Seaweed Extracts Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1847
Seaweed extracts market size is expected to witness a dynamic growth owing to its application in food & beverage, agriculture, cosmetics and pharmaceutical industry. Its usage in fertilizers improve the crop yield with reduced cost. It increases crop’s inbuilt strength that helps in resisting the pests such as red spider mites and aphids.
Increased consumption in food for snacks and pharmaceutical industry will propel seaweed extracts market growth as it contains high amount of alginate that helps in weight loss. Further, its application in manufacturing of bio fuels, biomass and waste water management has also increased the product demand. These are used in cosmetic products including, cream, soaps and shampoo as gelling agent. These factors are expected to propel the seaweed extracts market.
Seaweed extracts are collection of essential mixture extracted from red, green and brown algae by alkaline abstraction. These are multi cellular, macroscopic and marine algae found in oceans and seas. Presence of seawater and sufficient sunlight are essential factors for their growth. Hydrocolloids like agar, alginate & carrageenan and gelatinous substances obtained from the product. These are mainly used in agricultural activities as an additive for fertilizers and bio stimulants due to presence of phycocolloid, oligose, mannitol, polyphenol, cytokinin, lignin and betaine that improve germination, root development, leaf quality and resistance to pathogens. It is a major source for calcium, iron, vitamin K, omega 3 fatty acids that raises healthy HDL cholesterol level while lowering LDL cholesterol levels that improves overall heart health.
Major restraint for seaweed extracts market is lack of awareness among farmers related to the way of obtaining it from plants. Its harvesting may have negative impact on marine and coastal environment. Wild seaweeds are high in arsenic and mercury contents that are harmful if consumed. Rotted product contains hydrogen sulphide and its consumption can cause diarrhoea, vomiting and hydrogen sulphide poisoning. Such factors may restrict the seaweed extracts market growth.
Seaweed extracts exists in three forms including, liquid, powder and flakes. Liquid has major industry share owing to its high demand in agriculture and pharmaceutical industry. Flakes segment will foresee significant growth as they are used in edible products such as snacks. In powder form, it is used in potting soil, field crops, vegetables & flower gardens and turf grass. These have high demand in agricultural based countries including, India.
The product is available in different forms that includes, green, brown and red. Red type has larger share with its application in food industry due to increased demand for carrageenan and algae. With higher use of brown type in animal feed industry and fertilizers due to its ease of availability, its share is expected to increase. Further, increase in population and limited availability of fertile land has boosted the use of fertilizers to improve output that will drive seaweed extracts market.
Seaweed extracts are used in several industries including, agriculture, food, cosmetics and pharmaceuticals. Agriculture has significant share owing to its use in horticulture, pesticides and fertilizers. Food has significant share with its use in snacks. These are used as thickening and gelling agent in food industry. It helps in improving digestion, lowering cholesterol levels and weight loss that makes it an effective commercial dietary food.
Asia Pacific has major share in seaweed extracts market owing to its use in agriculture and horticulture. Countries such as India has agriculture based economy that increases the use of product. It is used for vegetables, fruits and flower crops that result in higher yield. It increases internal resistance of plants towards pests.
North America led by US has substantial share in seaweed extracts market with its use in food industry and ongoing research and development activities in organic and herbal products. With their use in cosmetic products including, shower baths have spurred the product demand. Further their demand in Europe has increased for food as they have high nutrition and protein content. Growing awareness about the beneficial properties of product in medical segment has resulted in substantial growth in Middle East & Africa.
Seaweed extracts market is moderately fragmented with presence of many regional and global players. Major players of seaweed extracts market are Arihant Bio Fertichem, Aveeno Active Naturals, Suboneyo Chemicals Pharmaceuticals, AJ Products, Saosis Biotech, Indigrow, Ocean Harvest, Chase Organics and Alganet to name a few.
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