Seaweed are well-defined as macroscopic and multicellular marine algae which are utilized to extract many vital gums and are present globally. Seaweed are mostly used in cosmetics, paints and also for the production of adhesives. Seaweed are also used in dyes, gels and in textile and paper industries. Seaweed are accessible in numerous forms and their extracts are used extensively across the food industries. They are rich source of calcium, vitamin K and Iron which makes its consumption more advantageous as it provides many health benefits.
Surge in demand for natural food extracts conveying health benefits is expected to drive the market for seaweed. Growing demand for nutritious foods and alginates in food products is inducing the growth of seaweed market as a key ingredient. It is not only used in food industries but also have extensive applications in pharmaceutical industries based on the anti-cancer property of the product. Progress in technology in the food sector has reinforced in accelerating the market share by extraction and consumption of valuable compounds of seaweed.
The report analyses global seaweed market based on product, application and geography.
Brown seaweed, red seaweed and green seaweed are the major types of seaweed available in the market. Red seaweed is anticipated to emerge as the largest product segment and is projected to grow at the fastest growth rate over the forecast period. Red seaweed is utilized in countless sectors because of their exceptional functional qualities. They are used as food crops offering high amounts of proteins and vitamins. Varied application scope along with easy availability are some of the major factors fuelling the segment growth.
Brown seaweed assist as a raw material for the removal or extraction of the hydrocolloid and alginate. They are also operated in the food sector. Foods obtained from these seaweeds are often considered as a source of iodine. Rising health awareness along with ongoing R&D activities intended toward the development of product applications is expected to foster the segment growth.
The market finds major application in agriculture, animal feed, human consumption and others. The human consumption segment is expected to account for the majority of the global market share, and it is anticipated to grow at the fastest CAGR over the forecast period. Rising population and alertness regarding healthy eating practices along with augmented disposable income are some of the reasons driving the segment growth. Animal feed emerged as the second-largest application and is expected to grow moderately during the forecast period. This segment is projected to grow with a higher market share over the forecast period because of growing focus on improving animal productivity. Seaweed administered as animal feed is projected to improve health conditions of livestock. In countries like India, agriculture application segment is likely to witness growing demand over the coming years.
Geographically, this market is segmented into North America, Europe, Asia-Pacific and Rest of the World. Asia Pacific is likely to emerge as the largest regional market and is anticipated to develop further at an abrupt rate over the coming years. The growth is primarily attributed to the increased demand and production from countries such as Japan, China, South Korea, and Indonesia. Increasing product demand in the regional food industry is projected to propel the Asia Pacific market. Increased focus on improving the agricultural productivity in India and China is the major driving factor.
The major players involved in this market are Cargill,Inc., E.I. Du Pontde Nemours and Company, RoullierGroup, BiostadtIndia Limited, Compo GmbH& Co. KG, Gelymar SA, BrandT, SeasolInternational Pty. Ltd., CP Kelco, West Coast Marine Bio-Processing Corp., Leili Group, Chase Organics GB Limited, Indigrow Ltd., The Cornish Seaweed Company and Travena Ltd. among others.