June 16, 2020
According to the research report titled ‘Seaweed Derivatives Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Source; Form; End-Use, available with Market Study Report LLC, the global seaweed derivatives market was worth USD 2,210.35 million in 2018 and is likely to reach USD 3,903.91 million by 2027, with a CAGR of 6.5% over 2019-2027.
Seaweeds are the green, red, and brown marine microalgae whose extracts are utilized in horticultural crops as it enhances plant growth. Seaweed chemical derivatives include complex polysaccharides, phytoharmones, mineral nutrients, vitamins, and fatty acids.
Agars, carrageenans, and alginates are the vital derivatives of seaweed, out of which agars and carrageenans are extracted from red seaweed and alginates are derived from brown seaweeds. These are used extensively in animal feed, food & beverage, and agriculture sector among others. The booming adoption of seaweed derivatives across food & beverage industry is slated to drive the growth of this market. Moreover, these derivatives are used in fertilizers for improving crop yield and strength which further aids in pest defiance.
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The increasing awareness about the advantages of seaweed derivatives in terms of health and the demand of organic or biotic food products are the major factors fueling the market growth, claim researchers. However, limited awareness pertaining to seaweed derivatives benefits among farmers may deter product demand in the ensuing years.
In terms of end-use, global seaweed derivative market is classified into pharmaceuticals, animal feed additives, agricultural products, food and beverages, and other. The food & beverage segment was amassed the largest share of global seaweed derivatives market in last few years, on the other hand, animal feed additives segment is likely to witness a high CAGR through 2027.
Considering the geographical landscape, the industry is segmented into Middle East and Africa, South America, Asia Pacific, Europe, and North America. Asia Pacific accounted for the largest share of global seaweed derivatives market followed by Europe, in the past years. The growth of seaweed derivative market in this region is credited to the exponential growth in food & beverage sector. In Asia Pacific, countries like South Korea, Japan, and China contribute the most to the growth of seaweed derivative market.
In terms of cultivation of seaweed, Asia Pacific is a global leader as nations like South Korea, Japan, and China consider it as a staple food.
The leading organizations in the global seaweed derivatives market are S.A. DE C.V., AGARMEX, Arthur Branwell & Company, Cargill Incorporated, W Hydrocolloids Incorporation, KIMICA Corporation, DuPont de Nemours Incorporation, Gelymar S.A., CP Kelco, ALGAIA, and Compañia Española De Algas Marinas S.A among others.