London, April 08, 2021 (GLOBE NEWSWIRE) -- According to a new market research report titled “Seaweed Market by Type (Red Seaweed, Brown Seaweed, Green Seaweed), Form (Dry form, Liquid Form), Application (Food and Beverage, Extraction of Hydrocolloids, Animal Feed, Agriculture, Others), and Geography – Global Forecast to 2027”, the seaweed market is expected to reach $21.2 billion by 2027, at a CAGR of 9.1% from 2020. Also, in terms of volume, the seaweed market is expected to grow at a CAGR of 9.4% from 2020 to 2027 to reach 10,404.2 KT by 2027.
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For centuries, seaweed has been utilized worldwide and was considered only as a food source for coastal communities decades ago. Seaweed is a multibillion-dollar industry worldwide, providing food, fertilizers, nutritional supplementation, and valuable phycocolloids like agar, carrageenan, and alginate. Apart from its widespread use in many industries, commercial sea vegetables add significantly to the community's nutritional status due to their rich composition of macronutrients (calcium, sodium, and potassium, among others), micronutrients (iodine, iron, and zinc, among others), and vitamins.
The seaweed market is segmented based on type, form, application, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
The Impact of COVID-19 on the Seaweed Market
The COVID-19 pandemic has adversely hit many economies around the world. Government measures to combat the COVID-19 pandemic, such as nationwide lockdowns and quarantines, negatively impacted many industries. Most manufacturers of food products in the F&B sector continue to feel the impact of COVID-19. Social distancing, self-isolation, and city-wide lockdowns have forced the closures of many establishments in countries across Asia, the U.S., Europe, and the Rest of the World.
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The manufacturers of consumer food & beverage products face challenges, such as significantly reduced consumption and disrupted supply chains. The food & beverage sector has witnessed a minor decline due to the lockdowns imposed across various countries. This scenario has also negatively impacted the confectionery industry since people are buying only the most essential products. In addition, government bodies have passed various rules and regulations on the purchase of essential goods.
Most consumers are buying only essential products, which has significantly lowered the consumption of confectionery items. According to trade organizations in the nutritional products industry, there has been a significant impact on many points in the global supply chain for functional foods and dietary supplements, which has, in turn, lowered the consumption of seaweed biomass among end users, impacting the growth of the seaweed market.
In the algae industry, a major slowdown in seaweed sales was witnessed in the first quarter of 2020 due to disruptions in logistics and transportation. The market also witnessed interruptions in the entire value chain from raw materials supply for culture media to production, packaging, and distribution of the final seaweed biomass.
The effects of the COVID-19 pandemic on this market were felt in China starting 2020, as the country is one of the world's largest producers and one of the leading consumers of seaweed, globally. In China, factory closures, seaweed processing facilities operating at reduced capacities, and restrictions on the import and export of seaweed biomass strongly impacted the seaweed market. Moreover, the pandemic is also expected to adversely affect the seaweed market in many countries globally, including the U.S., India, Australia, Brazil, and the EU-5 countries. Due to the countrywide lockdown in India, many commercial seaweed production and processing facilities have shut down or are operating at reduced capacities, leading to substantial losses in domestic seaweed production.
The algae industry in Southeast Asia is facing challenges because of the growing severity of the coronavirus pandemic, impacting the distribution of fresh seaweed and its biomass within and across markets in the Asia-Pacific region. Though Malaysia is under lockdown, algae production facilities have been given clearance to continue operations as algae are considered essential in the production of food & beverage, pharmaceuticals, nutraceuticals, and cosmetic & personal care products. However, the lockdown has posed logistical challenges for the suppliers of seaweed both within the country and across Thailand's border.
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In Vietnam, algae production facilities are operating at normal levels without disruptions in the algae products’ distribution chain. However, operating in the market is becoming increasingly challenging, as distributors are unwilling to do business amidst the coronavirus outbreak. In Thailand, the production and supply chain distribution of seaweed products remain unaffected despite various virus containment measures. However, increasingly tight port restrictions may negatively impact the seaweed market in the Philippines.
In Indonesia, the price of mainly exported Cottonii seaweed, used for producing carrageenan (an additive used to thicken, emulsify, and preserve foods and drinks), has declined by almost 50% trade with China, the biggest export market has been disrupted since February.
However, seaweed’s potential to fight COVID-19 is recognized in many research studies carried out by the organizations such as the World Health Organisation (WHO), thereby creating ample room to rebalance the seaweed industry.
Therefore, disruptions in transportation & logistics and reduced production in some countries are projected to adversely affect the seaweed market in terms of sales volumes and market revenue in 2020 and 2021.
Key Findings in the Seaweed Market Study:
Based on the type, the seaweed market is mainly segmented into red seaweed, brown seaweed, and green seaweed. The red seaweed segment commanded the largest share of the overall seaweed market in 2020. The segment is also expected to record the highest CAGR during the forecast period, owing to the rising health consciousness, growing food applications of red seaweeds, and increasing demand for agar and carrageenan hydrocolloids in several industries.
Based on form, the seaweed market is segmented into dry and liquid forms. The dry form segment commanded the largest share of the overall seaweed market in 2020. The segment is also expected to record the highest CAGR during the forecast period, owing to the growing demand for seaweed powder from the food and cosmetics industries. Moreover, its several benefits such as comparatively high shelf-life and ease of transport and storage are further expected to support the growth of this market.
Based on application, the seaweed market is mainly segmented into food and beverage, extraction of hydrocolloids, animal feed, agriculture, and other application. The food and beverage segment commanded the largest share of the overall seaweed market in 2020. The segment is also expected to record the highest CAGR during the forecast period, owing to the growing demand for organic foods products, increase in consumption of plant proteins and vegan products, and increase in the utilization of seaweed for human consumption. Moreover, rapid growth in population, increasing awareness towards health benefits of seaweeds, changes in lifestyle patterns and taste preferences among consumers, healthy eating habits, and rising disposable income are further expected to support the growth of this market.
Geographically, Asia-Pacific region commanded the largest share of the global seaweed market in 2020, followed by Europe and North America. The large share of this regional market is mainly attributed to the presence of several local and regional players, various government initiatives to promote the cultivation and usage of seaweeds in several industries, growing demand for organic food products, and increasing applications of commercial sea vegetables, especially in food. Moreover, large-scale production and huge consumption of seaweeds in the region, owing to the availability of the raw materials, favorable climatic conditions for the production of seaweeds, and cheap labor availability, are further supporting the growth of the seaweed market in the region. However, North America is expected to register the highest CAGR during the forecast period due to the huge food & beverage industry, rising health & wellness trends, huge demand for organic food, and growing demand from the pharmaceutical industry.
The key players operating in the global seaweed market are Seaweed & Co. (U.K.), Cargill, Incorporated (U.S.), Green Rise Agro Industries (India), VietDelta Ltd. (Vietnam), Ocean rainforest (Denmark), Thorverk hf. (Iceland), ALGAplus (Portugal), MYCSA Ag, Inc. (U.S.), Baoji Earay Bio-Tech Co., Ltd (China), Shore Seaweed (U.K.), Rongcheng Jingyi Ocean Technology Co., Ltd. (China), Sar Agrochemicals & Fertilizers Pvt. Ltd. (India), and Algea, the Arctic Company (Part of Valagro Group) (Norway), among others.
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Scope of the Report
Seaweed Market, by Type
- Red Seaweed
- Brown Seaweed
- Green Seaweed
Seaweed Market, by Form
- Dry Form
- Powder
- Flakes
- Other
- Liquid Form
Seaweed Market, by Application
- Food and Beverage
- Hydrocolloids Extraction
- Animal Feed
- Agriculture
- Others
Seaweed Market, by Geography
- Asia-Pacific
- China
- Japan
- South Korea
- India
- Indonesia
- Australia
- RoAPAC (Rest of Asia-Pacific)
- Europe
- France
- Norway
- Spain
- Italy
- U.K.
- Germany
- Ireland
- RoE (Rest of Europe)
- North America
- U.S.
- Canada
- Latin America
- Chile
- Brazil
- Mexico
- Argentina
- RoLATAM (Rest of Latin America)
- Middle East & Africa
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