Seaweed Protein Market size is expected to be valued at USD 640.6 million in 2022 and is poised to grow at a significant CAGR of 14.4% over 2022–2028. Seaweed is the red, green, or brown marine algae that grow along seashores. Seaweeds are commonly anchored to the sea bottom or other solid supports by rootlike “holdfasts,” which execute the sole function of attachment and do not extract nutrients as do the roots of higher plants. Some seaweed species are edible, and many more are of commercial importance to humans. The primary growth of this market is by the growing health awareness among consumers. Also, Seaweed protein has observed massive demand due to the rising application of plant-based protein in food products such as plant-based meat, and plant-based protein supplements. The food and nutrition industries are focused on rising consumer preference for alternative protein sources by offering a personified experience to consume plant-based protein more sustainably. These factors also support to increase in the demand for seaweed proteins. Apart from this, toxicity associated with the consumption of seaweed protein-based products, and the low concentration of amino acids in some seaweeds are the factors, which constrained the global market growth to some extent. Increase in demand for natural ingredient-based products by a significant portion of consumers, and shifting toward plant-based proteins, the resultant market for plant protein components is rapidly expanding. This is expected to create lucrative opportunities among key players to provide varieties of seaweed-based food products at reasonable costs. Asia Pacific region is expected to lead the seaweed protein market over the forecasted period owing to continuous research and development in the seaweed sectors to find more applications of seaweed in various sectors.
Recent Market Developments:
In March 2022, Shiru, Inc., a food ingredient entrepreneur, and CP Kelco launched a new connection to help the transition to a more sustainable food system. Shiru’s “Hourish” platform will use accurate fermentation technology to find plant-based proteins, while CP Kelco will scale up these proteins using its fermentation capabilities and further confirm Shiru proteins in food prototypes.
In June 2021, CP Kelco opened a new global innovation center that will aid as an open environment for scientists and customers to collaborate on ingredient research, problem-solving, development, and pilot plant scale-up for food, beverage, home care, personal care, and other goods in Atlanta, Georgia.