Market Overview and Growth Factors:
The richly nutritious greens that has a high content of minerals, vital amino acids and protein is counted as the next superfood. Also known as marine algae, seaweeds offer shelter and food for marine life. It also offers a good amount of oxygen supply with the help of photosynthesis. Seaweed has countless human uses. It is found in medicine, food, toiletries, combating climate change, producing fuel and more. Now the question is, is seaweed a plant? It is not a plant but plant-like organism that are adhered to hard substrata such as rocks in the coastal areas. Resting on the pigmentation, it is categorized into green, brown and red. Seaweed are available in various forms and their extracts are used widely across the food industries. Seaweeds are rich source of calcium, vitamin K and Iron which makes its consumption more beneficial as it provides several health benefits. Seaweed products are creating a buzz and growing louder with each passing day. The global seaweed market is anticipated to record a striking growth at a healthy CAGR during the forecast period (2019-2023).
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Market Scenario and Key Restraints:
Of the most common seaweed types are the seaweed edibles. Although seaweed salad and seaweed sushi has turned commonplace but this algae of late is also found in baked goods, sauces, dressings and desserts. Seaweed has also created a niche for its anti-inflammatory, anti-aging and moisturizing properties. It is found in toothpastes, shampoos, anti-ageing serum, lotions and facial masks. Besides, the red and brown algae is used for creating Chinese medicine that is used for treating cancer, sore throat, urinary infections, edema, testicular swelling and pain and goiters.
The different factors that has led to the promising growth of the seaweed market as per Market Research Future (MRFR) report include rising need for seaweeds as edibles, manufacture of hydrocolloids namely carrageenan, alginate and agar, technological advancement in the food industry and widespread use of seaweed in various applications such as wastewater treatment, biofuels, animal feed and fertilizers. But unfortunately, lack of awareness amid manufacturers regarding harvesting different species of seaweed may take a toll on the global seaweed market growth.
Key Players:
Leading players profiled in the seaweed market include Kimica Alginates (Japan), Arthur Branwell & Co., Ltd (U.K.), Polygal Ag (Switzerland), Snap Alginates (India), Ingredients Solutions, Inc. (U.S.), P. L. Thomas and Co., Inc (U.S.), and Cargill Foods (U.S.).
Dec 2018- Nyoman Sudastra for more than 20 years have been farming seaweeds in Indonesia which will now be used for a noble cause of making environmentally friendly bioplastics. This need is extremely pressing in Indonesia being the second largest plastic polluter in the world. Here plastic is contaminating just everything which is inclusive of drinks and foods too. This is a major problem so everyone should be engaged here including the end customers, the government sector and private sector who should come together and make attempts in solving it.
Market Segmentation:
In MFRF’s report, The Global Seaweed Market Is Segmented on the basis of type, form and end-use.
Based on type, it is segmented into red seaweed, green seaweed and brown seaweed. Of these, the red seaweed captured the maximum share in the market owing to its high concentration of antioxidant.
Based on form, the seaweed market is segmented into flakes, liquid, powder and others. Of these, the liquid segment will rule the market owing to the product’s better shelf-life.
Based on end-use, it is segmented into personal care products, pharmaceuticals, welding rods, paper and pulp, food, textiles and others. Of these, the food industry will dominate the seaweed market followed by personal care products.
Regional Analysis:
Based on region, the global seaweed market covers growth opportunities and latest trends across North America, Europe, Asia Pacific and Rest of the World. Of these, APAC region will hold a dominant position in the market followed by North America. The developing economy has resulted in the boost in disposable income owing to which this region is projected in generating high revenue over the forecast period. Transformation in the lifestyle of consumers and seaweed being a healthy food will improve its sale in various regions. The leading seaweed importers include the US, Australia, China, Japan and Thailand. Resting on the increase amid consumers in turning more health conscious, both the export and import in developed countries have gone up.
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