LONDON--(BUSINESS WIRE)--Technavio estimates the global seaweed market is expected to grow by USD 11.48 billion, progressing at a CAGR of almost 12% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
The market is driven by the health benefits of seaweeds. However, stringent regulations might challenge growth.
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Seaweed Market: Type Landscape
Based on the type, the market saw maximum demand for red seaweed in 2019. The growth of the segment can be attributed to the increasing use of red seaweed in food products. The market growth in the segment will be significant over the forecast period.
Seaweed Market: Geography Landscape
63% of the market’s growth originated from APAC in 2019. The rise in the consumption of seaweed both for human food and animal feed is the major factor fueling the growth of the seaweed market in APAC.
China, Japan, Indonesia, and South Korea (Republic of Korea) are the key markets for seaweed in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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Major Three Seaweed Market Vendors:
Biostadt India Ltd.
Biostadt India Ltd. operates its business through the Unified segment. The company offers Zymaq. It is a biotechnological research product based on seaweed extract naturally enriched with enzyme precursors, primary and secondary micronutrients through the fermentation process.
Cargill Inc.
Cargill Inc. operates its business through segments such as Agriculture, Animal nutrition, Beauty, Bioindustrial, Food & Beverage, Pharmaceutical, Industrial, Meat & poultry, and Others. The company offers a wide range of commercially available carrageenans, derived from different types of red seaweeds (Rhodophyceae) from the Gigartinales group.
CJ CheilJedang Corp.
CJ CheilJedang Corp. operates its business through segments such as Food division and Bio division. The company offers seaweed products for use in a variety of Korean cuisine food.
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Related Reports on Consumer Staples Include:
Global Superfood-based Packaged Snacks Market – Global superfood-based packaged snacks market is segmented by product (nuts grains seeds, edible seaweed, superfruit, and others) and geography (North America, APAC, Europe, South America, and MEA). Get a free sample report to know more
Global Vegan Cosmetics Market – Global vegan cosmetics market is segmented by distribution channel (offline and online) and geography (APAC, Europe, MEA, North America, and South America). Get a free sample report to know more
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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