The companies are witnessing a rise in demand for seaweed extracts and seaweed extract products. There is a wide variety of extract products like- personal care products, pharmaceuticals, agriculture, health and food industries. Since 2019 seaweed extract market size has seen a great hike. It is expected to show a growth rate of 5.9% from 2019 to 2028 and reach USD 4.45 billion. The market size has seen such an increase due to the increasing use of seaweed extract such as agar, alginate, etc. Seaweeds are rich in vitamins like vitamin B12 and vitamin E which are used in personal care products. There is an increase in demand for Eucheuma cottonii, which is used in various foods and dairy due to its nutrient contents. Many factors are responsible for the growth of the seaweed extract market. One of those is also the rise in the demand for biofuels, which in turn fuels the global market’s growth. Seaweed extract is a great ingredient and every industry is open to explore it, seaweed extract qualifies the quality as natural, healthy and sustainable. Its availability as raw material makes it more interesting.
Most of the companies have been negatively impacted by COVID19 over the last few months. Due to the pandemic, disruptions are being experienced by manufacturers and suppliers companies of respective fields. The same has been happening with the seaweed extract market. The demand for the seaweed extract has reduced as the customer is now keen to focus on eliminating their non-essential expenditures. The customers are trying to survive with little of what they can have. The above-mentioned factor will affect the revenues of the seaweed extract market. Since the pandemic has introduced us to various healthcare and personal care customers may get attracted to seaweed extracts. And when the market starts running at a pace the seaweed extract market will see immense growth.
The investors look for future markets and they invest in the markets like that. The seaweed extract market has a long term value. It is one of the easiest available raw materials. The idea of the Seaweed extract market has not been shared yet so there is still a scope to exploit. The seaweed extract market shares a great position in the healthcare industry. This may be the future and help this market to create the boom that is being expected. Also, the government is taking certain steps to generate some great opportunities for industries to create profitable returns.
The global Seaweed extract market is witnessing growth in regions of the personal healthcare and food and beverage industry. The major driver of the seaweed extract market is the food industry. Seaweed like nori and kelp have been consumed in South Asian countries like China and Japan for ages but now the consumer from other countries is also, adopting the recent change of consuming healthy and rich in nutrients products. They are switching towards organic and healthy livelihood. So this increases the opportunity for the seaweed extract market. Seaweed extracts are rich in phosphorus and other nutrients which are sourced from marine algae. As there is a rise in demand for clean nutrients and are concerned about chemical fertilisers the farmers are also leaning towards the utilisation of organic fertilisers. So the liquid-based Seaweed extracts are in high demand. Since the demand for organic fertilisers is increasing thus to meet the demands seaweed extract fertiliser seems to be more viable due to its availability and easy cultivation.
The major restraint in the production of seaweed extract products is the production itself. The cultivation is the easier part as it can be cultivated on any farm and it is available in abundance in the oceans and other areas in water bodies like rivers, ponds, lakes etc. But the extraction of seaweed is a difficult part. The process of extraction is complex and due to the complexity, the production cost has come out to be expensive. Another factor that is responsible for the hindrance of the seaweed extract market growth is the demand for clean label products. Strict rules and regulations by the government are constantly making the industry meet the needs of the consumers. The scrutiny of health-aware consumers is constant and has forced the stakeholders to undertake multiple checks in the procedures. The multiple checks in procedures of seaweed extract landscaping have made the authorities more conscious.
The segments of the seaweed market are divided based on source, type, application and region.
The seaweed extract market has been segmented into sources, as it is a natural ingredient. Seaweed extract market source is divided further into red seaweed, brown and green. Brown Seaweed is an Asian Staple cuisine. Red Seaweed is used in the personal healthcare industry as it has antioxidants that red seaweed is abundant are beneficial for the skin and body. Green seaweed is usually sourced for fertilizers.
By type, seaweed extract is defined as in which form it can be used. Seaweed extract is a global industry and it has been classified as liquid, powder, flakes and others. The seaweed extract in liquid form is expected to have bigger and fastest market growth.
Based on application, the seaweed extract market has huge scope in many fields based on its applications. It can be used in the food and beverage industry, cosmetics and personal care products, into the healthcare industry, the seaweed extract market would show immense growth in the agriculture and horticulture industry. The availability of seaweed extract as a raw material is in abundance and can be cultivated easily.
The seaweed extract market is segmented on the base of the region. Regions that are bigger and are already in the market are- North America, Europe, South Asia, East Asia, Middle East and Africa.
The seaweed market in North America is further divided and has seen a lot of interest by countries like the US, Canada, and Mexico. The further European market is divided into the UK, Germany, France, Italy, Spain and many other small parts of Europe. Then in Asia, countries like China, India, Japan, New Zealand, Australia, and other pacific Asian countries are into the Seaweed extract industry.
Regional Market Summary
Seaweed Extracts Global Market Share (%), by Region, 2018
Source: Secondary Sources and MRFR Analysis
According to Seaweed Extract Market Analysis Countries of Asia shows a larger projection. Among the countries of Asia-Pacific, Japan is the highest consumer of Seaweed Extract.
Nori is a type of red seaweed extract which is consumed for its nutritional value. It has a high value in the market of cosmetics and food. Then comes China, the second-highest consumer of brown algae. Kelp is sourced from Brown seaweed. The presence of iodine and iron make kelp great food. It contains potassium and vanadium which acts as medicine for diabetics.
From North America, the US is into research and development activities to develop organic and herbal products. It has become a substantial consumer of the Seaweed extract market.
The leading region for the Seaweed extract market is Asia. Asia-pacific projects Lion's share in countries like China, Japan, and South Korea. These countries are the highest consumers of Seaweed extract.
The global market of seaweed extract market value is divided into organic and inorganic growth strategies. Under organic growth strategies, it includes product launches, approvals to the patents and events. Inorganic growth that strategies on which industries are the formation of partners among the companies and collaborations. Such activities have made way for companies, businesses and consumers. The seaweed extract market is looking for lucrative growth opportunities. The Seaweed extract market trends are seen rising in demand. Below is the list of some major players who are engaged in the seaweed extract market.
The seaweed extract market outlook is very wide. So the scope of the intended audience is henceforth also wider. Below is the list of the intended audiences:
The global market is majorly driven by the rise in the demand for seaweed extracts. There are many fields in which major use of seaweed extracts has been seen like pharmaceuticals, healthcare, agriculture and food and beverages. This report helps in predicting the growth rate and market valuation at the end of 2028. The report will help in understanding the behaviour of companies, their competitors and segments that help in understanding whether the market will rise or decline during and after the period.
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.