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The market size is estimated to be valued at USD 16.7 billion in 2020 and is projected to reach USD 30.2 billion by 2025, recording a CAGR of 12.6%
According to MarketsandMarkets, the
seaweed cultivation market size is estimated to be valued at USD 16.7 billion in 2020 and is projected to reach USD 30.2 billion by 2025, recording a CAGR of 12.6% during the forecast period, in terms of value. Factors such as the rise in seaweed farming practices propelled by global demand, increasing industrial, agricultural, and feed-related applications, and rising market for seaweed as snack products are projected to drive the growth of the seaweed cultivation 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 o
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The global seaweed protein market is estimated to be valued at USD 465.5 million in 2020. It 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 an increase in demand for vegan/vegetarian protein alternatives to meat and dairy, growth in consumer awareness regarding the health benefits of seaweed protein-based products, and increasing industrial, feed-related applications are projected to drive the growth of the seaweed protein industry during the forecast period.
However, excessive use of seaweed protein-based products can adversely affect consumers health due to toxic minerals such as heavy metal residues. This has led to increasing health concerns globally, which, in turn, serves as a restraining factor for the growth of the seaweed protein market.