Global Seaweed Products Market Overview
The Global Seaweed Products Market size is estimated to reach $8.2 billion by 2027. Furthermore, it is poised to grow at a CAGR of 7.1% over the forecast period of 2022-2027. Seaweed refers to a collection of multicellular, macroscopic, and marine algae that come in a variety of red, green, and brown hues. They can take the form of tiny fingers, spheres, broad leaves, or fruit. They are harvested either from aquaculture or from the wild. Various hydrocolloids, such as agar, alginate, gelatinous substances, and carrageenan, can be derived from seaweeds owing to their high mineral, polysaccharides, proteins, and vitamin content. They have a wide range of applications in food and protein drinks, salad dressings, pharmaceuticals, wastewater treatment, bio-refining, and nutritional supplements because of their numerous functional and physiological benefits. Despite the fact that seaweeds have been consumed as a staple meal for generations, they are increasingly being exploited commercially. Their hydrocolloid qualities find widespread use in the food and beverage industry, as well as in a variety of other industries such as cosmetics, personal care, animal feed and additives, agriculture, and medicines. The increase in demand for seaweed all around the world. Increasing technological advancements allow for more seaweed farming, which gives diverse growth potential for food sectors all over the world during the anticipated time. Dried seaweed exports also provide prospects for growth in areas where farming is not viable. Another element that presents multiple potential changes in the global seaweed products market share throughout the review period is ongoing significant research by various main key players. Artificial intelligence and the internet of things are helping to boost seaweed output and, as a result, the Global Seaweed Products industry growth. However, by the end of the third quarter of next year, the seaweed market is predicted to recover from this global pandemic by appropriately planning according to market needs.
Global Seaweed Products Market Segment Analysis- By Product Type
The Global Seaweed Products market based on product type can be further segmented into red seaweed, brown seaweed, and green seaweed. In 2021, the red seaweed category had the most market share. For its great functional qualities, the segment is predicted to increase significantly throughout the projection period. They’re grown as food crops, and they’re high in vitamins and proteins. Red seaweeds are also a great source of two hydrocolloids, agar, and kappa carrageenan, which are often utilized in food preparations. Carrageenan, a thickening, and stabilizer made from seaweed are used in a range of food applications. As a result, the seaweed market is expected to develop owing to the increased use of red seaweed in the food industry. Furthermore, these seaweeds are used as a source of human food in many maritime countries across the world, particularly in Indonesia and Japan, where seaweed production has grown into a large business.
In the global market, the brown seaweed segment is anticipated to grow with the fastest CAGR of 7.9% during the forecast period 2022-2027. Alginic acid or alginates are found in all brown seaweeds and can be extracted from a variety of brown algae, including Ascophyllum, Laminaria, and Macrocystis, among others. They are widely used in a variety of commercial applications. These acids are used to prevent ice crystallization and provide a smooth texture in food products such as ice cream. The substance can also be used as a thickening and emulsifier in syrups, as well as a filler in salad dressings and candy bars. The use of alginic acid in lithium-ion batteries is expected to increase brown seaweed consumption in the future years.
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Global Seaweed Products Market Segment Analysis-By Application
The Global Seaweed Products market based on the application industry can be further segmented into food, animal feed, agriculture, pharmaceuticals, and others. The food sector will have the most market share in 2021. This is directly proportional to the increased population, rising disposable incomes, increased consumer knowledge of good eating practices, and increased demand for processed food products around the world. Direct food and food additives, which have been consumed as a staple food product in nations such as Japan, Korea, and China, are included in this segment. Seaweeds make up over 8% of the Japanese diet, and consumption has increased by roughly 20% in the last decade, to an average of 3.3 kg per household.
During the projection period 2022-2027, the animal sector segment is forecasted to grow with the fastest CAGR of 8.2%. In the coming years, the animal feed segment is considered to have significant growth potential. Seaweed is used in huge amounts as an animal feed supplement in coastal areas. Phosphorus, potassium, magnesium, chlorine, calcium, sodium, and sulfur are just a few of the vitamins and minerals found in them. Furthermore, the growing need to counteract climate change, together with supportive government policies and initiatives, will spur biofuel production, resulting in the rise of the seaweed industry.
Global Seaweed Products Market Segment Analysis- By Geography
The Global Seaweed Products market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. In 2021, the global Seaweed Products market was dominated by the Asia-Pacific area with 36% of the market share. The presence of several local and regional players, various government initiatives to promote the cultivation and use of seaweeds in various industries, growing demand for organic food products, and increasing applications of commercial sea vegetables, especially in food, are all factors contributing to the large share of this regional market. Seaweed as a food source has a long history in Asian countries including China, Japan, and the Republic of Korea, and it is a vital growth enabler for the region’s rising product demand. China remains the greatest producer and consumer in the Asia Pacific, followed by Japan, South Korea, and Indonesia. Positive food industry developments driven by a large population are expected to increase regional market statistics in the next years. In the food industry, the product has yet to gain widespread appeal. Demand for novel food components and recipes is poised to rise as the consumption of nutritious foods rises and consumer demographics shift. Furthermore, large-scale production and large-scale consumption of seaweeds in the region, owing to the availability of raw materials, suitable climatic conditions for seaweed cultivation, and cheap labor, contribute to the region’s seaweed market’s growth.
Global Seaweed Products Market Drivers
The substantial rise in the demand for natural food extract is propelling the market growth.
The market demand for seaweed is influenced by a number of factors. During the anticipated period, the global market demand is to be driven by a substantial increase in demand for natural food extracts that provide various health benefits. More market demand is created by the increasing need for seaweed as a major ingredient in various alginates foods and nutritional food products. It’s not only used in the food sector; it’s also used in the pharmaceutical industry, which drives global market demand. Also, owing to its anti-cancer qualities, it is commonly used to treat cancer.
Government measures to promote seaweed production are on the rise which is fuelling market expansion.
Seaweed farming can go a long way toward improving the lives of coastal fishermen and their families, particularly women fishermen, farmers, and entrepreneurs. In light of these considerations, many countries around the world have enacted legislation and provided funding to assist the seaweed business within their borders. For example, the Chinese government is promoting the development of the seaweed sector through legislation, money and finances, onshore and offshore agricultural regions, and freshwater resources. Under the strain of major environmental and ecological difficulties, the Chinese national government has begun restructuring the seaweed business (e.g., air and water pollution and disorder competitions on any natural resources). The Chinese aquaculture industry was expected to enter a stable and gradual growth phase, according to the national fishery and aquaculture authority. Furthermore, there are around 46-50 seaweed-based enterprises in India that are experiencing difficulties owing to a lack of raw materials. To combat this, the Indian government has set aside INR 640.0 crore (USD 86.37 million) in 2020 to strengthen seaweed cultivation in the country.
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Global Seaweed Products Market Challenges
Natural disasters have hampered the production of seaweeds and are impeding market expansion.
Natural disasters, which impair seaweed production in the coastal areas of seaweed-producing countries in the Asia Pacific and South American regions, are the biggest issue for seaweed manufacturers. Typhoons, floods, droughts, earthquakes, volcanic eruptions, and pests and illnesses all have an impact on seaweed farming productivity. Such disasters are uncontrollable and present a considerable problem for seaweed farmers. As a result, seaweed producers have begun to construct artificial ponds in non-marine places (mariculture), which require seawater. However, adopting such alternative farming techniques comes at a great cost, posing a financial hurdle for farmers and limiting the scale of seaweed production. Furthermore, the presence of some poisonous minerals can cause more harm than good, which is still another important constraint.
Global Seaweed Products Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Global Seaweed Products Market. Global Seaweed Products top 10 companies include:
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A. Seaweed Extracts Market – Forecast(2022 – 2027)
B. Hydrocolloids Market – Forecast(2022 – 2027)
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