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Seaweed Derivatives Market Segmented By Red Seaweed, Brown Seaweed, Green Seaweed Source in Liquid, Powder, Flakes Form in Food & Beverages, Agricultural Products, Animal Feed Additives, Cosmetics and personal care, Pharmaceuticals Industry
Growing consumption of organic and health centric products is surging the demand for natural additives such as seaweed derivatives. The market for seaweed derivatives is receiving impetus from increasing application of organically produced seaweed derivatives as bio-fertilizers. High demand for Carrageenan in food and beverage products is another strong factor propelling seaweed derivatives market.
Besides these diverse applications, side-effects of chemical fertilizers such as reduced soil productivity is compelling the manufacturers of fertilizers to adopt seaweed derivatives as bio-fertilizer, creating new avenues of profitability in seaweed derivatives market.
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Attributing to multiple applications of seaweed derivatives as food additives, particularly as a thickening, stabilizing, emulsifying, and gelling agent, adoption remains strong in the food & beverages industry.
It is projected that the F&B industry will maintain its lead in the market, with over half of revenue share during the forecast period. Besides this conventional application, manufacturers are seeking profitable prospects in other application areas, including pharmaceutical and agricultural products.
Utilization of seaweed derivatives in drug formulations, tissue engineering, and nanoparticle systems has been accentuating demand for seaweed derivatives, thereby positively influencing the market growth.
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Get a Customized VersionEast Asia is projected to continue its lead in the foreseeable time period. Besides East Asia, South Asia is emerging as a hub of profitable opportunities for manufacturers.
The market in fast developing economies such as India and China are generating substantial revenue through sales of personal care products and ingredients owing to consistently growing demand of these products from a large working population.
With the rise of clean label trend, market players in seaweed derivatives landscape have intensified their organic farming ventures in Asian regions to explore untapped areas of application.
The health-conscious consumer population that opts for food products with natural additives is expanding at a rapid pace encouraging manufacturers of seaweed derivatives to expand their product portfolio. Private companies in the market are evaluating different extraction processes of seaweed additives, to come up with innovative procedures, creating employment in seaweed derivatives landscape.
These structural changes are bound to reward seaweed derivatives industry with new possibilities and strategies. Increasing demand for bio-fertilizers for improved crop yield and stress tolerance has been encouraging market players to invest efforts in strengthening their foothold the market.
Innovations by market players to gain competitive edge are intensifying the competitive landscape of seaweed derivatives. These players are further deepening their penetration in production of red seaweed to get an upper hand in carrageenan market.
Manufacturers in pharmaceutical industry are witnessing rapid developments owing to insurgence of a large number of competitors, seeking profits in seaweed derivatives infused drug delivery systems. In addition to these applications, use of seaweed as a bio-fertilizer is also garnering interest of market players on the back of increasing organic farming practices across the globe.
PMR’s study on seaweed derivatives market is divided into four major segments – Source, form, end use and region. Detail analysis of every segment along with the data pertaining to growth of each segment is included in the study.
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The global seaweed derivatives market is estimated to be worth US$ 2.35 Bn in the year 2021.
The global seaweed derivatives market is expected to expand 1.4 times between 2021 and 2031.
The global seaweed derivatives market witnessed a CAGR of 3.5% between 2021 and 2031.
The key trend is that of growing inclination towards ready-to-cook and ready-to-eat food products, thereby driving the demand for seaweed derivatives.
Incorporation of seaweed hydrocolloids like alginates and Carrageenan in personal care products and cosmetics like toothpaste, face masks, and creams is driving the demand for seaweed derivatives.
The top 5 players such as Cargill Inc., Gelymar, DuPont de Nemours, Inc., Humates and Seaweeds Pvt. Ltd., and J.M. HUBER account for more than 60% of the market share.
The top 5 countries driving the demand include the US, UK, Germany, India, and China.
North America holds more than 30% of the market share.
Europe is expected to grow at the rate of 3% in the seaweed derivatives market between 2021 and 2031.
Japan and Korea will witness a steady curve in the seaweed derivatives market between 2021 and 2031.
