(Food-Beverage-News.Com, August 24, 2022 ) Meticulous Research® – a leading global market research company published a research report titled “Seaweed Market by Type (Red Seaweed, Brown Seaweed, Green Seaweed), Form (Dry form, Liquid Form), Application (Food and Beverage, Extraction of Hydrocolloids, Animal Feed, Agriculture, Others), and Geography – Global Forecast to 2028”.
According to this latest publication from Meticulous Research®, the seaweed market is expected to record a CAGR of 9.1% from 2021 to 2028 to reach $23.2 billion by 2028. In terms of volume, the seaweed market is expected to register a CAGR of 9.5% from 2021 to 2028 to reach 11,408.3 KT by 2028. The growth of this market is expected to be driven by factors such as rising consumer adoption for plant-based products, increasing consumption of seaweed-based products, source of high nutrients & minerals, and growing government initiatives to boost seaweed cultivation. Growing demand for biofuels and technological advancements are expected to create lucrative opportunities for manufacturers in the seaweeds market. However, the growing prevalence of natural calamities hinders market growth to some extent.
The seaweed market is segmented based on type, form, application, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Based on type, the seaweed market is mainly segmented into red seaweed, brown seaweed, and green seaweed. The red seaweed segment is estimated to command the largest share of the seaweed market in 2021. The segment is also expected to record the highest CAGR during the forecast period, owing to the rising health consciousness, growing food applications of red seaweeds, and increasing demand for agar and carrageenan hydrocolloids in several industries.
Based on form, the seaweed market is segmented into dry and liquid forms. The dry form segment is expected to command the largest share of the seaweed market in 2021. The segment is also expected to record the highest CAGR during the forecast period, owing to the growing demand for seaweed powder from the food and cosmetics industries. Moreover, its several benefits such as comparatively high shelf-life and ease of transport and storage are further expected to support the growth of this market.
Based on application, the seaweed market is mainly segmented into food and beverage, extraction of hydrocolloids, animal feed, agriculture, and other application. The food and beverage segment is expected to command the largest share of the seaweed market in 2021. The segment is also expected to record the highest CAGR during the forecast period, owing to the growing demand for organic foods products, increase in consumption of plant proteins and vegan products, and increase in the utilization of seaweed for human consumption. Moreover, rapid growth in population, increasing awareness towards health benefits of seaweeds, changes in lifestyle patterns and taste preferences among consumers, healthy eating habits, and rising disposable income are further expected to support the growth of this market.
This research report evaluates major geographies and provides a comprehensive analysis of North America (U.S. and Canada), Europe (France, Norway, Spain, Italy, U.K., Germany, Ireland, and RoE), Asia-Pacific (China, Japan, South Korea, India, Indonesia, Australia, and RoAPAC), Latin America (Chile, Brazil, Mexico, Argentina, and RoLATAM) and the Middle East & Africa.
Asia-Pacific is estimated to command the largest share of the seaweed market in 2021, followed by Europe and North America. The large share of this regional market is mainly attributed to the presence of several local and regional players, various government initiatives to promote the cultivation and usage of seaweeds in several industries, growing demand for organic food products, and increasing applications of commercial sea vegetables, especially in food. Moreover, large-scale production and huge consumption of seaweeds in the region, owing to the availability of the raw materials, favorable climatic conditions for the production of seaweeds, and cheap labor availability, are further supporting the growth of the seaweed market in the region. However, North America is expected to register the highest CAGR during the forecast period due to the huge food & beverage industry, rising health & wellness trends, huge demand for organic food, and growing demand from the pharmaceutical industry.