Global Seaweed Extracts Market is expected to exhibit a strong 5.8% CAGR over the forecast period from 2020 to 2024, according to the latest research report from Market Research Future (MRFR). The global seaweed extracts market is expected to reach a valuation of USD 4.5 billion by 2024. The global seaweed extracts market is profiled in detail in the research report, providing readers with a comprehensive overview of the market through its historical growth trajectory, present conditions, and future growth prospects. The historical stats of the seaweed extracts market are detailed in the report, in order to provide readers with a complete overview of the market’s historical growth trajectory. The historical stats provided in the report also give analysts a solid platform to base future projections about the market. Based on this platform, future projections for the seaweed extracts market’s growth trajectory over the forecast period are provided in the report. The leading players in the global seaweed extracts market are also profiled in the report in order to give readers a comprehensive analysis of the leading players in the global seaweed extracts market. The major drivers and restraints affecting the global seaweed extracts market are also profiled in the report to provide readers a comprehensive overview of what’s making the market tick and what is holding the market back.
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The seaweed extracts market is mainly driven by the growing awareness about the various types of seaweed extracts and their utility in the food and beverage and other industries. Extracts such as carrageenan and alginates have become staple in the food and beverage industry due to their high utility as a stabilizer, filler, and nutritive additive. Seaweed products are highly nutritive, containing high amounts of fiber, polysaccharides, antioxidants, as well as vitamins and other nutrients such as minerals. This has driven their demand in functional foods and nutritional supplements. The increasing demand for seaweed extracts in biofuel production is also a major driver for the global seaweed extracts market.
Leading players in the Global Seaweed Extracts Market Include Grow More Inc., Kelp Products International, Algea the Arctic Company, Shigawake Organics Ltd., Ocean Organics Natural and Organic Fertilizers, Mycsa AG, Humate (Tianjin) International Ltd., Technaflora Plant Products Ltd., Suboneyo Chemicals & Pharmaceuticals P Ltd., AlgAran Seaweed Products, Chase Organics, Tagrow Co. Ltd., Quingdao Nanshan Seaweed Co. Ltd., Aveeno Active Naturals, and West Coast Marine Bio-Processing Corp. Major players in the seaweed extracts market are likely to focus on capacity expansion in the coming years, as the demand for seaweed extracts is likely to increase in the coming years. Mergers and acquisitions are also likely to be a favored tactic for large players in the seaweed extracts market looking to establish organic as well as inorganic growth.
Global Seaweed Extracts Market is segmented on the basis of type, application, and region.
By type, the global seaweed extracts market is segmented into liquid, powder, and others. The liquid segment is expected to be the largest and fastest growing segment of the global seaweed extracts market over the forecast period due to the widespread adoption of liquid seaweed extracts.
By application, the global seaweed extracts market is segmented into food and beverage, agriculture and horticulture, pharmaceuticals and nutraceuticals, and others. The food and beverage segment is expected to dominate the global seaweed extracts market over the forecast period due to the growing demand for seaweed extracts in various types of food and beverages. The agriculture and horticulture segment is also likely to be an important consumer of seaweed extracts due to the growing consumption of seaweed extracts as a fertilizer in agriculture and horticulture applications.
Asia Pacific is projected to dominate the global seaweed extracts market over the forecast period due to the growing awareness about seaweed extracts in the region. The growing packaged food industry in the region is also a major driver for the seaweed extracts market. China, Indonesia, and Vietnam are likely to be major players in the Asia Pacific seaweed extracts market over the forecast period.
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