Seaweeds are red, brown, and green marine microalgae; their extracts are used in the horticultural crops owing to their plant growth promoting effects. The major derivatives of seaweeds include alginates, carrageenans, and agars, while their chemical derivatives include fatty acids and vitamins, mineral nutrients, phytoharmones, and complex polysaccharides, among others. Alginates are largely extracted from brown seaweeds, while carrageenans and agars are largely extracted from red seaweeds. Alginates, carrageenans, and agars are increasingly being used in food and beverages, animal feed, and agriculture industries, among others.
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Market Overview and Dynamics
The Asia PacificSeaweed Derivativesmarket is expected to reach US$ 2,209.61 Mn by 2027 from US$ 1,239.19 Mn in 2018; the market is anticipated to grow at a CAGR of 6.6% from 2019 to 2027.The rising demand from the food &beverages industry and health benefits of seaweeds and seaweed derivatives are among the key factors driving the market growth. However, the lack of consumer awareness regarding seaweed derivatives limits the market growth in the region.
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Key Market Segments
In terms of source, the red seaweed segment accounted for the largest market share in the Asia Pacificseaweed derivatives market in 2018. In terms of form, the powder segment held the largest market share of the market by 2027. In 2018, the food and beverages segment held the most significant share of the Asia Pacific seaweed derivatives market, based on enduse.
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Major Sources and Companies Listed
Several major primary and secondary sources associated with this report on the Europe seaweed derivatives market are W Hydrocolloids, Inc.; KIMICA Corporation; DuPont de Nemours, Inc.; Gelymar S.A.; CP Kelco;Algaia;Compañía Española de Algas Marinas, S.A.; Cargill, Incorporated; and Arthur Branwell & Co., among others.
Impact of COVID-19 Pandemic on Seaweed DerivativesMarket
The recent COVID-19 outbreak first began in Wuhan (China) in December 2019, and since then, it has spread worldwide at a fast pace. The COVID-19 outbreak has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The U.S has the highest number of confirmed cases of Covid-19, as, compared to Canada and Mexico. This has adversely affected the food & beverages industry in the region due to the supply chain disruptions.
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