According to MarketsandMarkets, the seaweed protein market size is estimated to be valued at USD 465.5 million in 2020 and is projected to reach USD 981.6 million by 2026, recording a CAGR of 13.2% during the forecast period, in terms of value. Factors such as the growth in consumer awareness regarding the health benefits of seaweed protein-based products, increasing industrial, and feed-related applications and rising market for alternate protein source are projected to drive the growth of the seaweed protein industry during the forecast period.
Asia Pacific segment is going to dominate the market, due to its ease of raw material availability, favorable climatic conditions and low labor cost for seaweed cultivation, whereas the European region is growing fastest owing to growth in consumer awareness regarding the health benefits of seaweed protein based-products.
Key players in this market include CP Kelco U.S., Inc. (US), Algaia (France), Algea (Norway), Acadian Seaplants (US), Qingdao Gather Great Ocean Algae Industry Group (China), and Qingdao Seawin Biotech Group Co. Ltd. (China).
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CP Kelco U.S., Inc. is a globally leading company manufacturing nature-based solutions. CP Kelco’s parent company is J.M. Huber Corporation. The company operates globally in 22 countries and has highly advanced and technological operations and systems. Key products offered by the company include carrageenan, citrus fiber, xanthum gum, diutan gum, fermentation-derived cellulose (FDC), gellan gum, pectin, and refined locust bean gum. Through its products, the company serves key end-use industries, such as bakery, beverage, clinical nutrition, fruit applications, health and personal care, dairy and dairy alternatives, household products, paper making, confectioneries and desserts, and other industrial applications. In August 2020, CP Kelco and Biesterfeld have announced an expansion of their long-term partnership in the food and nutrition sector in Europe. As part of this partnership, Biesterfeld is distributing CP Kelco’s nature-based pectin, carrageenan, xanthan gum, and citrus fiber in Germany, Poland, the Czech Republic, Slovakia, Hungary, Estonia, Lituania, and Latvia, as of April 2020.
Algaia engages in developing sustainably-produced natural seaweed and other algal extracts and solutions. The key industries served by the company include Agro-Nutrition, Personal Care & Nutraceutical Industries. Algaia has further strengthened its market after its strategic alliance with the Chilean company Gelymar in 2015. The product portfolio of the company includes carrageenans, plant bio-stimulants, alginates, and specialty seaweed extracts. In May 2020, Algaia, S.A. announced completion of a USD 0.25 Million (2.2 million Euros) investment round to continue fueling its double-digit growth through a new range of seaweed-based texturing solutions named VegAlg designed to contribute shape and structure and add juiciness to plant-based burgers. Also included is a new range of alginates for processed cheese in cordon bleu.
Algaia has undertaken key strategic initiatives in the recent past, such as agreements, joint ventures, and investments to enhance its global presence and technological and distribution operations. Further, the company has a keen focus on innovation and develops conventional and specialty products from brown and red seaweed and algae.
Algea is a seaweed processing and harvesting company. It is headquartered in Norway beyond the Arctic Circle for years. The company highly benefits from one of the purest habitats in the world and has been processing and harvesting Ascophyllum nodosum for over 80 years. In 2002, the company partnered with Valagro and had the advantage of using the Geapower technology system to design and develop innovative solutions using seaweed for specific purposes: for agriculture and animal feed. The company mainly provides algaefeed and algaefert solutions to its customers. The key exports and distribution regions of the company include America, Asia, and Africa.
Algea’s collaboration with Valagro in 2002 has helped the company optimize its processing technology and uses Geapower technology system for the safe extraction of algae and to develop innovative products from the algae extracts.