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Seaweed Extract Market Segmented By type such as Liquid, Powder, Flakes and Others
Seaweed is a macroalga that grows in the cold oceans globally. It has been used for millennium all over the world; however, it has most particularly been a prominent part of Asian food diets mainly in Japan, China, and Korea. The seaweed is good for mulch in the home garden, but owing to lack of nutrients and various other components found on the algae, the extract is more beneficial to fertility.
Dried seaweed used mainly as an animal feed supplement and also as a fertilizer and soil conditioner. Seaweed extract is rich in minerals and vitamins that help to soften, soothe, reduce sensitivity along with maintaining skin’s natural stability.
It is extracted by various production methods namely water extraction, alkaline extraction, ruptured cell suspensions, and cryo-micro-crushing. Seaweed extract performs as a plant growth stimulants and their efficiency could be influenced by the species and production technique. Seaweed extract has a soothing marine botanical feature that releases skin irritation affected by the environment.
Seaweed extract market revenue is expected to grow at a rapid growth rate, over the forecast period. The market is projected to perform well in the near future owing to its favorable effects on crop growth and quality such as higher marketable yield, improve shelf life, strong, healthy growth, and enhance resistance to pest and disease.
Various researchers have proved benefits such as enhanced root development, more dynamic growth, improved resistance to environmental stress, and minimize frost damage. Additionally, the presence of natural active components in seaweed extract that helps in regeneration of skin along with effective hydration is the main factor that can propel the market revenue growth of seaweed extract shortly.
Based on end-use industries, cosmetics and personal care segments are projected to have a significant growth in the global seaweed extract market over the forecast period attributed to its anti-inflammatory and anti-aging properties coupled with improving the agriculture system globally.
Expanding demand for organic products, a rise in the growth of the marine industry, increasing innovative technology and growing research and development activities are some of the primary factors driving the growth of the global seaweed extract market.
Moreover, it is considered to be an inexhaustible source of health, and extensive use of seaweed extract in various thalassotherapy centers worldwide are other significant factors growing the seaweed extract market over the forecast period. However, the high cost of production and government regulations may limit the growth of the Seaweed Extract market during the forecast of the period.
Some of the prominent players in the seaweed extract market are, Grow More Inc., Kelpak, Algea the Arctic Company, Shigawake Organics Ltd., Unilever, Ocean organics, Mycsa AG, North American Kelp, Yash Chemicals Ltd., Technaflora Plant Products Ltd., and others
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Asia-Pacific is expected to be the leading markets in the global seaweed extract market followed by Europe owing to a rise in the agricultural and horticulture industry, expanding trade activities, and growing consumer awareness regarding the benefits of seaweed.
Japan seaweed extract market is expected to account for healthy CAGR during the forecast period owing to expanding demand for natural non-toxic products and increasing the use of seaweed extract for cosmetic purposes in the region.
Moreover, the market in North America is projected to have substantial growth in the global seaweed extract market over the forecast period due to expanding the cosmetic industry, research, and development activities, and growing demand for organic products.
MEA is expected to witness the significant growth rate in the global seaweed extract market due to the increasing presence of prominent players along with the growing use of seaweed in the region.
As the effects of COVID-19 are felt around the world, consumer products food & beverage companies are facing significantly reduced consumption and supply chain disruption challenges. All the major countries around the globe have announced the total lockdown to counter the COVID 19 pandemic.
Thus, as of now consumers across the world are only focused on buying essential goods which can help to survive during the lockdown. Besides the shortage of raw material supply, lack of manpower has resulted in reduced manufacturing practices.
The production of seaweed and seaweed extract is less due to lockdown. These factors are expected to affect the growth of the global seaweed extract market for a longer time period.