Wilmington, Delaware, March 19, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Kelp Product Market by Type (Dried Type, Fresh Type, and Salted Type), Application (Food, Agriculture, Pharmaceuticals, and Others), and Form (Liquid, Powder, and Flakes): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global kelp products industry generated $643.4 million in 2022 and is anticipated to generate $1,073.5 million by 2032, witnessing a CAGR of 6.2% from 2023 to 2032.
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Prime determinants of growth
The global market for kelp products is driven by rise in demand for natural ingredients and diverse applications of kelp-derived substances. As interest in sustainable and environmentally friendly products grows, kelp products continue to gain prominence across industries, showcasing the versatility and potential of this marine resource. However, the cultivation of seaweed majorly depends upon the climatic conditions and air moisture content. Warm climate affects the cultivation of seaweed, as warm climate causes evaporation of water and prevents formation of thicker seaweed which hampers the market growth. Moreover, seaweed finds application in wastewater treatment. The effluent water from fish farms usually contains high levels of waste that cause problems to other aquatic life. Seaweeds absorb heavy metal ions such as zinc and cadmium from the polluted water and purify the water in areas adjacent to fish farms which is likely to bring myriad opportunities for the market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $643.4 million |
| Market Size in 2032 | $1,073.5 million |
| CAGR | 6.2% |
| No. of Pages in Report | 300 |
| Segments Covered | type, application, form and region |
| Drivers | Rise in demand for natural ingredients and the diverse applications of kelp-derived substances |
| Opportunities | Increase in awareness about the health benefits of seaweed |
| Restraints | Change in climatic conditions can hamper the market growth |
The fresh type segment to maintain its leadership status during the forecast period
By type, the fresh type segment held the highest market share in 2022, accounting for more than half of the global kelp products market revenue and is estimated to maintain its leadership status during the forecast period. However, the salted type segment is projected to attain the highest CAGR of 8.3% from 2023 to 2032.
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The agriculture segment to maintain its lead position during the forecast period
By application, the agriculture segment held the highest market share in 2022, accounting for more than one-fifth of the global kelp products market revenue and is estimated to maintain its leadership status during the forecast period. However, the food segment is the fastest-growing segment and is projected to register the highest CAGR of 7.9% from 2023 to 2032.
The powder segment to witness the fastest growth during the forecast period
By form, the powder segment held the highest market share in 2022, accounting for nearly two-fifth of the global market revenue, and is estimated to maintain its leadership status during the forecast period. However, the flakes segment is projected to attain the highest CAGR of 7.0% from 2023 to 2032.
Asia-Pacific to maintain its dominance by 2032
The Asia-Pacific region held the highest market share in 2022, accounting for two-fifth of the global market revenue, and is estimated to maintain its leadership status during the forecast period. It is also the fastest growing region and is projected to attain the highest CAGR of 7.2% from 2023 to 2032.
Leading Market Players: -
- UPFIELD B.V.
- KITE HILL
- MIYOKO’S CREAMERY
- TOFUTTI BRANDS, INC.
- TREELINE TREENUT CHEESE COMPANY, LLC.
- VTOPIAN ARTISAN CHEESES, LLC
- SAPUTO INC.
- PARMELA CREAMERY
- GOOD PLANET FOODS INC.
- NUTS FOR CHEESE
- ABOVE FOOD INC.
- TYNE CHEASE LIMITED
- BEL SA
- DANONE S.A.
- MAPLE LEAF FOODS, INC.
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The report provides a detailed analysis of these key players in the global Kelp products market. These players have adopted different strategies such as new product launches, business expansion, partnerships, mergers, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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