The global commercial seaweed market is anticipated to grow at a significant CAGR during the forecast period 2021-2028. The growth of market is attributed to functional and packed with health benefits of edible seaweed.
The most of the produced seaweed is been used on the commercial basis by food industry, which is estimated to hold the large share of the market comparative to others such as feed, fertilizer, and hydrocolloids.
Recently the demand for the seaweed has risen considerably one of the major factor is weight loss claim, seaweed get rehydrates when in contact with liquid, when consumed it swells up in stomach which keeps people full for rest of the day.
At present seaweed is gaining extreme demand worldwide not only for its staple diet, nutritive food item, and food flavor enhancer but also for their weight loss property, for the sole reason the consumption of the seaweed has elevated by 125% solely in United Kingdom.
Growing awareness pertaining to the health benefits of the product has drastically escalated the demand for the product as food and snacks.
The Covid-19 pandemic affected the demand and supply of global commercial seaweed market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing awareness of health benefits mainly weight loss is expected to boost the market in the coming years.
- Growing awareness regarding seaweeds caliber to combat corona virus encouraged by WHO is estimated to drive the market during the forecast period.
- Increasing demand of seaweed in the food industry is anticipated to propel the market during the projected period.
- Rising popularity of seaweed for food enhancer, staple diet, and nutritive food is expected to fuel the market in the coming years.
- High cost in cultivation of seaweed owing to increasing water pollution and direct emission of industrial waste in waters act as one of the factor that can hinder the market growth.
- Lack of demand of raw materials and downfall in prices due to COVID-19 outbreak possess a challenge that can hamper the market growth during the projected period.
Scope of the market
The report global commercial seaweed market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Commercial seaweed market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Product Types (Brown Seaweed, Red Seaweed, Green Seaweed), Applications (Food & Beverages, Pharmaceuticals, Dietary Supplements, Other Application)
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Regional Scope
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North America [United States, Canada, Mexico, Rest of the North America], Europe [Germany, United Kingdom, Spain, Italy, France, Russia, Rest of the Europe], Asia Pacific [China, Japan, India, Australia, Rest of the Asia Pacific], South America [Brazil, Colombia, Rest of South America], Middle East and Africa [South Africa, United Arab Emirates, Rest of Middle East and Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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DuPont; Cargill, Incorporated; Brandt Consolidated, Inc; Acadian Seaplants; CP Kelco U.S. Inc.
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Market Segment Insights
The red seaweed segment is expected to exhibit high CAGR
Based on the product types, the market is categorized into brown seaweed, red seaweed, and green seaweed. The red seaweed segment is expected to exhibit high CAGR is the coming years owing to easy availability of the weed and wide application usage it is rich source of vitamins and proteins which makes red seaweed a great source of alternative protein, and also widely used in food processing.
The food & beverages segment is anticipated to hold large market share
On the basis of applications, the market is fragmented into food & beverages, pharmaceuticals, dietary supplements, and others. The food & beverages segment is anticipated to hold large market share due to abundance of protein content in seaweed act as an alternative source of protein which can be used to fulfill the demand for the protein globally, also increasing number of vegan products consumers are driving the segment. On the other hand dietary supplements segment is estimated to grow at robust rate owing to weight loss property claimed by the seaweed consumers.
Asia Pacific is anticipated to dominate the market
In the terms of regions, the market is classified as North America [United States, Canada, Mexico, Rest of the North America], Europe [Germany, United Kingdom, Spain, Italy, France, Russia, Rest of the Europe], Asia Pacific [China, Japan, India, Australia, Rest of the Asia Pacific], South America [Brazil, Colombia, Rest of South America], Middle East and Africa [South Africa, United Arab Emirates, Rest of Middle East and Africa]. Asia Pacific is anticipated to dominate the market during the projected period owing to countries like China, South Korea, and Japan are considered one of the major producers of seaweed in all the regions and now being cultivated all over the continent.
Segments
The global commercial seaweed market has been bifurcated on the basis of
Product types
- Brown Seaweed
- Red Seaweed
- Green Seaweed
Applications
- Food & Beverages
- Pharmaceuticals
- Dietary Supplements
- Others
Regions
- North America
- United States
- Canada
- Mexico
- Rest of the North America
- Europe
- Germany
- United Kingdom
- Spain
- Italy
- France
- Russia
- Rest of the Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- Rest of the Asia Pacific
- South America
- Brazil
- Colombia
- Rest of South America
- Middle East & Africa
- South Africa
- United Arab Emirates
- Rest of Middle East and Africa
Key Players
- DuPont
- Cargill, Incorporated
- Brandt Consolidated, Inc.
- Acadian Seaplants
- CP Kelco U.S. Inc.
Competitive Landscape
Key players competing in the global commercial seaweed market include DuPont; Cargill, Incorporated; Brandt Consolidated, Inc; Acadian Seaplants; CP Kelco U.S. Inc.
Some of these players are targeting on business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.