Global Seaweed Based Alternative Meat Market - Forecasts from 2022 to 2027

Seaweed is a type of algae or marine plant that grows in bodies of water like oceans, rivers, and seas. Seaweed is a very sustainable protein source because it doesn't require fertilisers or fresh water, absorbs a lot of CO2, and produces a lot of it. The worldwide seaweed protein market is also expanding rapidly as a result of the increased use of seaweed protein and extracts. Because of the presence of bioactive substances such as colours, vitamins, phlorotannins, polysaccharides, peptides, minerals, and nutritional effects, seaweed is being used in a variety of sectors.

The market is expanding rapidly, owing primarily to the growing popularity of plant-based goods. Consumption of natural ingredients is also on the rise, and seaweeds are beneficial since they are high in minerals, vitamins, and micronutrients, all of which aid in the promotion of good health. Seaweed farming is much more expensive than land farming, which could stifle expansion in the global seaweed-based meat alternative market. Furthermore, due to the presence of harmful minerals, excessive eating of seaweed might create health concerns. As a result, all of these factors may have a negative influence on market growth.

Fear of a rising number of animal-borne diseases has escalated consumer health worries, resulting in a decline in the consumption of animal products. Consumer awareness of plant-based meat alternatives is fast increasing, with more consumers requesting them due to their purported health benefits. As a result, consumers' eating habits are changing and they are embracing a healthier diet, which is predicted to increase demand for meat replacements.

One of the key factors driving global demand for plant-sourced products is increased consumer awareness of the benefits of a vegan diet. Demand for this industry is being driven by Millennials and Gen Z, who are concerned about health, climate change, and animal welfare. Many manufacturers have formed alliances with brands to provide products in this category. Yum China Holdings Inc, which has exclusive rights to KFC, Pizza Hut, and Taco Bell in mainland China, released the Beyond Burger for a limited period at certain locations in China. The Beyond Burger is a plant-based burger that looks, cooks, and tastes like beef.

KEY DEVELOPMENTS

• Algaia, a burgeoning biomarine ingredients startup in Paris, has received €2.2 million in funding. One of Algaia's key growth engines is a new line of seaweed-based texturing solutions called VegAlg, which helps form and structure plant-based burgers while also adding juiciness.
• UMARO (previously Trophic) is a start-up that aims to provide sustainable, meaty, and nourishing plant-based protein from the oceans. The company announced the completion of a $3 million seed financing. The funding, led by AgFunder, will help the company launch its first product, an umami-rich, very realistic plant-based bacon made with its proprietary red protein.

Covid Pandemic Insights

During the pandemic, the meat sector was hit with warnings of meat shortages owing to facility closures, resulting in price rises. Traditional meat delivery methods were disrupted as restaurants, schools, and other facilities closed down. Consumers had fewer options as a result of declining output and increased pricing, and plant-based meat alternatives began to gain popularity.

The demand for meat alternatives increased significantly due to an increase in consumer expenditure on healthy food products and increased health consciousness during the pandemic. Furthermore, meat substitute manufacturers saw an increase in demand for plant-based products as there was a limit on the number of meat-based items purchased per consumer. As a result, COVID-19 has had a favourable impact on the meat substitute market.

MARKET SEGMENTATION

• BY TYPE

Lectin

Phycobiliprotein

• BY MEAT TYPE

Pork

Poultry

Chicken

Others

• BY GEOGRAPHY

North America

• USA
• Canada
• Mexico

South America

• Brazil
• Argentina
• Others

Europe

• Germany
• France
• UK
• Others

Middle East and Africa

• Saudi Arabia
• UAE
• Others

Asia Pacific

• China
• India
• Japan
• South Korea
• Taiwan
• Thailand
• Indonesia
• Others