PUBLISHER: SPER Market Research Pvt. Ltd. | PRODUCT CODE: 1176393
PUBLISHER: SPER Market Research Pvt. Ltd. | PRODUCT CODE: 1176393
According to SPER Market Research, the Global Seaweed Protein Market is estimated to reach USD 2.23 billion by 2032 with a CAGR of 14.33%.
Seaweeds are a type of marine algae which are a rich source of protein. They are basically of three types-red, green and brown. The Global Seaweed Protein Market has grown rapidly in the past few years and is expected to maintain its momentum and keep on growing. The major factor driving the growth of this market is the increasing health care and self-care awareness among consumers. As a result of the rising emphasis on holistic health and immunity, there is an increasing desire among customers for alternate protein sources. Seaweeds are considered to be complete protein sources as they contain all nine essential amino acids which are an essential part of protein synthesis, tissue repair and nutrient absorption which makes seaweed a great alternate protein source. The increased demand of customers for natural-based ingredients products is another major factor contributing to the market growth. Consumers have started shifting from animal proteins to plant-based proteins hence leading to the expansion of the market for plant protein components.
Seaweed is not only a rich source of protein but it also contains micronutrients such as vitamins and minerals, dietary fibers, antioxidants, antibacterial and antiviral components. The wide range of biomolecules present in seaweed makes it applicable in various industries like nutraceuticals, cosmetics, functional foods, medicines, animal feed, etc. By Source the red seaweed is expected to hold the largest market share in the forecast period. The high level of protein content and their fibrous composition assist in regulating blood circulation and blood flow throughout the body, managing blood sugar levels and lowering the excessive cholesterol level in the body. These advantages provided by the red seaweed are responsible for their rising demand in the food and pharmaceutical industries. The conventional extraction methods are the ones commonly used for extracting proteins from seaweeds such as Palmana palmata, Ula fasciata, Sargassum vulgare, and Porphyra sp.
COVID-19 pandemic has had a significant level of impact on the Global Seaweed Protein Market worldwide. The outlook for economic progress across most of the countries seems to be positive. The impact can be presented through three scenarios; Low growth: in this scenario economic recovery will be slow; there will be supply chain disruption and weak consumer demand, Medium growth: the economic growth will be fast and consumer demand will grow moderately but there will still be disruption in supply chain, and High growth: the economic growth will be fast, no supply chain disruption anymore and strong consumer demand.