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Seaweed Market Segmented By product type such as Red Seaweed, Brown Seaweed and Green Seaweed in Liquid, Powdered and Flakes form type
Seaweed is species of macroscopic, multicellular, marine algae, which are found in oceans and seas across the globe. The hydrocolloids such as alginate, agar, and carrageenan, gelatinous substances are extracted from seaweed. Seaweed is beneficial to health to fight against illness and diseases. Seaweed is used in food, medicines, cosmetics and organic fertilizers and feed additives. The red seaweed is a source for carrageenan hydrocolloid, which is highly used in food industry owing to its improved gelling and thickening property.
The red seaweed segment is anticipated to dominate among the product type segment, due to the increasing demand for agar and carrageenan from the food industry. The brown seaweeds is expected to follow red seaweeds owing to the growing use of brown seaweed in animal feed additives and fertilizers. On the basis of form type, the liquid form seaweed is expected to account for larger market share in terms of value and volume, this is owing to rising demand from agriculture and pharmaceutical industries across the globe.
On the other hand, the human food segment is expected to hold significant market share among the application segment, this is due to increase in seaweed consumption in human food coupled with increasing demand for seaweed derived snacks. The global seaweed market is anticipated to witness significant CAGR during the forecast period.
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Increasing consumption of seaweed as a food extract, medical use, and for bio-refining is expected to drive the demand for seaweed. Furthermore, growing consumer awareness regarding nutritional benefits of seaweed, rising demand for alginate in food, pharmaceutical industries is expected to boost the growth of global seaweed market. In addition, increasing demand for seaweed derived snacks is anticipated to fuel the demand for seaweed.
However, lack of awareness of harvesting various species of seaweed among the manufactures is expected to hinder the growth of global seaweed market.
Key trends are observed in the production of seaweeds are, the manufacturers are implementing growth strategies such as merger and acquisition, partnership, and agreement.
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Based on the geographies, the global seaweed market is segmented into five key regions, namely North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Owing to the increase in harvesting and consumption of seaweed in China, Japan and Indonesia, the Asia Pacific seaweed market is anticipated to hold major revenue market share.
North America and Europe is anticipated to collectively, contribute in the global seaweed market, this is due to increasing seaweed harvesting coupled with consumption in US, Germany, UK and France.
Also, rising demand for seaweed in food industries coupled with increasing investments in R&D activities by key manufacturers in US, and increasing popularity for seaweed baths coupled with increasing use of seaweed in German beer (contains agars, carrageenans and alginates) in Germany and UK are making these regions as favorable regions. Owing to growing consumer awareness regarding medical and other benefits of seaweeds in Brazil, GCC countries and South Africa, the Latin America and MEA are expected to witness modest growth rate.
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Some of the major players identified in the global seaweed market include
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