According to the report published by Allied Market Research, the global seaweed market garnered $6.5 billion in 2021, and is estimated to generate $14.6 billion by 2031, manifesting a CAGR of 8.7% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Report coverage & details:
|Market Size in 2021||$6.5 billion|
|Market Size in 2031||$14.6 billion|
|No. of Pages in Report||305|
|Segments covered||product, application, and region|
|Drivers||Rise in demand for seaweeds in the manufacture of hydrocolloids
Surge in applications of seaweed
Higher consumption of red seaweed in the food industry
|Opportunities||Growing application of seaweed in biofuel
Untapped market in North America & Europe
|Restraints||Volatility in the prices of seaweed|
· The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global seaweed market, owing to the implementation of the global lockdown.
· The epidemic directly affected the seaweed farmers as demand for raw materials had decreased and prices had fallen, especially during the initial phase.
· Supply of raw materials was interrupted due to disruptions in the supply chain, which in turn, hampered the market growth.
The research provides detailed segmentation of the global seaweed market based on product, application, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
Based on product, the red segment held the highest market share in 2021, accounting for more than four-fifths of the global seaweed market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the green segment is projected to manifest the highest CAGR of 9.2% from 2022 to 2031.
Based on application, the human food segment accounted for the largest share in 2021, contributing to more than two-thirds of the global seaweed market, and is projected to maintain its lead position during the forecast period. However, the hydrocolloids segment is expected to portray the largest CAGR of 9.7% from 2022 to 2031.
Based on region, the Asia-Pacific region held the highest market share in terms of revenue 2021, accounting for nearly half of the global seaweed market, and is projected to maintain its lead position during the forecast period. Moreover, North America is expected to witness the fastest CAGR of 10.4% during the forecast period.
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Leading market players of the global seaweed market analyzed in the research include Cargill, Incorporated, Annie Chun’s, Inc., Qingdao Gather Great Ocean Algae Industry Group Co., Ltd., GimMe Health Foods LLC, Groupe Roullier, Mara Seaweed Ltd., Irish Seaweeds, COMPO EXPERT GmbH, Maine Coast Sea Vegetables, Inc., Brandt, Inc.
The report provides a detailed analysis of these key players of the global seaweed market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Source From:- https://www.globenewswire.com/news-release/2023/03/27/2634947/0/en/Seaweed-Market-to-Generate-14-6-Billion-by-2031-Allied-Market-Research.html
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