Wilmington, Delaware, United States, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. -The global seaweed extracts market was valued at US$ 1.7 Bn in 2022 and is projected to grow at a CAGR of 5% from 2022 to 2032.
Significant demand for plant extracts in a range of foods and beverages is anticipated to bolster the seaweed extracts market. The food & beverage industry is extensively utilizing additives that have nutraceutical properties, which is spurring the popularity of seaweed and seaweed extracts. Increase in adoption of seaweed extracts to enhance fiber content, improve the textural properties, and reduce the salt content of food products is anticipated to augment market value in the next few years.
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Competition Landscape
Prominent companies in the seaweed extracts market are
Acadian Seaplants Limited, Annie Chun’s Inc, Algaia, Arthru Branwell & Co. Ltd., Biolchim SPA, Cargill Incorporated, Compañía Española de Algas Marinas S.A., CP Kelco, DuPont Inc., Extractos Naturales Gelymar S.A., Fuerst Day Lawson Limited, Groupe Roullier, Humate International Limited, Kelpak, Maine Coast Sea Vegetables, Marinalg International Irish Seaweed, Mara Seaweed, mingyue Seaweed Group, Ocean Harvest Technology Limited, Ocean Rainforest, Valagro and W Hydrocolloids, Inc.
Key Findings of Study
Significant usage in production of bakery products
High rate of adoption of functional ingredients in the food & beverage industry is expected to fuel the global seaweed extracts market. Seaweeds are a rich source of proteins, vitamins, minerals, and dietary fiber. Additionally, they contain a range of bioactive compounds, such as terpenoids, carotenoids, tocopherols, and polyphenols. Extensive utilization of seaweed extracts in the production of bakery products presents a significant opportunity for companies. These enable stable mixtures and emulsions in bakery and are hence widely utilized in cookies, biscuits, pasta, farinaceous, and cakes. High rate of adoption of red and brown seaweeds in the food & beverage industry is anticipated to propel the market.
Surge in demand for seaweed extracts in pharmaceuticals and agriculture industries
Rise in demand for seaweed extracts in the pharmaceutical and agriculture industries is projected to augment market outlook. In terms of end-use, the pharmaceutical segment is projected to expand at a CAGR of 6.0% during the forecast period. Rise in demand for seaweed extracts in crop production systems to protect them against pests, diseases, and abiotic stresses is anticipated to create lucrative opportunities for companies in the market. Increase in trend toward organic farming is expected to fuel market development.
Key Growth Drivers of Seaweed Extracts Market
- Rise in demand for green additives or natural preservatives is a key factor driving the market. Focus of the food industry on reducing utilization of chemical preservatives is a key trend that is likely to augment the market size.
- Rapid increase in utilization of natural antioxidants, antimicrobials, and texturing agents in different food products is a key trend that is expected to boost the market.
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Regional Landscape
The market in North America was valued at US$ 402.1 Mn in 2022 and is projected to expand at a CAGR of 3.6% during the forecast period. Rise in R&D activities in the nutraceutical properties of seaweed extracts is likely to broaden market outlook in the region. Improvements in purification methods for crude extracts from seaweeds are expected to fuel the market in the near future. The market in the region is anticipated to expand at a CAGR of 3.6% from 2022 to 2031.
Europe is a lucrative market for seaweed extracts. Increase in demand for healthy food products in the region is anticipated to create significant opportunities for companies. Surge in utilization of seaweeds as nutraceuticals for health and nutrition is expected to augment market value in Europe. Germany, Russia, and France are lucrative markets in Europe, with shares of 16.8%, 11.1%, and 10.6%, respectively.
Significant shift toward vegan food around the world is a key trend anticipated to boost the market in Asia Pacific. Surge in usage of seaweed extracts as cosmetic ingredients presents lucrative business opportunities for companies in the region. Increase in utilization of seaweed extracts in brightening creams, under-eye creams, and anti-aging creams is anticipated to fuel market development in Asia Pacific. East Asia is a significant market for seaweed extracts. China accounted for a majority share of more than 70% in the region. Powdered form of seaweed extracts is gaining traction in the region.
Segmentation
The global seaweed extracts market is segmented based on
Source
- Red Seaweed
- Green Seaweed
- Brown Seaweed
Form
- Liquid
- Powder
- Flakes
End-use
- Food & Beverages
- Agriculture Products
- Red Seaweed
- Green Seaweed
- Brown Seaweed
- Animal Feed Additives
- Red Seaweed
- Green Seaweed
- Brown Seaweed
- Pharmaceuticals
- Others
Region
- North America
- Middle East & Africa
- Latin America
- Europe
- South Asia & Pacific
- East Asia
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