Redding, California, Oct. 13, 2023 (GLOBE NEWSWIRE) — According to a new market research report titled “Seaweed Market by Type (Red Seaweed, Brown Seaweed, Green Seaweed), by form (Dry form, Liquid Form), by Application (Food and Beverage, Extraction of Hydrocolloids, Animal Feed, Agriculture, Others), and Geography – Global Forecast to 2028, published by Meticulous Research®, the lateral flow assay market is expected to grow at a CAGR of 9.1% from 2023 to 2027 to reach $23.2 billion by 2028.
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According to this latest publication, factors such as the rising consumer adoption for plant-based products, increasing consumption of seaweed-based products, source of high nutrients and minerals, and growing government initiatives to boost seaweed cultivation are driving the growth of this market. Moreover, the growing demand for biofuels and technological advancements is expected to create lucrative opportunities for manufacturers in the seaweeds market. However, the growing prevalence of natural calamities hinders market growth to some extent.
The Impact of COVID-19 on the Seaweed Market
The COVID-19 pandemic has adversely hit many economies around the world. Government measures to combat the COVID-19 pandemic, such as nationwide lockdowns and quarantines, negatively impacted many industries. Most manufacturers of food products in the F&B sector continue to feel the impact of COVID-19. Social distancing, self-isolation, and city-wide lockdowns have forced the closures of many establishments in countries across Asia, the U.S., Europe, and the rest of the world. The manufacturers of consumer food & beverage products face challenges such as significantly reduced consumption and disrupted supply chains. The food & beverage sector has witnessed a minor decline due to the lockdowns imposed across various countries. This scenario has also negatively impacted the confectionery industry since people are buying only the most essential products. Also, government bodies have passed various rules and regulations on the purchase of essential goods. Most consumers are buying only essential products, which has significantly lowered the consumption of confectionery items. According to trade organizations in the nutritional products industry, there has been a significant impact on many points in the global supply chain for functional foods and dietary supplements, which has, in turn, lowered the consumption of seaweed biomass among end-users, impacting the growth of the Seaweed market.
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Key Findings in the Seaweed Market Study:
To provide efficient analysis, Meticulous Research® has segmented this market based on type (red seaweed, brown seaweed, and green seaweed), form (dry form and liquid form), application (food and beverage, extraction of hydrocolloids, animal feed, agriculture, and others), and geography (Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa).
Based on type, the seaweed market is mainly segmented into red seaweed, brown seaweed, and green seaweed. In terms of value, in 2023, the red seaweed segment is estimated to account for the largest share of the global seaweed market. This segment is also further expected to record the highest CAGR of during the forecast period owing to the rising health consciousness among the consumer, growing red seaweed’s application in the food industry, and increasing demand for red seaweed extraction such as agar and carrageenan hydrocolloids from several industries.
Based on form, the seaweed market is segmented into dry and liquid forms. In 2023, the dry form segment is estimated to account for the largest share of the global seaweed market. This segment is further expected to grow with the highest CAGR during the forecast period, owing to the growing demand for seaweed powder from the food and cosmetics industries. Also, several advantages such as comparatively longer shelf-life and ease of transportation and storage are expected to support the further growth of this market.
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Based on application, the seaweed market is mainly segmented into food and beverage, hydrocolloid extraction, animal feed, agriculture, and other applications. In 2023, the food and beverage segment is estimated to account for the largest share of the global seaweed market. Moreover, this segment is further expected to record the highest CAGR during the forecast period, owing to the growing demand for organic foods products, increase in consumption of plant proteins and vegan products, and increase in the utilization of seaweed for human consumption.
The key players operating in the global seaweed market are Seaweed & Co. (U.K.), Cargill, Incorporated (U.S.), Green Rise Agro Industries (India), VietDelta Ltd. (Vietnam), Ocean rainforest (Denmark), Thorverk hf. (Iceland), ALGAplus (Portugal), MYCSA Ag, Inc. (U.S.), Baoji Earay Bio-Tech Co., Ltd. (China), Shore Seaweed (U.K.), Rongcheng Jingyi Ocean Technology Co., Ltd. (China), Sar Agrochemicals & Fertilizers Pvt. Ltd. (India), and Algea, the Arctic Company (Part of Valagro Group) (Norway), among others.
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Scope of the Report:
Seaweed Market, by Type
- Red Seaweed
- Brown Seaweed
- Green Seaweed
Seaweed Market, by Form
- Dry Form
- Powder
- Flakes
- Other
- Liquid Form
Seaweed Market, by Application
- Food and Beverage
- Extraction of Hydrocolloids
- Animal Feed
- Agriculture
- Others
Seaweed Market, by Geography
- Asia-Pacific
- China
- Japan
- South Korea
- India
- Indonesia
- Australia
- RoAPAC (Rest of Asia-Pacific)
- Europe
- France
- Norway
- Spain
- Italy
- U. K.
- Germany
- Ireland
- RoE (Rest of Europe)
- North America
- U.S.
- Canada
- Latin America
- Chile
- Brazil
- Mexico
- Argentina
- RoLATAM (Rest of Latin America)
- Middle East & Africa
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