Seaweed Protein Market Size, Share, By Source (Red Seaweed, Brown Seaweed, and Green Seaweed), Extraction Process (Conventional Methods and Modern Methods), Application (Food and Beverage, Animal Feed, Personal Care and Cosmetics, Pharmaceuticals, and Others), and Region - Trends, Analysis, and Forecast till 2034

Report Code: PMI554624 | Publish Date: August 2024 | No. of Pages: 182

Seaweed Protein Market Overview

  • The seaweed protein market size is expected to be worth USD 2110 million by 2034.
  • The market was valued at USD 733.1 million in 2024.
  • The market expanding at a CAGR of 12.3% during the projected period.

Seaweed protein describes the protein content found in different species of marine algae, more colloquially known as seaweed. These underwater plants have recently gained the spotlight as an emerging more sustainable and healthy form of protein and it would work as a prospective substitute for traditional animal-based proteins. Seaweeds are rich in essential amino acids that give them the potential to be considered a complete protein source, such as eggs or soybeans. The protein content of several seaweed species can range as low as to as high as 47% protein by dry weight in some red algae. The increasing demand for alternative protein sources to boost the market growth during the forecast period.

Key Takeaways:

  •  North America holds the largest seaweed protein market share due to the surging consumer awareness regarding the health benefits related to the seaweed consumption.
  • Rising Demand for functional food makes Asia Pacific the fastest growing in the market.

Seaweed Protein Market Research Report

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Seaweed Protein Market Drivers & Restraints

Increasing Interest in Plant-Based Proteins and Health Consciousness to Drive Market Growth

  • The demand for alternative protein sources is growing due to a growing global trend towards plant-based diets, driven by reasons of both health and environmentally sustainable reasons, among other ethical considerations based on religious concerns. This is particularly common in developing countries where generally rising disposable incomes and hence larger middle-class populations involve consumers who are more scrutinizing in their choices for healthier and more sustainable food options. Another factor fueling growth in plant-based protein alternatives is the increment in the population that is turning vegan and vegetarian.
  • Among consumers, there is an increasing amount of health consciousness about the benefits of seaweed, which contains a high protein content, essential nutrients, and potentially positive effects on several other health conditions, driving the seaweed protein market growth. Proportionally, seaweed protein is highly nutritive in essential amino acids which are the required elements of proteins and are very vital for various important functions of the body. Further, seaweed protein contains low levels of cholesterol and fats, making it a good option for heart health. It has been found, in some of the studies, that the protein from such marine ingredients might carry antioxidants and anti-inflammatory properties that could be beneficial for the body. The protein also contains various vitamins and minerals, such as iron, iodine, and vitamin B12, which are important to support a proper body functioning process.

Restraints:

Taste and Texture Challenges May Hinder Market Growth

  • In their nature, seaweed proteins are very characteristic, so they make it not very appealing to the general consumer. While processing and formulation technology helped in improving the taste and texture of seaweed protein products with time, there is always scope for some improvements. Further, the consumer's perception of the taste can be a limiting factor to adaptation, which is why, it needs to come through constant research and improvements in product development for a better consumer preference.

Opportunities:

Diverse Potential Applications to Boost Future Market Opportunities

  • In addition to the dimensions of foods and beverages, further scope lies in the pharmaceutical, cosmetics, and animal feed industries. For instance, looking at the unique functionalities presented by seaweed proteins, targeted drug delivery systems, natural skin care, and high-performance animal feed supplements can all be developed. Other than that, the potential of seaweed protein in the scope of packaging materials and biomaterials also presents great potential for innovative development.

Seaweed Protein Market Segmentations & Regional Insights

The seaweed protein market is segmented into source, extraction process, application, and region.

Source Insights:

On the basis of source, the market is trifurcated into red seaweed, brown seaweed, and green seaweed. The red seaweed segment is expected to hold the largest seaweed protein market share during the forecast period. The segment’s growth is attributed to the level of protein and high nutrition present in the red seaweed.

Extraction Process Insights:

By extraction process, the market is classified into conventional methods and modern methods. The modern methods segment is projected to dominate the market during the forecast period due to the growing use of advanced technologies of extracting proteins out of seaweeds.

Application Insights:

Based on application, the market is segmented into food and beverage, animal feed, personal care and cosmetics, pharmaceuticals, and others. The food and beverage segment is expected to witness the highest growth rate during the projected period. The segment’s growth is driven by the growing use of seaweed protein in several healthy products, such as soups, snack bars, salads, and vegetable protein products.

Region:

Geographically, the market is analyzed into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.

  • North America: North America holds a quite substantial share of the seaweed protein market and is projected to grow at a substantial rate in the next few years. This can be ascribed to increasing consumer awareness about the health benefits associated with the consumption of seaweed in this region. This demand from the region is also backed by an increasing consumer interest in plant-based diets and sustainable keeping resources. Improving technology concerning farming and extraction methods for seaweed is another significant driver boosting this market in this region.
  • Asia Pacific: Asia Pacific represents the largest market for seaweed protein and its history of consumption and cultivation dates back to very ancient times. Countries such as China, Japan, and South Korea dominate the production and export of seaweed. The rising demand for functional food and dietary supplements drives this regional market, backed by advanced aquaculture practices in this region.

Seaweed Protein Market Report Scope:

Attribute

Details

Market Size 2024

USD 733.1 Million 

Projected Market Size 2034

USD 2110 Million 

CAGR Growth Rate

12.3%

Base year for estimation

2023

Forecast period

2024 – 2034

Market representation

Revenue in USD Million & CAGR from 2024 to 2034

Market Segmentation

By Source - Red Seaweed, Brown Seaweed, and Green Seaweed.

By Extraction Process - Conventional Methods and Modern Methods.

By Application - Food and Beverage, Animal Feed, Personal Care and Cosmetics, Pharmaceuticals, and Others.

Regional scope

North America - U.S. and Canada

Europe – U.K., Germany, Spain, France, Italy, Russia, and Rest of Europe

Asia Pacific - Japan, India, China, South Korea, Australia, and Rest of Asia-Pacific

Latin America - Brazil, Mexico, Argentina, and Rest of Latin America

Middle East & Africa - South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segmentation:

By Source:

  • Red Seaweed
  • Brown Seaweed
  • Green Seaweed

By Extraction Process:

  • Conventional Methods
  • Modern Methods

By Application:

  • Food and Beverage
  • Animal Feed
  • Personal Care and Cosmetics
  • Pharmaceuticals
  • Others

By Region:         

North America

  • U.S.
  • Canada

Europe

  • Germany
  • U.K.
  • France
  • Russia
  • Italy
  • Rest of Europe

Asia Pacific

  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific

Latin America

  • Brazil
  • Mexico
  • Rest of Latin America

Middle East & Africa

  • GCC
  • Israel
  • South Africa
  • Rest of Middle East & Africa

Seaweed Protein Market Competitive Landscape & Key Players

The major players operating in the bifacial solar market are Cargill, Incorporated, DuPont de Nemours, Inc., Acadian Seaplants Limited, and others. These players are forming new partnerships and collaborations to strengthen their product portfolio globally.

List of Key Players in the Market:

  • Cargill, Incorporated
  • DuPont de Nemours, Inc.
  • CP Kelco U.S., Inc.
  • Acadian Seaplants Limited
  • Qingdao Gather Great Ocean Algae Industry Group Co., Ltd.
  • Mara Seaweed
  • Seasol International Pty Ltd
  • Irish Seaweeds
  • AtSeaNova
  • Algaia
  • Gelymar S.A.
  • Algea (a Valagro Company)
  • Seaweed & Co.
  • Ocean Harvest Technology
  • The Seaweed Company

Seaweed Protein Market Key Players

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Seaweed Protein Market Recent News

  • In July 2024, James Sibley and Sebastian Sanchez collaborated to create Phytabar, a chocolate seaweed bar rich in omega-3 fatty acids. With Sibley's seafood knowledge and Sanchez's commercial background, they collaborated to create Phytabar, a seaweed-infused chocolate bar. The product launched in May, and more than 1,000 bars have already been sold. Phytabar is a vegan nutrition bar made of wakame seaweed, dark chocolate, almonds, dates, stevia, monk fruit, and a protein blend. It has 13 grams of fiber and 9 grams of protein. These bars also include omega-3s, a fatty acid commonly found in seafood that can benefit the body in a variety of ways, including increasing mood and brain function.
  • In March 2024, Umaro Foods, an alternative protein firm based in Berkeley, California, announced a successful second investment round, raising an estimated USD 3.8 million following considerable sales growth. With this additional funding, the firm, which uses protein derived from red seaweeds to create a plant-based alternative to hog bacon, is preparing to expand its goods, which are now only accessible in wholesale and select restaurants, into retail markets.

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Seaweed Protein Market Company Profile

Company Name

Cargill, Incorporated

Headquarters

Minnesota, U.S.

CEO

Brian Sikes

Employee Count (2023)

155,000 Employees

FAQs

Seaweed Protein Market Size was valued at USD 733.1 Million in 2024 and is expected to reach USD 2110 Million by 2034 growing at a CAGR of 12.3%

The Seaweed Protein Market is segmented into Source, Extraction Process, Application, and Region.

Factors driving the market include the increasing interest in plant-based proteins, growing health consciousness.

The Seaweed Protein Market's restraints include taste and texture challenges.

The Seaweed Protein Market is segmented by region into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. North America is expected to dominate the Market.

The key players operating the Seaweed Protein Market include Cargill, Incorporated, DuPont de Nemours, Inc., CP Kelco U.S., Inc., Acadian Seaplants Limited, Qingdao Gather Great Ocean Algae Industry Group Co., Ltd., Mara Seaweed, Seasol International Pty Ltd, Irish Seaweeds, AtSeaNova, Algaia, Gelymar S.A., Algea (a Valagro Company), Seaweed & Co., Ocean Harvest Technology, The Seaweed Company.