Key Highlights of COVID-19 impact on the Seaweed Protein Market
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The growing trend among people for the consumption of natural ingredients that are healthy as well as rich in vitamins, minerals, and micronutrients is boosting the growth of the seaweed protein market. Moreover, growing strategic partnerships among leading industry players to obtain a robust position in the market and rising awareness about the health benefits of seaweed are contributing to the market growth. In addition, proven benefits of seaweed in the treatment of disorders, such as cancer, obesity, and diet-related diseases, are expected to propel the growth of the seaweed protein market significantly in the upcoming years.
Also, various doctors are increasingly advising to add edible seaweeds in daily diet. Additionally, the rise in use of seaweed protein in nutraceuticals (i.e. a food product that provides numerous health or medical benefits) is anticipated to offer lucrative market opportunities for the global seaweed protein market in the near future. Moreover, the Asia-Pacific seaweed protein market is predicted to observe widespread growth in the coming years owing to growing awareness among consumers about the uses of seaweeds and its medicinal and healthcare benefits.
Key Players in the Market
Some of the leading players of the seaweed protein industry, such as CP Kelco, Cargill, Qingdao Gather Great Ocean Algae Industry Group Co Ltd, Mara Seaweed, Acadian Seaplants, Irish Seaweed, Atseanova, ALGAIA, Seasol International Pty Ltd and Maine Coast Sea Vegetables., and others, are taking various business growth initiatives such as partnerships & collaborations, mergers and acquisitions, investments in R&D, and new product launches. These strategies have helped these companies in obtaining a leading-edge in the market in the recent period.
In May 2021, Bodina Naturals, a Kochi based start-up company, introduced Zerol Gargle, a herbal gargle made out of seaweeds. The company partnered with Central Institute of Fisheries Technology (ICAR CIFT) to develop the product.
Such innovative developments by market players are contributing to the growth of the seaweed protein industry. As per a report by Research Dive, the seaweed protein market is foreseen to garner a significant revenue of $11, 92,255.9 thousand by 2027 and reach newer heights from 2020 to 2027.
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