Seaweed Extracts Market Insights Growth During the Forecast Period
The global seaweed extracts market is expected to exhibit a strong 5.90% CAGR over the forecast period 2023 to 2030, according to the latest research report from Market Research Future (MRFR). According to the market research report, the global seaweed extracts market is expected to rise to a valuation of USD 3.7065 Billion in 2023.
The global seaweed
extracts market research is analyzed in detail in the report, which
provides a detailed analysis of the major drivers and restraints affecting the
global market. The key players operating in the global seaweed extracts market
are also profiled in detail in the report.
Seaweed extracts contain antioxidants,
minerals, vitamins, and thickeners such as agar and carrageenan. These
ingredients are highly valued in various end-use industries, leading to a
growing demand from the seaweed extracts market. The food and beverage industry
is a leading consumer of seaweed extracts and uses agar, carrageenan, and
alginates for various applications, including thickening and coalescing. The
increasing demand for seaweed-enriched products such as noodles, cookies, and
sweets is likely to be a major driver for the global seaweed extracts market
over the forecast period. An increasing number of bakery products and confectionery
manufacturers are making use of seaweed extracts to improve the texture and
flavour of their products, leading to a steady growth in the demand from the
seaweed extracts market. The growing popularity of bakery products and sweets
in Eastern markets such as Japan, South Korea, and China is likely to be a
major driver for the seaweed extracts market, as seaweed extracts are commonly
used in the cuisines of these countries.
The growing use of seaweed extracts in
personal care and cosmetic products is also likely to be a major driver for the
global seaweed extracts market. As seaweed extracts include vitamin E, vitamin
B, and several effective antioxidants, they have become popular as a part of
cosmetic formulations designed to improve the health and appearance of the
skin. The growing demand for organic, herbal formulations in the personal care
products industry has also aided the growth in the demand from the seaweed
extracts market, as these products fall under the category of natural products
and are not manufactured synthetically. This is likely to remain a major driver
for the global seaweed extracts market over the forecast period, as the
personal care products industry has huge scope to grow in Eastern markets such
as India, China, and South Korea.
Competitive
Analysis:
Leading players in the global seaweed
extracts market include Grow More Inc., Kelp Products International, Algea the
Arctic Company, Shigawake Organics Ltd., Ocean Organics Natural and Organic
Fertilizers, Mycsa AG, Humate (Tianjin) International Limited, Technaflora
Plant Products Ltd., Suboneyo Chemicals & Pharmaceuticals P Ltd., AlgAran
Seaweed Products, Chase Organics, Tagrow Co. Ltd., Quingdao Nanshan Seaweed Co.
Ltd., Aveeno Active Naturals, and West Coast Marine Bio-Processing Corp.
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Product development is likely to remain the
main agenda for players in the seaweed extracts market over the forecast
period. Developing application-specific products from seaweed extracts is
likely to pay dividends in the coming years, as all end use industries of
seaweed extracts grow in volume and reach out to new consumers.
Segmentation:
The global seaweed extracts market is
segmented on the basis of type, application, and region.
By type, the global seaweed extracts market
is segmented into liquid, powder, and others. The liquid segment is expected to
garner and retain the largest share in the global seaweed extracts market over
the forecast period due to the ease of use of liquid seaweed extracts.
By application, the global seaweed
extracts market overview is segmented into food and beverages,
agriculture and horticulture, pharmaceuticals, and nutraceuticals, and others.
The food and beverages segment is likely to dominate the global seaweed
extracts market over the forecast period, followed by the agriculture segment,
where seaweed extracts have become an important part of fertilizers.
Regional
Analysis:
Asia Pacific is likely to be the major
revenue generator in the global seaweed extracts market over the forecast
period due to the growing seaweed industry in countries such as India, China,
Indonesia, and Vietnam. Increasing use of seaweed extracts as fertilizer in the
agriculture industry is likely to remain a major driver for the seaweed
extracts market in Asia Pacific over the forecast period.
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