The market summary
According to Future Market Research (MRFR), the global seaweed products market is expected to expand at a CAGR of 5.3% acquiring a significant CAGR during the assessment period of 2019-2027.
The increase in the consumption of nutritional supplements and natural products is expected to be significant factors that can drive the seaweed products market for 2020. The growing need for an alternative to fossil fuel to control environmental pollution is expected to boost the market during the forecast period. The growing demand for products derived from algae in the personal care, food and beverage, and pharmaceutical sectors may strengthen the market in the near future. Furthermore, the growth in global population and increasing demand for food, and customization of functional food product portfolio by manufacturers are other prominent factors that can boost the market during the assessment period.
On the other hand, high costs associated with anti-algae fuel are expected to restrain the market during the forecast period. However, the development of commercial by-products, together with the aforementioned factors can deal with the restraining factors and boost the algae products industry.
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Market segmentation
The market segmentation of the global seaweed products market is done by distribution channel, source and application.
The distribution channel-based segments of the global seaweed products market are store-based and non-store-based distribution channel. Among all the segments, the store-based distribution channel is expected to dominate the market during the assessment period.
The source-based segments of the global algae products market are macroalgae, microalgae, and others. Among all the segments, the macroalgae segment is expected to dominate the market during the review period due to its cheap cost.
The application-based segments of the global seaweed products market are food additives, food additives, nutritional supplements, pharmaceuticals, pollution control, dyes and dyes, and others. Among all, the nutraceuticals segment is expected to dominate the global market during the forecast period due to the growing demand for immunity enhancement.
regional analysis
Based on region, the global seaweed market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW).
According to the analysis, Europe is expected to dominate the global seaweed market due to the growing consumer awareness. The pharmaceutical and nutraceutical consumer sector is expected to be one of the main consumers of the product, which may strengthen the regional market during the forecast period. Furthermore, the growing focus on seaweed product R&D is expected to be another prominent factor that is likely to develop the market during the assessment period.
North America is expected to acquire the second place during the forecast period due to the increasing health awareness among people. The increasing demand for natural products is recognized as another potential factor that may increase the regional market during the assessment period.
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The APAC region is expected to acquire significant market value during the forecast period due to the growing awareness of the benefits of seaweed products. Furthermore, the significant participation of the developing countries is expected to boost the regional market during the assessment period.
The MEA region is expected to acquire the last position in terms of revenue acquisition due to the slow economic development of the region. However, there are many untapped opportunities that could boost the regional market during the assessment period.
key players
The prominent players in the global seaweed products market are Parry Nutraceuticals Limited (India), Alltech, Inc. (USA), Cellana Inc. (USA), Algaetech International Sdn Bhd (Malaysia), DIC Lifetec Co. Ltd. (Japan), Cyanotech Corporation (USA) and BlueBioTech GmbH (Germany).
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Note: Our team of researchers is investigating Covid19 and its impact on various industries and wherever required we will consider the traces of Covid19 for a better analysis of the market and industries. Feel free to contact us for more details.
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