Portland, OR, April 15, 2019 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global seaweed market garnered $4.09 billion in 2017, and is estimated to reach $9.07 billion by 2024, growing at a CAGR of 12.0% from 2018 to 2024. The report offers a detailed analysis of changing market trends, major investment pockets, key segments, drivers & opportunities, and competitive scenario.
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Growth Drivers and Industry Trends
Increase in demand for manufacturing hydrocolloids and surge in applications of seaweed in various industries drive the growth in the market. However, variations in prices of seaweed restrain the growth of the market. On the other hand, rise in applications in biofuels and untapped potential in regions including Europe and North America present new opportunities in the market.
Segmentation Analysis of the Industry
Based on product, the red segment contributed the largest share in the market in 2017, accounting for more than 90% of the total share. This segment is expected to maintain its lion’s share throughout the forecast period. However, the green segment would register the fastest growth rate of 16.5% from 2018 to 2024. The report also analyzes the brown segment.
Among applications, the human food segment contributed nearly four-fifths of the total share in 2017 and is estimated to maintain its lead during the forecast period. On the other hand, the hydrocolloids segment is expected to register the highest growth rate with a CAGR of 13.5% from 2018 to 2024. The research also analyzes fertilizers, animal feed additives, and other applications.
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Based on regions, North America is expected to grow at the fastest rate, with a CAGR of 13.0% during the forecast period, 2018–2024. However, Asia-Pacific contributed nearly half of the total market share in 2017, and is estimated to maintain its dominating position by 2024. The research also analyzes Europe and LAMEA.
Industry Key Players
Key market players analyzed in the research include Cargill Inc., Groupe Roullier, DuPont, Qingdao Gather Great Ocean Algae Industry Group (GGOG), Irish Seaweeds, Chase Organics, Annie Chun’s Inc., Maine Coast Sea Vegetables, GimMe Health Foods, and Mara Seaweed. They have implemented different strategies such as partnerships, joint ventures, collaborations, mergers & acquisitions, expansions, and others to gain a leadership status in the market.
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