food. The forecast period is showing promising symptoms of a high growth rate in the seaweed industry.

Key Insights:

• As per the analysis shared by our research analyst, the global seaweed protein market is estimated to grow annually at a CAGR of around 15.00% over the forecast period (2024-2032)
• In terms of revenue, the global seaweed protein market size was valued at around USD 672.13 million in 2023 and is projected to reach USD 2,364.47, by 2032.
• The market is projected to grow at a significant rate due to the growing demand in the global food sector
• Based on the mode of application segmentation, food & beverages were predicted to show maximum market share in the year 2023
• Based on extraction process segmentation, the current method was the leading segment in 2023
• On the basis of region, Asia-Pacific was the leading revenue generator in 2023

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Seaweed Protein Market: Growth Drivers

Growing demand in the global food sector will drive the market demand

The global seaweed protein market is expected to witness high growth owing to the increasing demand for food products across the globe. The growing population rate has led to an increase in the volume of food consumed worldwide. As per market research, the global food bill reached over USD 2 trillion in 2023. Traditional means of food production and options can no longer meet the food demand rate resulting in a greater need to develop more novel ways of food production and meet the nutritional demands of the general population. Seaweed proteins are considered excellent alternatives. They are naturally derived and contain large quantities of proteins.

Factors such as increased consumer awareness as well as rising research initiatives to learn about further application of seaweed protein in the food sector. In March 2023, Tel Aviv University in association with Limnological Research Institute and Israel Oceanographic conducted an innovative study through which they were able to significantly increase the medicinal and health value of seaweed. The study suggested that the protein source can be used for the production of superfoods along with extensive applications in the cosmetics and pharmaceutical industries.

Rising investments in culinary-based services and art will drive the demand for seaweed protein

The global food service industry is expanding at a rapid rate. The growing investments in restaurants, cafes, and other food service-related segments are expected to contribute to the demand for seaweed protein. For instance, Japanese traditional food Sushi has become extremely popular in the international culinary world. Nori, a popular seaweed, is used significantly in the preparation of sushi rolls. In November 2023, Delaire Graff Estate in Stellenbosch South Africa, witnessed the launch of HOSEKI. It is a new Japanese restaurant in the region and is heavily inspired by the traditional Japanese food culture. The rising levels of international tourism along with the growing trend of frequent eating at restaurants and cafes will help in fueling the demand in the global seaweed protein market.

Seaweed Protein Market: Restraints

Environmental impact of excessive seaweed cultivation and harvesting may restrict the market expansion rate

The global industry for seaweed protein is expected to be restricted due to the negative environmental impact of excessive seaweed cultivation and harvesting. Studies indicate that while seaweed farming is a profitable business, aquatic animals become vulnerable to several risks caused by the cultivation of seaweed on a large scale. Some of the other negative outcomes include the provisioning of alien species habitat, disease, crop-to-wild gene flow, and parasite infestation. Additionally, changing consumer preferences and difficulty in adapting to the taste of seaweed may limit the product adoption rate.

Seaweed Protein Market: Opportunities

Growing emphasis on sustainable seaweed farming practices could generate high-growth opportunities

The global seaweed protein market is expected to generate high growth opportunities due to the rising emphasis on sustainable seaweed farming practices. Furthermore, researchers are of the view that responsible seaweed farming can help reduce the pressure on land-based farming and free arable land for other applications. Seaweed farming is also known to impact biomass production which in turn can be used for additional purposes such as livestock feed, biofuel generation, and human consumption.

Increase in applications in the cosmetics and personal care industry holds high growth potential

The global industry for seaweed protein is expected to generate high expansion opportunities due to the increasing application of the algae species in the growing cosmetics industry. Seaweed protein has several advantages including anti-aging properties and moisture-holding attributes among other benefits that are extremely sought after in the personal care segment. The rising demand for products with naturally derived ingredients as well as the positive results of seaweed protein in meeting consumer expectations will help the industry thrive. Official surveys indicate that around one-third of consumers are seeking organic and natural personal care items over products made of chemically produced ingredients.

Seaweed Protein Market: Challenges

High competition from traditional sources of protein will challenge the market expansion rate

The global seaweed protein market will face challenges due to the high competition that exists from the alternate sources of protein. Traditional food products such as meat, milk, and certain plant species are more widely known for their protein-rich content. Additionally, these alternatives enjoy the benefits of an industry that has existed for decades as consumer awareness and acceptance are higher. Seaweed protein is a relatively new concept and more efforts will be required from the provider's end to educate the consumers about the benefits of protein derived from seaweed.

Seaweed Protein Market: Segmentation

The global seaweed protein market is segmented based on mode of application, source, extraction process, and region.

Based on the mode of application, the global market segments are personal care & cosmetics, food & beverages, and animal feed. In 2023, the food & beverages segment was the highest revenue generator. The growing number of health-conscious consumers as well as the rising commercial availability of seaweed protein in functional foods led to the higher regional growth rate. The total seaweed production in the last few years has averaged 35 million tons.

Based on the source, the global seaweed protein industry is divided into brown seaweed, green seaweed, and red seaweed.

Based on the extraction process, the global market divisions are a current method and a conventional method. In 2023, the highest demand was observed in the current method segment due to the extensive use of technological solutions in the extraction of seaweed protein. The use of novel systems optimizes the extraction process. Conventional methods do not use modern technology and rely on traditional extraction methods. On a dry weight basis, seaweed contains up to 47% protein thus showcasing a protein profile extremely similar to traditional protein sources such as soybean, egg, meat, and milk.

Seaweed Protein Market Report Scope

Seaweed Protein Market: Regional Analysis

Asia-Pacific to generate the highest demand during the forecast period

The global seaweed protein market will be led by Asia-Pacific during the forecast period. The primary reason for higher growth is the extensive consumption of seaweed in Asian countries such as Japan, China, and the Republic of Korea. Additionally, these countries produce seaweed on a large scale. In 2021, as per market research, an average citizen in South Korea consumed over 25 grams of seaweed every day. The traditional food culture in China, Japan, and Korea has led to higher demand for seaweed protein in these countries. Additionally, the growing commercialization of the natural protein resource has further helped the regional market grow. As per statistics published by Food Production, Processing, and Nutrition, Japan produced 1.15% of the global seaweed quantity. The growing popularity of Asian food cuisines in the global market has further impacted the demand for regional revenue trends. North America is expected to generate a high growth rate. Countries such as the US and Canada are home to a flourishing food & beverages industry. The rising construction of new restaurants and growing international tourism may further impact the regional demand for seaweed protein. In addition to this, the general population is becoming more health conscious thus actively seeking protein alternatives that are cost-effective and offer good quality nutrients.

Seaweed Protein Market: Competitive Analysis

The global seaweed protein market is led by players like:

• DuPont
• CP Kelco
• Ingredients Solutions Inc.
• Gelymar
• Mara Seaweed
• Cargill
• Qingdao Seawin Biotech Group Co. Ltd.
• Rousselot
• Ocean Harvest Technology
• Seasol International Pty Ltd
• Mara Seaweed
• E.I.D. - Parry (India) Limited
• Seaweed & Co.
• Acadian Seaplants Limited
• Algatech

The global seaweed protein market is segmented as follows:

By Mode of Application

• Personal Care & Cosmetics
• Food & Beverages
• Animal Feed

By Source

• Brown Seaweed
• Green Seaweed
• Red Seaweed

By Extraction Process

• Current Method
• Conventional Method

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa