Increase in demand for sustainable agriculture is growing at
a rapid rate, which has driven the growth of seaweed extracts
market. Moreover, expansion in product variety, integration of
seaweed extracts in pharmaceuticals and cosmetic products, along
with increased awareness regarding the benefits of seaweed extracts
have increased the market opportunities for seaweed
extracts.
WILMINGTON, Del., April 30,
2024 /PRNewswire/ -- Allied Market Research published
a report, titled, "Seaweed Extracts Market by Source (Red
Seaweed, Brown Seaweed, and Green Seaweed), Form (Liquid, Powder,
and Flakes), and Application (Food and Beverages, Agriculture,
Pharmaceuticals, and Others): Global Opportunity Analysis and
Industry Forecast, 2022–2032". According to the report, the
global seaweed extracts market was valued at $2.0 billion in 2022, and is projected to reach
$3.5 billion by 2032, registering a
CAGR of 6.1% from 2023 to 2032.
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Prime determinants of growth
The rapid growth of seaweed extracts is majorly driven due to
rise in awareness regarding seaweed extracts and its benefits,
along with addition of functional ingredients and introduction of
various substitute in seaweed extracts products. There has been a
growing availability of seaweed extracts, which has further made it
easier for consumers to use it with convenience. Moreover, the
upsurge in demand for organic and sustainable products and rise in
concern of the negative impact of coffee plantation on the
environment has created demand for substitutes in recent years.
Report coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2022–2032
|
Base
Year
|
2022
|
Market Size in
2022
|
$2.0 billion
|
Market Size in
2032
|
$3.5 billion
|
CAGR
|
6.1 %
|
No. of Pages in
Report
|
298
|
Segments
covered
|
Source, Form,
Application, and Region.
|
Drivers
|
• Growth
in consumer awareness related to health benefits of seaweed
extracts
• Rise in
application of seaweed extracts in food and beverages industry
• Increase
in demand for sustainable agriculture
|
Opportunities
|
• Increase
in application of seaweed extracts in animal feed
•
Technological advancement in manufacture of high-quality seaweed
extracts
|
Restraints
|
•
Volatility in the prices of seaweed extracts
• Impact
on seaweed production due to climate change
|
The red seaweed segment to maintain its
leadership status throughout the forecast period.
Based on source, the red seaweed segment held the highest market
share in 2022, accounting for more than half of the global seaweed
extracts market revenue and is estimated to maintain its leadership
status throughout the forecast period. Seaweed extracts derived
from red seaweed, such as carrageenan and agar, have found
extensive applications as thickeners and stabilizers in the food
and beverage industry, driving the growth of the red seaweed
segment. In addition, red seaweed extracts serve as functional
ingredients in dietary supplements and functional food, that aligns
well with consumer preferences for clean labels and
health-conscious trends. Moreover, ongoing research into the
potential medicinal properties of red seaweed extracts, including
antiviral and anti-inflammatory characteristics, has led to an
increased utilization of red seaweed extracts in the pharmaceutical
industry.
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The powder segment to maintain its leadership
status throughout the forecast period.
Based on form, the powder segment held the highest market share
in 2022, accounting for more than half of the global seaweed
extracts market and is estimated to maintain its leadership status
throughout the forecast period. Powdered seaweed extract boosts a
longer shelf life compared to other available forms. Its powder
form is less prone to spoilage and quality degradation, making it
usable for an extended period. It is also easier to mix and apply,
leaving no residue behind. Furthermore, powdered seaweed extract
offers versatility in its application, including uses such as
foliar sprays and seed treatment. This versatility contributes to
the increasing demand for powdered seaweed extracts in the
market.
The agriculture segment to maintain its
leadership status throughout the forecast period.
Based on application, the agriculture segment held the
highest market share in 2022, accounting for more than
two-fifths of the global seaweed extracts market and is estimated
to maintain its leadership status throughout the forecast period.
Seaweed extracts have become highly valuable in agriculture owing
to their ability to improve crop growth, protect plants against
environmental stressors, and enhance overall plant well-being.
Within these extracts, a variety of plant growth-promoting
compounds such as auxins, cytokinins, and gibberellins actively
promote seed germination and improve root development, stimulating
overall plant growth. Seaweed extracts are commonly used as
biostimulants in agriculture, driving the demand for seaweed
extracts in the agricultural sector. The utilization of seaweed
extracts serves as a natural means to boost the productivity of
different crops and other agricultural produce. Thus, the
application of seaweed extracts in agriculture is expected to
increase with the growing demand for sustainable and organic
fertilizers in the coming years.
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Asia-Pacific
to maintain its dominance by 2032.
Based on region, Asia-Pacific
held the highest market share in terms of revenue in 2022 and is
likely to dominate the market during the forecast period. The
growth of the middle-class population contributes to the overall
expansion of the agricultural market in Asia-Pacific region. This increased demand for
food products necessitates innovative and sustainable farming
practices, which, in turn, drives the adoption of seaweed extracts
by farmers to enhance crop yields and quality. Moreover, the rise
in the global popularity of Asian cuisines, the expansion of the
health and wellness sector, and a strong emphasis on coping
with growth in population drive the increasing demand for seaweed
extracts in the Asia-Pacific
region. This trend is expected to continue as consumers actively
seek healthier and more sustainable products. Furthermore, with
evolving dynamics in the food service industry and a growing need
for convenient products, the market for seaweed extracts is
anticipated to expand in this region.
Leading Market Players: -
- Suboneyo Chemicals Pharmaceuticals P Limited
- Humate (Tianjin) International
Limited
- North American Kelp
- Changsha New-Nutri Agriculture & Technology Co., Ltd.
- Sushil Corporation
- Maine Coast Sea Vegetables, Inc.
- Ocean Rainforest, Inc.
- Kelpak
- Technaflora Plant Products Ltd.
- Tagrow Co., Ltd.
The report analyzes government regulations, policies, and
patents to provide information on the current market trends and
suggests future growth opportunities globally. Furthermore, the
study highlights Porter's five forces analysis to determine the
factors affecting market growth.
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