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"Global Seaweed Extract Market was Valued at US$ XX Bn in 2019 and it is Expected to Reach More than US$ 2.2 Bn by 2028, Likely to Grow with the CAGR of 4.8% During the Forecast Period."
Seaweed extracts are a collection of various mixtures that are derived from red algae, brown algae and green algae which is obtained by alkaline extraction of seaweed. Majorly it uses in fertilizers to improve the crop yield with reduced cost. It increases crop’s inbuilt strength that helps in resisting pests such as red spider mites and aphids. The increasing demand for Seaweed extracts owing to its various applications in agriculture products, organic foods, and cosmetics drives the Seaweed extracts market.
Increasing application From Several Industries is anticipated to Drive the Demand for Seaweed extracts
Seaweed extracts find its application in food & beverage, agriculture, cosmetics, and pharmaceutical industry. Seaweed is an important source of minerals that are used to reduce cholesterol, appetite, wound dressing, beneficial for heart patients and also used to produce biofuels such as bio-butanol which is an alternative fuel to diesel source. An increasing application from agriculture industry to improve seed germination improves effectiveness of fertilizers, rising demand in cosmetics products such as shampoo, cream, and others, surging growth of marine industry, increasing investment for the development of advanced product are some of the factor that will enhance the growth of the seaweed extracts market during the forecast period.
Furthermore, Seaweeds find their application in fertilizers, animal feed, biofuels, and wastewater treatment, which further supplement the seaweed industry growth.
However, Lack of awareness among farmers related to the way of obtaining it from plants with the increasing cost of production and stringent regulations of the government is acting as a market restraint for the growth of seaweed extracts market during the forecast period.
Agricultural Product Segment is Expected to Dominate the Global Seaweed Extract Market
The Agricultural product by the end-use segment constituted a major share of the market in 2019 due to its use in horticulture, pesticides, and fertilizers. Seaweed extracts are largely used in agriculture and horticulture industries in the form of liquid seaweed extracts, seaweed liquid extracts help to increase the resistance to pests in fruits, vegetables, and flower crops these factors that have strengthened the growth of global seaweed extracts market
While Food and Beverages have significant share with its use in snacks. These are used as a thickening and gelling agents in the food industry. It helps in improving digestion, weight loss and lowering cholesterol levels that make it an effective commercial dietary food.
Green Seaweed Segment by Source is Expected to Witness Highest Growth in Global Seaweed Extract Market Across the Globe
Green seaweed is projected to be the fastest-growing segment during the forecast period. The demand for Green seaweeds is anticipated to expand at CAGR of 4.5% during the forecast period The Green seaweeds has many usages in human food as well as emerging use in other application areas such as wastewater treatment and biofuel production is expected to further drive the market in the forecast period. Green seaweeds such as enteromorpha and Ulva are used for the removal of toxins from industrial wastewater. Green seaweeds are also used as a bioremediation tool to manage the polluted environment and recover contaminated river water.
The Asia Pacific is Expected to Be the Fastest-Growing in the Global Seaweed Extracts Market During Forecast Period
The Asia Pacific has a significant share in seaweed extracts market due to its major use in agriculture and horticulture. The market is anticipated to register a CAGR of xx % over the forecast period. East Asia is dominating the region in terms of the production and consumption of seaweed followed by Europe. This is owing to the numerous applications, growing demand, and high awareness of customers about the products that are being launched in the market.
Countries such as India have an agriculture-based economy that increases the use of the product. It increases the internal resistance of plants towards pests. In addition, the major utilization of seaweed as food and food ingredients is in Asia-Pacific, particularly in China, Korea, Indonesia, Philippines, and Japan where seaweed cultivation has developed into a huge industry.
While the North America has developed as the most dominant region in global seaweed extracts market due to growing demand for seaweed extracts in horticulture and agriculture industries in the form of liquid seaweed extracts. The US has a substantial share in seaweed extracts market. Its use in the food industry and ongoing research and development activities in organic products and cosmetic products such as shower baths have driven the demand for seaweed extracts.
Furthermore, Europe has witnessing increased demand for food as they have high nutrition and protein content. While increasing awareness about the beneficial properties of the product in the medical segment has resulted in substantial growth in Middle East & Africa.
Seaweed extracts market is fragmented with the presence of many regional and global players. Some of the key players in the global seaweed extract market are DuPont de Nemours, Inc., Cargill, Incorporated, CP Kelco, Gelymar A., W Hydrocolloids, Inc., TBK Manufacturing Corporation, Suboneyo Chemicals Pharmaceuticals, Indigrow, Ocean Harvest, AJ Products, Saosis Biotech, Chase Organics, and Aveeno Active Naturals.
Seaweed Extract Market Key Segments:
Seaweed Extract Market, By Source
- Red Seaweed
- Brown Seaweed
- Green Seaweed
Seaweed Extract Market, By Form
Seaweed Extract Market, By End Use
- Food & Beverages
- Agricultural Products
- Cosmetics & Personal Care
Seaweed Extract Market, By Region
- North America
- Asia Pacific
- Middle east and Africa
- Latin America