Pune, India, May 30, 2023 (GLOBE NEWSWIRE) -- The global seaweed derivatives market size is predicted to experience considerable growth backed by high demand from the food industry. This information is published by Fortune Business Insights in its report, titled "Seaweed Derivatives Market, 2023-2030". The Asian culture uses seaweed for culinary preparation, while in western countries, its derivatives are used for processing food in the form of an emulsifier, preservative, and thickener. The derivatives are highly nutritious and contain important vitamins, lipids, proteins, carbohydrates, etc. Along with this, the product is utilized and the Pharmaceutical and cosmetics sectors.
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List of Key Players Profiled in the Seaweed Derivatives Market:
- DuPont de Nemours, Inc.
- Cargill Incorporated
- J.M. HUBER
- Gelymar S.A
- W Hydrocolloids, Inc.
- ALGAIA.
- Humates And Seaweeds Pvt Ltd
- KIMICA Corporation
- Arthur Branwell and Co Ltd
- Hispanagar
Report Scope & Segmentation:
| Report Attribute | Details |
| Base Year | 2022 |
| Historical Year | 2019 – 2021 |
| Forecast Year | 2023 – 2030 |
| Segments Covered | By Type, By Material, By Geography |
| Forecast Units | Value (USD Billion), and Volume (Units) |
| Quantitative Units | Revenue in USD million/billion and CAGR from 2020 to 2029 |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America and Rest of World |
| Countries Covered | Unites States, Canada, Mexico, Unites Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
COVID-19 Impact
Increasing Consumption in Food Processing Industries to Aid Growth Amid Lockdown
The rising cases of coronavirus infection resulted in the high consumption of nutritious food worldwide. Seaweed is a staple in Asian countries, and therefore the consumption increased significantly during the lockdown duration. Moreover, as the food processing industry was functional during the industrial shutdown worldwide, seaweed derivatives experienced an incline in demand, unlike other industries. Also, the growing influence of social media in consuming Asian food during the pandemic is expected to boost the market positively.
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Market Segmentation
On the basis of type, the market is segmented into red seaweed, green seaweed, brown seaweed, and blue-green seaweed. By form, the market for seaweed derivatives is trifurcated into liquid, powder, and flakes. By application, the market is segmented into food and beverage, pharmaceutical, and cosmetics, and personal care. Based on geography, the market is divided into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
What Does the Report Contain?
The report has details on all the latest technology available in the market. The technological advances made in the industry have been highlighted and the potential opportunities associated with that. The report establishes the challenges of the market for seaweed derivatives and various solutions to them. It also mentions the growth-stimulating factors, restraints, consumption patterns, distribution channels, and other vital information associated with the market.
Driving Factor
Increasing Adoption of Veganism to Surge Product Demand
The rising adoption of veganism and a plant-based diet is expected to profile the seaweed derivatives market. The derivatives are important agents for various kinds of stabilizing or gelling in the production of ready-to-eat meals or food. The rising trend of veganism and the working class's fast lifestyle is anticipated to boost the product demand in the foreseeable future.
Along with this, the derivatives are also consumed by other industries such as pharmaceuticals and cosmetics. Carrageenan and alginates are used as primary compounds for creating molds in pharmaceutical industries.
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Regional Insights
Increasing Seaweed Consumption to Augment Growth in Asia Pacific
Asia-pacific is expected to lead the seaweed derivatives market share in the foreseeable future. This is because of the high production and consumption of Asian countries such as China, Japan, Korea, and the Philippines. The favorable geographical, as well as the climatic condition of the region, is boosting the market sufficiently by providing I am full of raw material.
North America is expected to experience considerable growth in the forthcoming years. This is due to the rising utilization of the product in manufacturing convenience food. In addition to this, the increasing number of vegans and plant-based dieters in the region contributes significantly to the product demand.
Competitive Landscape
Well Established Companies Focus on Product Innovation to Amplify Business Outcomes
The seaweed derivatives industry has high competition with the number of companies in the business growing rapidly. There are constant innovations in the product to introduce a wide variety of selections for the consumers. The prominent players of the market are mostly established for few years, making it difficult for the new entrants in the market to gain a stable position. Therefore, the new entrants are strategically making partnerships and collaborations to stabilize their position in the market.
Industry Development:
- March 2020: Fazenda Futuro launched vegan sausages made with seaweed skin. It lacks artificial colors, flavors, and GMO, blended with pea, soy, and chickpea protein.
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Read Related Insights:
Commercial Seaweed Market to Hit USD 24.92 Billion by 2028; Rising Focus on Sustainable Agriculture Practices Worldwide to Boost the Market: Fortune Business Insights™
Hydrocolloids Market to Hit USD 13.30 Billion by 2027; Growing Demand for Convenience Food Products to Stimulate Growth, Says Fortune Business Insights™
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