also known as marine macro-algae, is a plant like organism which is generally found in coastal areas. It belongs to one of the following groups of algae: red algae, green algae or brown algae all of which have active ingredients. The red alga is the most abundant algae and is generally used in food applications. Seaweed extracts are commercially available in the market in the form of tablets, powders, syrups and oils. Seaweed extracts such as alginate, agar and carrageenan have strong presence as food additives. In addition, they are also used in animal feed, water treatment, agriculture, cosmetics and so on. The market for seaweed extracts
is set to reach $XXm by 2021, growing at a CAGR of XX% in the coming five years.
The nutritional aspect of these extracts is widely analyzed in the recent years and has gained attention from several food and healthcare product providers. Seaweed extracts are also used as plant growth regulators in crop production. They are proven to be more effective than chemical growth hormones. The market is also segmented with respect to geography and the key countries in each geographical region. The market is majorly dominated by Europe mainly due to the wide application base. India and China offers huge growth opportunities in the coming years mainly driven by agriculture and herbal medicine applications. Key players in this market include:
- Algaran Seaweed Products (Ireland)
- AJ Productions (Australia)
- Travena Organic Solutions (U.K.)
- Saosis Biotech Pvt. Ltd. (India)
- Tagrow Co. Ltd. (China).