Global seaweed derivatives market is projected to grow at 4% CAGR during the forecast period 2019-2029. A new Persistence Market Research report projects the global market to grow 1.4X during this period. The global sustainability trend is driving the adoption of seaweed derivatives as an active component in different products across a wide range of industries, including food & beverages, and pharmaceuticals.
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Growing demand for seaweed derivatives as bio-fertilizers is also significantly boosting the market growth. Prominent market players must leverage innovations in production and application to broaden the scope of growth in seaweed derivatives market.
Key Takeaways of Seaweed Derivatives Market
- Red seaweed leads the market, with more than two-third revenue share
- Powdered seaweed derivatives are highly sought-after
- Food & beverages industry continues to account for a major market share
- East Asia is set to capture a larger chunk of market in the period of projection
- Demand for seaweed derivatives in pharmaceutical industry will witness strong growth through 2029
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Competition Landscape of Seaweed Derivatives Market
Some of the prominent players in the global seaweed derivatives landscape that are covered in this study include, but are not limited to, Gelymar S.A., ALGAIA, KIMICA Corporation, Irish Seaweed, Agarmex, New Zealand Manuka Group, Hispanagar, Marcel Trading Corporation, TBK Manufacturing Corporation, Sobigel, Shember, and Humates and Seaweeds Pvt. Ltd. Manufacturers are targeting scaling economies in Asia Pacific to launch their products in order to strengthen their regional presence. Market players are foraying in cosmetics & personal care industry owing to the upsurge in demand for natural ingredients. Major companies across different industries, including food & beverages, are using seaweed derivatives as a promotional tool, establishing their brand image as an ecologically responsible organization.
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