Selbyville, Delaware, March 27, 2023 (GLOBE NEWSWIRE) --
The brown commercial seaweed market valuation is slated to surpass USD 36 billion by 2032, as reported in a research study by Global Market Insights Inc.
The rapid population growth and evolving processed food trends are prominent drivers for brown commercial seaweed demand. Based on survey data from the Ministry of Agriculture, Food and Rural Affairs of South Korea, in 2021, 23.7% of households purchased processed goods two to three times per week, a 3.1% rise from 2020. Since seaweeds are nutrient-dense and extensively used as a processed good ingredient, the rise in consumer spending will also augment the industry expansion. Furthermore, the shifting preference toward clean labels will escalate the use of seaweed as organic fertilizers in agriculture applications.
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The brown commercial seaweed market sizefrom the wet form segment is expected to witness over 9% CAGR between 2023 and 2032. Wet brown seaweed is gaining rapid momentum as a raw material in the hydrocolloid industry, due to its high vitamin and mineral content. Cadmium, zinc, cobalt, nickel, and other trace elements are also present in seaweeds, making them suitable for various end-use applications including foods and beverages. Furthermore, the increasing popularity of Asian cuisines will impact the consumption of wet seaweed with sushi and other food items.
The brown commercial seaweed industry from the poultry feed end-use segment will reach USD 340 million by 2032, attributed to its capability to improve the immune system of poultry livestock. Brown seaweed can lower the microbial load in the digestive tract and increase poultry meat and egg quality. Furthermore, the maintenance of diets rich in seaweed is associated with reduced body weight in poultry. Poultry has also become the most consumed livestock commodity, especially in emerging and developing nations.
The North America brown commercial seaweed market is predicted to expand at over 8% CAGR up to 2032, led by continuous R&D projects and sizeable investments in the pharmaceutical sector. As per data from the Canadian Institute for Health Information, public drug programs spent USD 16.2 billion in 2021, indicating a rise of 7.4% from 2020. Since seaweed intake is associated with health benefits including blood pressure and cholesterol reduction, the rise in pharma spending will propel the sales of brown seaweed-based pills and supplement in the region.
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Prominent participants operating across the brown commercial seaweed market include Marcel Carrageenan, CP Kelco, Biostadt India Limited, Pacific Harvest, Acadian Seaplants Ltd., Aquatic Chemicals, Chase Organics GB Limited, Seaweed Energy Solutions AS, and Seasol International. These companies are incorporating strategies such as market expansions and new product launches to establish a strong presence in the industry.
For instance, in January 2023, Seaweed Energy Solutions AS secured funding worth USD 4.76 million from private investors and the U.S. World Wildlife Fund. This fund was intended to help the company ramp up its production and become a leading seaweed provider in Europe and globally.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Global brown commercial seaweed market 3600 synopsis, 2018 - 2032
2.1.1 Business trends
2.1.2 Form trends
2.1.3 End use trends
2.1.4 Regional trends
Chapter 3 Brown Commercial Seaweed market Insights
3.1 Industry segmentation
3.2 COVID-19 impact on world economy
3.3 Industry ecosystem analysis
3.3.1 Profit margin analysis
3.3.2 Distribution channel analysis
3.3.3 Value addition at each stage
3.3.4 Vendor matrix
3.3.4.1 Key manufacturers
3.3.5 COVID-19 impact on industry value chain
3.4 Potential Buyers & Suppliers Assessment by Region
3.4.1 North America
3.4.1.1 Supplier Assessment
3.4.1.2 Buyers Assessment
3.4.2 Europe
3.4.2.1 Supplier Assessment
3.4.2.2 Buyers Assessment
3.4.3 APAC
3.4.3.1 Supplier Assessment
3.4.3.2 Buyers Assessment
3.4.4 LATAM
3.4.4.1 Supplier Assessment
3.4.4.2 Buyers Assessment
3.4.5 MEA
3.4.5.1 Supplier Assessment
3.4.5.2 Buyers Assessment
3.5 Regulatory landscape
3.5.1 North America
3.5.1.1 Regulations by the U.S. Food and Drug Administration on Nutrition products
3.5.1.2 Food Safety Modernization Act (FSMA)
3.5.2 Europe
3.5.2.1 Regulation (EC) No 183/2005 Of the European Parliament and the Council
3.5.3 Asia Pacific
3.5.3.1 China
3.5.3.1.1 Regulation on the Administration of Feed and Feed Additives
3.5.3.2 India
3.5.3.2.1 Harmonized System Nomenclature
3.5.4 Middle East & Africa
3.5.4.1 Fertilizers, Farm Feeds, Agricultural Remedies, and Stock Remedies Act, 1947 (Act No. 36 Of 1947) – South Africa
3.5.4.2 Food and Agricultural Import Regulations and Standards - United Arab Emirates
3.6 Raw material trends
3.7 Patent Analysis
3.8 Technology landscape
3.9 Pricing analysis
3.9.1 North America
3.9.2 Europe
3.9.3 Asia Pacific
3.9.4 Latin America
3.9.5 Middle East & Africa
3.9.6 Cost structure analysis, 2022
3.9.6.1 Cultivation cost
3.9.6.1 Harvesting cost
3.9.6.2 Manufacturing & equipment cost
3.9.6.3 Distribution cost
3.9.6.4 Operating cost
3.9.6.5 Miscellaneous cost
3.9.7 COVID-19 & Russia-Ukraine war impact on pricing
3.10 Industry impact forces
3.10.1 Growth drivers
3.10.1.1 Increasing demand for seaweeds in food applications
3.10.1.2 Growing demand for eco-friendly fertilizers
3.10.1.3 Rising applications of seaweed hydrocolloids in various industry verticals
3.10.2 Industry pitfall & challenges
3.10.2.1 High fluctuation in seaweed prices
3.11 Innovation & sustainability
3.12 Growth Potential Analysis, 2022
3.13 Porter’s analysis
3.13.1 Supplier power
3.13.2 Buyer power
3.13.3 Threat of new entrants
3.13.4 Threat of substitutes
3.13.5 Industry rivalry
3.14 PESTEL analysis
3.15 Covid-19 impact on brown commercial seaweed demand, by application
3.15.1 Food Industry
3.15.2 Animal feed industry
3.15.3 Pharmaceutical & personal care
3.15.4 Biofuels
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
