Sea vegetables find wide application in catering & food service companies that mainly used nori, wakame, and kombu in Japanese and Asian cuisine. Although the demand has been rising from this sector, the food processing, and the retail market is continuously growing. About a quarter of the world market is supplied by European producers, mainly from the French and Spanish regions. Most of the companies are vertically integrated, involved in collecting and drying seaweeds, processing it, as well as making end products.
The global demand for sea vegetables is expected to expand with an impressive CAGR over the forecast period.The prime factors boosting the sea vegetable market is the catering and food service, growing number of food processors, retail penetration, and more awareness about health and nutritional benefits. The food and catering services continues to drive the sea vegetable market as more than half the sales volume go to this particular sector. Apart from Asian food, the sea vegetables are finding application in European cuisines.
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Retail penetration is on a rise due to specialist retailers, and some of the main stream retailers are also introducing these products. Due to high demand for organic food and more and more consumers shifting towards a healthy lifestyle, the demand is rising amongst the organic food shops and health food retailers. Sea vegetables are a rich source of iron and vitamins, which has been attracting the millennials.
Low consumer awareness about sea vegetables has been hampering the growth in the market. Most consumers don’t know how to include the sea vegetables in their food. Although the market is growing, there’s relatively low demand from the food processors. Higher product prices in some region are also discouraging the producers to launch retail products due to competition with lower priced Asian products.
The Sea Vegetable Market is segmented into five parts based on the type, application, end user, sales channel, and geography. With the rise in health conscious demographic around the world, the producers are constantly working on enriching and producing sea vegetable with extra nutrition in their products which has been driving the sea vegetable market.
Regarding geography, Sea vegetable Market has been categorized into seven key regions including North America, Western Europe, Eastern Europe, APEJ, Japan, Latin America, and the Middle East & Africa. Sea vegetable market is expected to register healthy CAGR during the forecast period due to the high demand amongst CFS sector and rise in health conscious demographic. In terms of regions, APEJ and Japan accounts for significant share of sea vegetable market, owing to the high growth and demand in CSF sector in the region as compared to other developed regions as the region caters to highest sea vegetable consumer population.
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Japan remains one of the world’s largest sea vegetable producers and exporters, the Japanese names for sea vegetables are among the most common names found in grocery stores throughout the European regions accounts for a healthy share in terms of sea vegetable primarily used in CSF sector. The food processor sector in the region is anticipated to further add value to the sea vegetable market in the region. North America is also a matured market and has been generating demand for sea vegetable amid high demand from the CSF, food processing, and retail sectors. Latin America is also expected to grow at a significant CAGR with the rise in health conscious population. The Middle East and Africa is expected to grow a medium rate.
Few of the major players in the sea vegetable market include, Kai Ho, Mendocino, Setalg. These companies are being profited with the increase in the sale of sea vegetables across the globe.