The global seaweed derivatives market was valued at USD 2210.4 million in 2022 and it is anticipated to grow further till USD 5704.2 million by 2032, at a CAGR of 9.9% during the forecast period.
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Seaweed derivatives are substances that are extracted from seaweed. These substances can be used for a variety of purposes, including as food additives, cosmetics, and pharmaceuticals. Seaweed derivatives are often rich in nutrients, minerals, and antioxidants, which makes them beneficial for human health. Some of the most common seaweed derivatives include agar, carrageenan, alginate, and nori.
Market Drivers and Trends
There are a few key drivers of the seaweed derivatives market. The first is the increasing demand for seaweed-based products, due to the health benefits associated with seaweed consumption. This has led to an increase in the production of seaweed-based products, which in turn has driven up the demand for seaweed derivatives.
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Another key driver of the seaweed derivatives market is the rising awareness of the environmental benefits of seaweed cultivation. Seaweed cultivation requires no fresh water or arable land, and can help to mitigate the effects of climate change. This has led to an increase in investment in seaweed cultivation, and has resulted in more seaweed being available for use as a raw material for derivatives.
Finally, the increasing popularity of sushi and other Japanese cuisine has led to a greater demand for seaweed derivatives in the West. This is due to the fact that seaweed is a key ingredient in sushi rolls, and is also used to wrap other Japanese dishes.
Major Players in the Global Seaweed Derivatives Market
The key players studied in the report are W Hydrocolloids, Inc., KIMICA Corporation, DuPont de Nemours, Inc., Gelymar S.A., CP Kelco, ALGAIA, Compañía Española de Algas Marinas, S.A., Cargill, Incorporated, ARTHUR BRANWELL & CO., and AGARMEX among others.
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COVID-19 Impact
A COVID-19 outbreak started in Wuhan (China) in December 2019, and since then it has rapidly spread throughout the world. In terms of confirmed cases and reported fatalities as of March 2020, the US, India, Spain, Russia, China, Italy, France, and Germany are among the nations that have been most severely impacted. The most recent WHO statistics, which were published on May 25, 2020, show that there are 342 070 total deaths worldwide and 5 307 298 confirmed cases. Due to lockdowns, travel restrictions, and business closures, the COVID-19 has had an impact on the economies and industries of many different nations. China is renowned as a centre for production on a worldwide scale and the biggest provider of raw materials to numerous sectors.
Market Segmentation
By Source
- Red Seaweed
- Brown Seaweed
- Green Seaweed
By Form
- Liquid
- Powder
- Flakes
By End-Use
- Food and Beverages
- Agricultural Products
- Animal Feed Additives
- Pharmaceuticals
- Others
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