Commercial Seaweed Market Top Company Analysis- Aquatic Chemicals, Yan Cheng, Algea AS, Chase Organics
Seaweed belongs to algae species which is cultivated in sea or ocean. Edible seaweeds are of various types which can be used in food, pharma and other application. It offers excellent source of nutrition and iodine subsequently which helps in improving vitamin A and C deficiency. Owing to its several health benefits and naturally driven source the global seaweed market demand is substantially growing at remarkable pace.
The Commercial Seaweed Market is forecast to exceed USD 87 Billion; according to a new research report by Global Market Insights.
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Consequentially, the growing instances of major market players focusing on enhancing manufacturing capacities has emerged as one of the most pivotal factors to have propelled the commercial seaweed industry size expansion in the recent years. In fact, as per a research report compiled by Global Market Insights, Inc., the market share of this fast-evolving and noteworthy niche vertical of food, nutrition, and animal feed industry was claimed to be a staggering USD 45 billion in 2016.
Carrageenan which is a seaweed extract used in various food products such as jelly, meat, dairy, fish, dessert is likely to generate new business for several end-user industries due to its wide range of application. Other application includes textile, pet food, pulp & paper and pharmaceutical which is accelerating market demand in recent years. Apart from carrageenan, alginate and agars are also processed seaweed available in the form of composed hydrocolloids. Hence growing consumption of these hydrocolloid composite in various industrial verticals will generate significant market revenue over the forecast spell.
Growing health concern among consumers regarding nutritional food and healthy diet is an instrumental factor driving global seaweeds demand. Seaweed nutrition are valuable in recovering stern ailments and improving consumer’s health. Antibacterial, antifungal and antiviral properties of seaweed make it a suitable application for pharmaceutical industry further owing these incredible properties numerous manufacturers and supplier are demanding higher volume. Biofuel generation through seaweed is one of the fastest growing market and ongoing research & development activities to innovate efficient technology for producing biofuel will boost seaweed market demand by the end of forecast timeframe.
Prices variation in wet seaweeds product is challenging overall market growth over projected timeframe. Cost of seaweeds vary frequently due to numerous aspects like environment, production, and inappropriate distribution in few specific regions which is negatively impacting market growth.
The demand of red seaweed is predicted to rise at significant rate, over the coming years as it used as a popular ingredient in soups in Korea, Japan & China. In addition, rising consumption of brown seaweed in pharma and medical industry is positively influencing global seaweed market demand in projected timeframe.
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Food additives hold potential market share of global seaweed market. Increasing usage of seaweed extracted hydrocolloids as thickening & gelling agent in food additive will augment market over forecast period. Its application in animal feed helps to improve milk production and improves animal health. It’s better nourishment properties offer higher immunity and sufficient nutrition to animal yielding high return. Thus, ongoing trend of consuming higher volume dairy and meat products in several countries will earn substantial market revenue in coming years.
Powder seaweed is projected to grow with 8% CAGR in coming years owing to higher acceptance of powder seaweed compared to liquid form several industrial verticals like pharma & medical, textile, direct food, food additives, etc. Liquid form of seaweeds is predominantly used for manufacturing fertilizers usage of seaweed make fertilizers more productive and nutritional which helps in enhancing agricultural produces. Further demand for seaweed in liquid form is expected to rise with growing global agricultural activities necessitating higher demand for seaweed blend fertilizers.
Asia Pacific is growing with a CAGR of 8% in forecast period due to growing seaweed consumption in emerging countries like South Korea, China and Japan. Europe market is projected to rise by 2024 with growing demand for seaweed food additives. Few of the leading seaweed companies are Indigrow Ltd., Seasol International, Aquatic Chemicals, Yan Cheng, Algea AS, Chase Organics, Pacific Harvest, CP Kelco, Mara Seaweed and Acadian Seaplants.
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