Seaweed Extracts Market Overview
The global Seaweed Extracts market is estimated to surpass $3,774m by 2023, growing at an estimated CAGR of 8.23% from 2018 to 2023. The market is majorly driven by the rising demand for seaweed extracts from several industries such as healthcare, pharmaceutical, and food and beverage. The market is also driven by the growing consumer awareness about the benefits of seaweed extracts – weight loss, beauty enhancement, diabetes control, and as supplements to fertilizers. The global seaweed extracts market is majorly dominated by Europe.
Seaweed Extracts Market Outlook
Seaweed, 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 algae 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 are used as food additives. In addition, they are also used in animal feed, water treatment, agriculture, cosmetic products, and so on.
The nutritional aspect of these extracts has been 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. They are proven to be more effective than chemical growth hormones.
This report provides an in-depth analysis of the seaweed extracts market by form, application, and geography. The report includes an analysis of the market by geography considering North America, Europe, Asia-Pacific, and Rest of the World along with an analysis of prominent countries across these regions. The Asia-Pacific region is evolving as the largest market for seaweed extracts.
India and China are set to offer huge growth opportunities in the coming years, mainly driven by the increased applications of seaweed extracts in the agriculture and herbal medicine sectors in these countries.
Seaweed Extracts Market Growth Drivers
Growing usage of seaweed extracts in several industries is driving the growth of the seaweed extracts market.
Ease of use and health benefits offered by seaweed extracts are fueling the market growth. Seaweed extracts act as proven supplements to fertilizers; thus boosting the growth of the market.
Rise in innovative technology and increasing research and development in seaweed extracts are fostering the growth of the market.
Seaweed Extracts Market Challenges
High cost of production and stringent governmental regulations are hindering the growth of the market.
Lack of awareness among farmers regarding the seaweed extraction is hampering the growth of seaweed extracts market
Seaweed Extracts Market Research Scope
The base year of the study is 2017, with forecast done up to 2023. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of different forms in seaweed extracts market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the forms of seaweed extracts, and their specific applications in different industries.
Seaweed Extracts Market Report: Industry Coverage
Forms of Seaweed Extracts: Tablets, powder, liquid, flakes, and others
Applications of Seaweed Extracts: Food & Beverages, dietary supplements, healthcare & life sciences, filtration, agriculture, cosmetics, and others
Seaweed Extracts market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- Americas: The U.S., Canada, Mexico, Brazil, Venezuela, Argentina, and Rest of Americas
- Europe: The U.K., Germany, Italy, France, Spain, Russia, Ukraine and Rest of Europe
- APAC: China, Australia, South Korea, India and Rest of APAC
- Rest of the World: The Middle East and Africa
Seaweed Extracts Market Key Players Perspective
Some of the key players mentioned in this report are Algaran Seaweed Products, AI Productions, Travena Organic Solutions, and Saosis Biotech Pvt. Ltd.
Seaweed Extracts Market Trends
- Rising demand for seaweed extracts in several applications is providing opportunities to more number of new entrants.
- Seaweed extracts act as substitutes to various products, thus offering opportunities to companies for new product launches.
- The French seaweed extracts company Algaia launched a new seaweed extracts alginate line – Satialgine DVA – which is considered a part of premium dairy and non- dairy dessert application. This seaweed product is gaining popularity among vegans, and people who look for low-fat alternatives and are sensitive to dairy products.
- Seaweed extracts are gaining momentum among farmers too as they are rich in nutrients such as polysaccharide, mannitol, organic Iodine, and many others. These nutrients regulate the plant growth, promote root development, enhance immunity, and improve the quality of the crop.
- The consumption of seaweed extracts is increasing because of their therapeutic applications. The Central Marine Fisheries Research Institute (CMFRI) based researchers have prepared an extract from seaweed, which is commonly found in the Indian coastal regions, and is used as a natural remedy for obesity and dyslipidemia.
- The rapidly growing food and cosmetic industries and the surging demand for seaweed extracts from other industries are boosting the growth of the seaweed extracts market.