Market Overview:
Due to the rising demand of nutritional foods and alginates in food products, the seaweed market is growing at an incremental pace of development on the global stage. Market Research Future, a firm which specializes in market reports related to the Food, Beverages & Agriculture sector among others, recently forecasted in its report on Global Seaweed Market Research Report- Forecast to 2023 that the market will demonstrate an exceptional CAGR % while achieving million dollar growth readily in the forecast period.
Rising consumer awareness & their indulgence in buying healthy products, informed consumers with clear perceptions and their willingness to engage in buying healthy goods are some of the elements that come together and fuel the demand of seaweed globally. With growing demand of plant-based ingredients among the health conscious consumers along with various health benefits associated with its consumption including beneficial proteins, antioxidants, minerals, dietary fiber, trace elements, and polyunsaturated fatty acids fuel the demand of seaweed at the global level. Altering consumer spending patterns, consumer tastes, regional, national, and local economic conditions, demographic shifts are the major microeconomic and macroeconomic factors impacting the market growth. With growing consumers’ health awareness and pursuit of healthy attributes, as well as corresponding purchasing behaviors, has opened up new market opportunities for industrial players to tap the unexplored market horizons.
Seaweed in dry and granular form can replace some of the flour while producing dry pasta, bread, pizza, snack bars, and others and in meat products, use of seaweed carries health benefits in form of lower cholesterol level and higher dietary fiber and antioxidants. With growing consumer inclination towards health-enhancing food, seaweed-flavored food and beverages will be in huge demand. Seaweed is a natural salt replacer and possess anti-inflammatory, antioxidant, and antimicrobial properties which not only controls cholesterol & blood pressure but also helps in digestion and weight management. This has enhanced the market growth trajectory of the sector to an elevated level. Seaweed is considered as multi-purpose product which is majorly used for both human and animal nutrition. The multi spectrum application sector of seaweed including its use in manufacturing bio-fuel, biomass, and waste water management has further spurred the product demand.
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Latest Industry Updates:
January 2017, New Frontier Foods, manufacturer of Ocean’s Halo seaweed products, plans to expand its product line and manufacturing capabilities.
January 2017, Austin-based Seaweed Bath Co. has launched facial skin care products based on seaweed ingredients
March 2016, The National University of Singapore’s (NUS) Science faculty and the YGC Group Singapore collaborated and signed an agreement to launch a new drink made with eucheuma, a type of seaweed found commonly in South-east Asian seafloors
February 2012, Seakura Ltd. launched a new line of organic seaweed products majorly targeting European consumers.
Competitive Analysis:
Seaweed market offers huge growth opportunities for the industrial players. The market is fragmented and marked by the presence of several large and small scale vendors. Market players are pouring in million dollars for product innovation. There has been rising product launches including snack products with seaweed flavor. With growing inclination of the end-users towards various seaweed meals and use of seaweed as paleo diet has offered potential growth opportunities for the seaweed manufacturers. Industry players in the Seaweed segment are well aware of the consumer product preferences and have been responding to it through various dimensions including introduction of flavor blends, brand extension to include more sophisticated flavors, specialty products for health conscious consumers and offering various snack option. Most of the industrial players are diversifying and augmenting their capacities based on strategic product positioning and target audience.
With manufacturers aiming to capture a considerable share of the market segment as early as possible, they are competing and experimenting with various advantage points from both supply and demand side. Industrial players are relying on strategic expansion, acquisition, partnership & collaboration to capture the growth opportunity. The key market players profiled in Seaweed are Cargill Foods (U.S.), P.L.Thomas and Co., Inc (U.S.), Ingredients Solutions, Inc. (U.S.), Snap Alginates (India), Polygal Ag (Switzerland), Arthur Branwell & Co., Ltd (U.K.), and Kimica Alginates (Japan).
Market Segments:
The global Seaweed market has been divided into shape, type, distribution channel, and region.
On The Basis Of Type: Brown Seaweed, Green Seaweed, Red Seaweed
On The Basis Of Form: Powder, Liquid, Flakes, Others
On The Basis of End Use: Textile Industry, Food, Paper and Pulp, Welding Rods, Pharmaceuticals, Personal Care products, and Others
On The Basis Of Region: North America, Europe, Asia Pacific and ROW.
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Regional Analysis:
The global Seaweed market is segmented into North America, Europe, APAC, and Rest of the World (RoW). Global Seaweed market is highly dominated by Asia-Pacific followed by North-America. China, Indonesia, the Philippines, South Korea and Japan are the leading markets in the Seaweed industry. Owing to increasing disposable income, changing lifestyle, evolving dietary pattern and growing demand of natural & healthy products, there has been surge in demand of seaweed in developing economies. Thailand, Japan, China, Australia and U.S. are the major importers of seaweed. European seaweed market is projected to grow at a high CAGR during the forecast period.
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