Pune, Oct. 06, 2020 (GLOBE NEWSWIRE) -- The global commercial seaweed market size is expected to gain momentum by reaching USD 23.04 billion while exhibiting a CAGR of 5.8% between 2020 and 2027. This is attributable to the increasing focus on adopting sustainable solutions and the growing adoption of plant-based cosmetics across the globe. This information is published by Fortune Business Insights, in its latest report, titled, “Commercial Seaweed Market Size, Share & COVID-19 Impact Analysis, By Type (Red Seaweed, Brown Seaweed, & Green Seaweed), Form (Flakes, Powder, & Liquid), End-uses (Food & Beverages, Agricultural Fertilizers, Animal Feed Additives, Pharmaceuticals and Cosmetics & Personal Care), and Regional Forecast, 2020-2027.” The report further observes that the market stood at USD 13.33 billion in 2019.
Reduction in Demand for Raw Materials amid COVID-19 to Hinder Growth
Seaweed farmers are experiencing sluggish growth owing to the drastic reduction in demand for raw material across the food and beverage sector. In addition to this, the low demand for seaweed raw material has led to a significant decrease in their price across the globe. This is affecting the growth of the market to some extent. However, several studies have proven the health benefits of seaweed that is leading to its growing demand amongst consumers. This will aid in the growth of the market in the near future.
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Commercial seaweed includes the adoption of seaweed across several industrial peripherals such as food & beverage, cosmetics, fertilizers, and wastewater treatment, among others. Substances extracted from seaweeds such as hydrocolloids are further used in food processing applications such as desserts, animal feed, meat & poultry, and dairy across the globe. The several health benefits associated with the consumption of seaweed is propelling the manufacturers to focus on this seaweed and its applications globally.
What does the Report Include?
The report includes a detailed assessment of various growth drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive research into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, mergers and acquisitions, and collaborations adopted by the companies to maintain market stronghold between 2020 and 2027.
DRIVING FACTORS
Increasing Focus on Sustainability Solutions to Promote Growth
According to an International team of Scientists, the global concentration of methane present in the atmosphere hit around 1875 parts per billion (ppb) by the end of 2019. The rising methane emissions are propelling the demand for sustainable products to reduce environmental stress across the globe. The increasing focus on commercial seaweed cultivation is perceived as a sustainable method that aids in absorbing carbon dioxide and further releases oxygen in the atmosphere. Therefore, the increasing adoption of a sustainable approach to reducing methane emissions is expected to bode well for the growth of the global commercial seaweed market in the forthcoming years.
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SEGMENTATION
Red Seaweed Held 45.72% Market Share in 2019
The red seaweed, based on type, is expected to experience a significant growth during the forecast period. This is ascribable to factors such as the growing demand for red seaweed owing to its high vitamin and protein content, along with its extensive application across food processing.
REGIONAL INSIGHTS
Asia-Pacific to Remain Dominant; Increasing Demand for Plant-based Cosmetics to Aid Growth
Among all the regions, Asia-Pacific is expected to remain at the forefront ad hold the highest position in the global commercial seaweed market in the forthcoming years. This is attributable to the increasing demand for plant-based cosmetics that are safe and non-toxic in nature that is driving the demand for this seaweed in the region. The region stood at USD 10.21 billion by 2019.
The market in North America is anticipated to showcase a considerable growth backed by the rising number of veganism and the growing popularity of functional food products in countries such as the U.S. between 2020 and 2027.
COMPETITIVE LANDSCAPE
Major Companies Focus on Partnership to Diversify Their Product Portfolio
The global marine algae market is fragmented by the presence of major companies such as Corbion, Cargill, and FMC Corporation, among others. They are focusing on partnering with other companies to focus on providing commercial seaweed solutions and expanding their product portfolio. Additionally, the adoption of strategies such as merger and acquisition, the introduction of new products, and collaboration by key players is expected to further contribute to the growth of the market in the forthcoming years.
List of the Companies Profiled in the Global Commercial Seaweed Market:
- DowDuPont, Inc. (Delaware, U.S.)
- Cargill, Inc. (Minnesota, U.S.)
- J.M. Huber (New Jersey, U.S.)
- Corbion N.V. (Netherlands)
- Kerry Group Plc (Tralee, Ireland)
- FMC Corporation (Pennsylvania, U.S.)
- Acadian Seaplants Limited (Nova Scotia, Canada)
- Gelymer S.A. (Santiago, Chile)
- Ocean Harvest Technology limited (Milltown, Ireland)
- Roullier Group (Brittany, France)
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Overview of the Parent/Related Markets
- Industry SWOT Analysis
- Supply Chain and Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Product Type Launches, and Mergers & Acquisitions
- Qualitative Analysis Related to COVID-19
- Impact of COVID-19 on the Market
- Supply Chain Challenges amidst Pandemic
- Potential Opportunities due to this Global Crisis
- Global Commercial Seaweed Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Product Type
- Red Seaweed
- Brown Seaweed
- Green Seaweed
- By Form
- Flakes
- Powder
- Liquid
- By End User
- Food & Beverage
- Agricultural Fertilizers
- Animal Feed Additives
- Pharmaceuticals
- Cosmetics & Personal Care
- By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
- By Product Type
TOC Continued…!
Industry Development
September 2020 – CH4 Global SA announces its partnership with Kangaroo Island Shellfish oyster grower. The partnership is aimed to benefit from commercial seaweed process by developing a supplement solution for beef and dairy cows to drastically reduce methane emissions.
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