Aug, 2018: Axiom Market Research & Consulting™ added a report on global seaweed market. The global seaweed market was valued at USD 11.6 billion in 2017, growing at a CAGR of 6.42% for the forecast period 2019 to 2024. The global market is estimated and forecasted in terms of revenue (USD million) generated by the seaweed market. The global market is estimated and forecasted in terms of revenue (USD million) generated by the seaweed market. The market was studied for type such red, brown and green seaweeds. The major application considered in the study are human consumption, fertilizers, animal feed additives, medical applications, biotechnological applications. Furthermore, the major regions considered for the study were North America, Europe, Asia-Pacific and Rest of the World.
Increasing use of seaweed in various herbal products and food & feed applications are driving the market
Seaweed market is driven factors such as, increasing use of seaweed in to various herbal products and raising awareness regarding use of various species of seaweed in food and feed applications. Also, as the seaweed consumption for hydrocolloid production is high, the European countries are harvesting and consuming the seaweed on a larger scale. However, the major restraints of the market are health issues associated with excessive consumption of seaweed, lack of awareness of harvesting various species of seaweed etc.
Red seaweed dominated the seaweed market in 2017 and hold more than 72.00% share
Amongst various types, the red seaweed dominated the seaweed market in 2017 and holds more than 72% of the market share. The red seaweed is a rich source of carrageenan hydrocolloid, which is widely used in the food industry for gelling and thickening purposes. Moreover, they provide excellent health benefits by improving digestion and weight management. Furthermore, the brown seaweeds are anticipated to grow at a higher pace during the forecast period.
Human consumption holds the largest share of application segment
In 2017, the human consumption application dominated the market. Seaweeds are used on a large scale for human consumption, due to high nutritive value and wide usage in food cuisines including Chinese, Japanese and Korean cuisines.
Asia-Pacific accounted for the largest market share of global seaweed market
In 2017, Asia-Pacific accounted for the largest market share for seaweeds, followed by North America and Europe. The growth in this region is supported by Increasing awareness about the benefits of seaweeds among manufacturers and consumers, thus subsequently leading to rise in seaweed cultivation activities. Moreover, Latin America region is expected to grow at a lucrative rate during the forecast period.
The market is extensively studied for important countries of key regions such as North America, Europe, Asia Pacific and Rest of the World.
The leading players of the global seaweed market are Irish Seaweeds, Qingdao Gather Great Ocean Algae Industry Group (GGOG), Annie Chuns Inc., Cargill Inc., DuPont, Groupe Roullier, Chase Organics, GimMe Health Foods, Maine Coast Sea Vegetables, and Mara Seaweed etc. among others. These companies have established their position in the market by offering competent seaweed products.
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