seaweed derivatives Market

The global seaweed derivatives market was valued at US$ 2,210.35 Mn in 2018 and is projected to reach US$ 3,903.91 Mn by 2027; it is expected to grow at a CAGR of 6.5% from 2019 to 2027.

Seaweeds are basically red, brown and green marine microalgae, whose extracts are used in the horticultural crops for its plant growth promoting effects. The chemical derivatives of seaweed include fatty acids and vitamins, mineral nutrients, phytoharmones, and complex polysaccharides, among others. Major derivatives of seaweed include alginates, carrageenans, and agars. Alginates are largely extracted from brown seaweeds, while carrageenans and agars are largely extracted from red seaweeds. Alginates, carrageenans, and agars are increasingly used in food and beverage, animal feed, and agriculture industry among others. The market is majorly driven by the wider application of seaweed derivatives in food and beverage industry. It is increasingly being used in fertilizers which improves crop yield and increases the crop’s strength, which helps in pest resistance. Rising consumer awareness regarding health benefits of seaweed derivatives is majorly boosting the global market. Also, rising demand of organic food products fuel the growth of global seaweed derivatives market. Less awareness among the farmers regarding the extraction of seaweed is resisting the growth of seaweed derivativesmarket.

Based on end-use, the seaweed derivatives market, is segmented into food and beverages, agricultural products, animal feed additives, pharmaceuticals, and other end use. The food and beveragessegment accounted for the largest share of the global seaweed derivativesmarket; however, animal feed additivessegment is expected to grow at a higher CAGR during the forecast period.Agar is a seaweed derivative that is used as a gelling and stabilizer agent in water gels, bakery products, confectionery, dairy products, canned meat and fish products, soups and sauces, and beverages. It can also be used as a thickening agent, coagulator, emulsifier, and stabilizer in the production of confectionaries like gums, caramels, marshmallows, etc. Agar is used in dairy and dairy products such as ice-creams, mousses, yogurts, chocolate milk, custard tarts, custards, etc. It is used as a cost-effective stabilizer for dairy products where water retention is of key importance. Agar can also be mixed with other colloids to improve their final texture. It is used as a thickening agent in low-calorie marmalades, processed meat products, jams, icings, prepared soups, bakery fillings, ice-creams, etc.

Geographically, the seaweed derivativesmarket is segmented into North America, Europe, AsiaPacific, South America, and the Middle East &Africa. AsiaPacificheld the largest share ofthe global seaweed derivatives market, followed by Europe.The growth of the seaweed derivatives market in this region is primarily attributed to rapid growth in the food and beverage industry. China, Japan, South Korea are the main countries contributing towards the growth of seaweed derivatives market in Asia Pacific region. The Asia Pacific region is the global leader in terms of seaweed cultivation, wherein it is considered as a staple food in China, Japan, and South Korea. Rising industrialization along with environment supportive regulations, are expected to drive the seaweed derivativesmarket.

W Hydrocolloids, Inc., KIMICA Corporation, DuPont de Nemours, Inc., Gelymar S.A., CP Kelco, ALGAIA, CompañíaEspañola de Algas Marinas, S.A., Cargill, Incorporated, ARTHUR BRANWELL & CO, and AGARMEX, S.A. DE C.V. are among the major players present in the global seaweed derivativesmarket.
    
Overall size of the global seaweed derivatives market has been derived using primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the global seaweed derivativesmarket. Also, multiple primary interviews were conducted with industry participants and commentators to validate and analyze the data. The participants who take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the seaweed derivativesmarket.