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The seaweed market size is projected to increase by USD 4,755.13 million and the market size is estimated to grow at a CAGR of 6.64% between 2022 and 2027. This seaweed market report extensively covers market segmentation by product (red seaweed, brown seaweed, and green seaweed), application (agriculture, animal feed, and human food), and geography (APAC, Europe, North America, South America, and Middle East and Africa). Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
One of the key factors driving the seaweed market growth is the growing health consciousness and increasing obese population base. There is an increasing concern among people regarding the safety of the food that they consume. As a result, it could fuel the demand for plant-based proteins like seaweed. Over the last few years, there has been a significant increase in the occurrence of health problems including digestive disorders, diabetes, and obesity among people across the globe. Therefore, a majority of health-conscious consumers are following healthy diets, which is fuelling the demand for superfoods. There is an increasing consumption of seaweed as it offers more energy, reduces the effects of aging, and helps in reducing weight. Hence, such factors are driving the market growth during the forecast period.
The Seaweed Market shows an accelerated CAGR during the forecast period.
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A key factor shaping the seaweed market growth is the rising number of vegans and vegetarians. A vegan diet is a significant part of the larger vegan lifestyle, which strongly supports animal rights and concerns for the environment. However, it is challenging to get certain vital nutrients such as Vitamin B12, iodine, omega-3s, magnesium, and calcium from conventional plant sources, since a vegan diet does not include animal proteins such as fish.
Therefore, there is an increasing consumption of seaweed among vegan consumers as it can be a viable alternative to fish. Furthermore, seaweed is considered healthier than fish as it is cholesterol-free. There is an increasing preference for seaweed among fitness-conscious Western societies which is positively impacting the market. Hence, such factors are expected to drive market growth during the forecast period.
Health risks associated with the consumption of seaweed are one of the key challenges hindering the seaweed market growth. There are certain side effects associated with the over-eating or consumption of large amounts of seaweed. In addition, there are high concentrations of certain nutrients in seaweed which can pose a significant risk to some people. For example, the overconsumption of vitamin K interferes with medications, including warfarin, which is prescribed to treat and prevent blood clots.
Moreover, there is a high concentration of potassium content in certain seaweeds, such as the red seaweed dulse which might result in problems for those with kidney disease. Furthermore, the excess consumption of iodine can have severe effects on thyroid function, which can be detrimental to health. Hence, such factors are negatively impacting the market. Therefore, it is expected to hinder the market growth during the forecast period.
The various applications of seaweed in the agriculture segment will increase the market growth during the forecast period. There is an increasing adoption of seaweed across the agriculture segment as it acts as a fertilizer, a pesticide, and a plant growth regulator. There is a growing popularity of seaweeds as soil additives and are widely used in both fertilizers and soil conditioners. Thus, the increasing introduction of seaweed products in agriculture fertilizer applications is fuelling the growth of the market. For example, in December 2022, KRIBHCO, a fertilizer manufacturer, launched an innovative and sustainable product, SIVARIKA- a Seaweed Bio-stimulant. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
The red seaweed segment is estimated to witness significant growth during the forecast period. The increasing use of ed seaweed in foods is significantly contributing to the growth of this segment. In addition, there is an increasing demand for seaweed with the growing awareness of the health benefits of seaweed consumption. Moreover, there is increasing adoption of red seaweed across South Asian cuisines which is positively impacting the growth of this segment.
The red seaweed segment was the largest segment and was valued at USD 3,629.75 million in 2017.
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In addition, there is an extensive use of red seaweed to extract hydrocolloids like agar and carrageenan. Some of the main red seaweed types are very beneficial for human consumption as well as for other applications, especially as a bacterial substrate in laboratories and as a binding agent in food products including Petrocladis, Gracilaria, and Gelidium. Some of the main areas where there is a significant presence of red seaweed segment include temperate waters, such as the coast of Morocco and Portugal, in colder waters, such as those near Nova Scotia (Canada) and southern Chile, and in tropical waters, such as those of Indonesia and the Philippines. Hence, the above factors and applications are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
APAC is estimated to contribute 67% to the growth of the global market during the forecast period
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Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Some of the main countries that are significantly contributing to the growth of the market in APAC include e China, Japan, South Korea, and Indonesia. The main factor that is fuelling the growth of the market in APAC includes the rise in consumption of seaweed both for human food and animal feed. Furthermore, one of the leading producers and processors of seaweed is APAC with countries such as China, Indonesia, and the Philippines dominating global production. There is a significant expansion of the market in Indonesia. Furthermore, there is an increasing adoption of seaweed across industries like paints, medicine, chemicals, textile printing, and agriculture. Hence, such factors are driving the market growth in APAC during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global market witnessed a significant slowdown due to the closure of restaurants and other eateries. in APAC. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the restoration of operations in supermarkets and producers of seaweed. Such factors are expected to drive the market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The seaweed market report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The seaweed market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Seaweed Market Scope |
|
Report Coverage |
Details |
Page number |
165 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.64% |
Market growth 2023-2027 |
USD 4,755.13 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.34 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 67% |
Key countries |
US, China, Indonesia, Japan, and South Korea |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Acadian Seaplants Ltd., Biostadt India Ltd., Branded Garden Products Ltd., BRANDT Inc., Cargill Inc., Compagnie Financiere et de Participations Roullier, COMPO EXPERT GmbH, Corbion nv, De Smaakspecialist, DuluxGroup Australia Pty Ltd., DuPont de Nemours Inc., Gelymar SA, gimMe Health Foods Inc., Indigrow Ltd., Irish Seaweeds, J M Huber Corp., Maine Coast Sea Vegetables Inc., Ocean Harvest Technology Ltd., West Coast Marine Bio-Processing Corp., and Beijing Leili Agricultural Co. Ltd |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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