Global Seaweed Protein Market to Observe Significant Growth Due to Growing Use of Plant-Based Protein in Food Industries - Exclusive Report [165 pages] by Research Dive
Increasing use of plant-based protein in food industries is propelling the growth of the market. The food sub-segment and red type seaweed sub-segment are estimated to dominate the market. The Asia-Pacific market is projected to dominate the market.
NEW YORK, May 5, 2021 /PRNewswire/ -- Research Dive has added a new report on the Global Seaweed Protein Market to its offering. As per the report, the market is estimated to garner $11, 92,255.9 thousand by 2027, growing at a CAGR of 13.5% from 2020 to 2027. This report delivers detailed insights into the current condition and future lookout of the global industry. The report is articulated by expert market analysts and promises to be a trustworthy source of data and all-inclusive market insights for new entrants, investors, prevalent market players, stakeholders, shareholders, etc.
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Factors Impacting the Seaweed Protein Market Growth:
Growing popularity of plant-based protein in food due to their various health benefits is propelling the growth of the global seaweed protein market. Furthermore, growing seaweed protein applications in nutraceuticals are estimated to unlock lucrative opportunities for the market growth during the forecast period. However, high cost involved in seaweed production is likely to obstruct the market growth.
COVID-19 Pandemic Impact on the Seaweed Protein Market:
The abrupt rise of the COVID-19 pandemic has made a severe impact on the growth of the global seaweed protein industry. The rise of pandemic has curbed the normal functioning of various industries due to which various manufacturers are facing difficulties like decreased consumption and disrupted supply chains. Also, several vendors, farmers, and manufacturers have experienced business losses owing to decline in seaweed prices. All these factors are negatively impacting the market growth.
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The report segments the global seaweed protein market into source, application, and region.
Red Type Sub-Segment to Dominate the Market Growth
Among source segment, the red type sub-segment is projected to lead the market by surpassing $7,37,505.20 thousand revenue during the forecast period. The growth of this sub-segment is primarily due to the growing demand for the red type seaweed protein because of the presence of higher proteins, vitamins, minerals, trace elements, and essential fatty acids in them.