ALBANY, New York, October 12, 2018 /PRNewswire/ --
The global commercial seaweed market is highly competitive as the key players in the market are putting deliberate efforts to expand their product portfolio, observes Transparency Market Research (TMR). The leading players in the market are also investing heavily in research and development activities and broadening application reach. These strategies are likely to be used by numerous players in the market that will help the players to expand their market reach at the global level and will strengthen their position in the market. To name some of the prominent players in the market are Acadian Seaplants Ltd., Gelymar SA, Cargill Corporation, CEAMSA, E.I. Du Pont de Nemours and Company, and CP Kelco.
In a recent report published by TMR, the global commercial seaweed market is projected to reach US$26,107.9 mn by the end of 2025 progressing from US$10,570.3 mn as estimated in 2016. During the forecast period between 2017 and 2025, the market is projected to expand at a healthy 10.8% CAGR.
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Based on product type, the brown seaweed segment led the market in terms of volume in 2016. This was due to easy availability and large supply of variety of seaweed. This segment is projected to continue its lead in terms of volume of sales during the forecast period by rising at a significant CAGR. On the geographical front, Asia Pacific marked its lead and held 60% of share to the global market. Countries like China, India, and Japan contributes majorly in the growth the market with which Asia Pacific was able to lead the global commercial seaweed market.
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Increasing Use of Aquatic Plant Extract in Cosmetic and Food Industry to Expand Commercial Seaweed Market
The health benefits such as high minerals, folic acid, and vitamin contents available in seaweed have increased the demand for seaweed at a large scale. Moreover, applications of seaweed are also seen in healthcare, different types of food, and personal care products have driven the commercial seaweed market at the global level. The regular consumption of seaweed increases the intake of copper, iron, and other important minerals. The consumption of seaweed also helps in boosting the immune system, decreases the chances of cardiovascular diseases and maintains blood pressure.
Seaweed is also used in manufacturing fertilizers and animal feed as it is rich in minerals and vitamins. When the animals are given seaweed enriched feed, the livestock live better, provide improved quality of milk, and become more fertile. Adding to it, demand for aquatic plant extract acts has risen largely in the past few years, as they are used as thickening and gelling agent in the food and cosmetic industry. Thus, by considering the above-mentioned factors the global commercial seaweed market is projected to grow at a large scale in the near future.
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Growing Pollution in Sea to Deter Market Growth
Despite the growing demand for commercial seaweed in several regions, there are certain restraining factors that might hamper the growth of the market during the forecast period. One of the major factors is rising pollution in the sea due to the disposal of chemicals emitted from various factories, vast plastic disposal, and other pollutants. These factors hamper the growth of seaweed, thus hindering the market growth of commercial seaweed. In addition to that, high prices and harmful effects of seaweed, if consumed in large quantity, are also hampering the growth of the market.
The information presented in this review is based on a TMR report, titled "Commercial Seaweed Market (Product - Red Seaweed, Brown Seaweed and Green Seaweed; Form - Liquid, Powdered, and Flakes; Application - Fertilizer, Animal Feed, Food, Cosmetics, and Pharmaceuticals) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025."
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Global Commercial Seaweed Market has been segmented as presented below:
Global Commercial Seaweed Market: By Product Type
- Red Seaweed
- Brown Seaweed
- Green Seaweed
Global Commercial Seaweed Market: By Form
Global Commercial Seaweed Market: By Application
- Animal Feed
Global Commercial Seaweed Market: Geography
- North America
- Rest Of Europe
- Asia Pacific Excluding Japan
- Rest Of Asia Pacific
- Latin America
- Rest of South America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
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