ID: MRFR/F-B & N/6410-HCR | February 2021 | Region: Global | 90 pages
Global Seaweed Extracts Market is witnessing high growth due to the increasing use of various seaweeds extracts such as carrageenan, alginate, and agar in the processed food industry. The market is experiencing a rise in demand for seaweed and seaweed-based products owing to the presence of antioxidants, fiber, and polysaccharides. Additionally, seaweed is enriched with vitamins such as vitamin B12 and vitamin E which leads to its use in personal care products. Also, there is an increasing demand for Eucheuma cottonii or Gracilaria seaweed in various convenience foods and dairy and frozen desserts such as noodles, cookies, crackers, and sweets due to its nutrient content. Thus, these factors are expected to drive the growth of the global seaweed extracts industry. The market is expected to register a growth rate of 5.8% during the forecast period of 2019 to 2024 to reach USD 4.5 billion by 2024.
The global seaweed extracts market is expected to register an impressive growth rate during the forecast period owing to the chemical and physical properties of seaweed extracts that favour plant growth and help in obtaining a high yield. The surging global demand for food and biofuel is boosting the production of natural agricultural commodities, which, in turn, is fuelling the growth of the global market. In addition, the increasing demand for seaweed extracts to generate biomass for biofuel production across the globe is also catalyzing market growth.
The global seaweed extracts market has been segmented based on type, application, and region.
By type, the global seaweed extracts industry has been classified as liquid, powder, and others. The liquid segment is expected to garner the largest revenue share and is also expected to be the fastest growing segment of the global seaweed extract market during the review period.
Based on application, the global market has been segregated into food & beverage, agriculture and horticulture, pharmaceuticals and nutraceuticals, and others. The food & beverage segment is expected to gain the highest revenue share of the global seaweed extracts industry. However, seaweed extracts are used as natural fertilizers in the agriculture and horticulture industry as there is an increasing demand for organic food products which, in turn, is expected to boost the growth of the market
The global seaweed extracts market has been studied with regard to four key regions—North America, Europe, Asia-Pacific, and the rest of the world.
The North American seaweed extracts market has further been segmented into the US, Canada, and Mexico. The European seaweed extracts market has been classified as the UK, Germany, France, Italy, Spain, and the rest of Europe. The seaweed extracts industry in Asia-Pacific has been divided into China, India, Japan, Australia and New Zealand, and the rest of Asia-Pacific. The seaweed extracts industry in the rest of the world has been segmented into South America, the Middle East, and Africa.
Regional Market Summary
Global Seaweed Extracts Market Share (%), by Region, 2018
Source: Secondary Sources and MRFR Analysis
Asia-Pacific is projected to gain the lion’s share of the global seaweed extracts market and exhibit an impressive CAGR during the forecast period. India, China, Indonesia, and Vietnam are among the major markets contributing to the regional market growth. Moreover, increasing awareness among farmers regarding the benefits of seaweed extracts as multi-nutrient natural fertilizers and soil conditioners is boosting market growth.
Global Seaweed Extracts Market, by Type
Global Seaweed Extracts Market, by Application
Global Seaweed Extracts Market, by Region
Frequently Asked Questions (FAQ) :
Seaweed extracts market is expected to exhibit a CAGR of 5.8% from 2020 to 2027
Seaweed extracts market can touch a valuation of USD 4.5 billion by 2027
Massive demand for seaweeds in the food processing industry is the major driver of the global seaweed extracts market.
APAC can dominate the global seaweed extracts market till 2027
Aveeno Active Naturals, Grow More Inc., Suboneyo Chemicals & Pharmaceuticals P Limited, Shigawake Organics Ltd., Tagrow Co. Ltd., Quingdao Nanshan Seaweed Co. Ltd., Humate (Tianjin) International Limited, Kelp Products International, West Coast Marine Bio-Processing Corp., Chase Organics, AlgAran Seaweed Products, Ocean Organics, Natural and Organic Fertilizers, Algea, the Arctic Company, Technaflora Plant Products Ltd, and Mycsa AG are notable players of the global seaweed extracts market.