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Seaweed Extracts Market size is projected to experience a healthy growth during 2023 to 2032. Increasing product demand from several sectors, notably from the agriculture industry, is expected to boost industry growth. Its usage in fertilizers improves crop yield with reduced cost. It increases the crop’s inbuilt strength, which helps in resisting pests such as red spider mites and aphids.
Industry participants are incorporating the benefits of seaweed extracts and developing farmer-friendly products that will increase crop production and help to improve the health of the soil. To cite an instance, in December 2022, Krishak Bharati Cooperative Limited (KRIBHCO), a pioneer fertilizer organization in India, launched an innovative and environmentally friendly product, SIVARIKA, a seaweed bio-stimulant. The product consists of seaweed extract from red and brown algae, which serves as a metabolic bio enhancer.
Seaweed extracts are a collection of essential mixtures extracted from red, green, and brown algae by alkaline abstraction. These are multi-cellular, macroscopic, and marine algae found in oceans and seas.|
As seaweed extracts include a significant quantity of alginate, which aids in weight reduction, the rising consumption of snacks and the pharmaceutical industry will fuel market expansion. Additionally, its use in the production of biofuels, and wastewater treatment has raised product demand. As gelling agents, they are utilized in cosmetic items including soaps, shampoos, and creams.
The major restraint for the seaweed extracts market is the lack of awareness among farmers related to the way of obtaining it from plants. Moreover, its harvesting may negatively impact the marine and coastal environment. Wild seaweeds are high in arsenic and mercury contents that are harmful if consumed. Rotted product contains hydrogen sulfide and its consumption can cause diarrhea, vomiting, and hydrogen sulfide poisoning. Furthermore, the rising inflation rate globally has resulted in a spike in production costs. Such factors are foreseen to restrict the seaweed extracts industry growth.
As per form, the liquid seaweed extracts market is poised to gain significant traction through 2032 owing to its high demand in the agriculture and pharmaceutical industries. The flakes segment will record 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.
Based on end-use, seaweed extracts are used in several industries, including agriculture, food, cosmetics, and pharmaceuticals. Agriculture has a significant share owing to its use in horticulture, pesticides, and fertilizers. Food has a significant share in its use in snacks. These are used as thickening and gelling agents in the food industry. It helps in improving digestion, lowering cholesterol levels, and weight loss, which makes it an effective commercial dietary food.
Asia Pacific held a substantial revenue share in the global seaweed extracts market in 2022 and is poised to depict robust growth through 2032 owing to the rising product demand in the agriculture and horticulture sector. The presence of several agriculture-based economies, such as China, India, and Japan, among others, is the major factor propelling regional industry growth.
Some of the prominent players in the seaweed extracts market are Indigrow, Ocean Harvest, Suboneyo Chemicals Alganet, Pharmaceuticals, Arihant Bio Fertichem, Aveeno Active Naturals, and Chase Organics. With R&D efforts, many of these companies are focused on offering integrated crop protection solutions that enable more efficient and sustainable practices, at environmental, regulatory, and financial levels.
To cite an instance, in January 2023, UPL AgroSolutions Canada (UPL), a global sustainable agriculture solutions provider, launched its WAVE biostimulant in Canada, after approval from the Canadian Food Inspection Agency. WAVE biostimulant increases crop nutrient absorption by using a liquid seaweed extract, leading to improved plant vigor, growth, and general health.