Market Research Future (MRFR) announces the publication of its research report Global Seaweed Extracts Market, 2019–2024. Seaweed extracts are the main source for vitamin K, iron, calcium, and omega-3 fatty acids that raise healthy high-density lipoprotein cholesterol levels while lowering low-density lipoprotein cholesterol levels, thereby improving heart health. Thus, these extracts are extensively used in various food products as well as pharmaceuticals and nutraceuticals. The global seaweed extract market is expected to register a growth rate of 5.8% during the forecast period of 2019 to 2024 to reach USD 4.5 billion by 2024.
Seaweed extracts are obtained from green, red, and brown algae by alkaline abstraction, ruptured cell suspension, water extraction, and cryo-micro-crushing. These are multi-cellular, macroscopic, and marine algae found in oceans and seas. Seaweed extracts are largely used in agricultural activities as biostimulants and additives for fertilizers owing to presence of oligose, phycocolloid, polyphenol, cytokinin, mannitol, lignin, and betaine that improve root development, leaf quality, germination, and resistance to pathogens.
Some of the key players in the Global Seaweed Extracts Market are Grow More Inc. (US), Kelp Products International (South Africa), Algea, the Arctic Company (Norway), Shigawake Organics Ltd. (Canada), Ocean Organics, Natural and Organic Fertilizers (US), Mycsa AG (US), Humate (Tianjin) International Limited (China), Technaflora Plant Products Ltd (China), Suboneyo Chemicals & Pharmaceuticals P Limited (India), and AlgAran Seaweed Products (Ireland).
The global seaweed extracts market has been segregated, by region, into North America, Europe, Asia-Pacific, and the rest of the world.
Asia-Pacific is expected to garner the largest revenue share of the global seaweed extracts market owing to the presence of leading seaweed extract suppliers in the region. The region is the largest producer and exporter of seaweed extracts. The main seaweed extracts varieties that are in demand in Asia-Pacific include nori, wakame, and kombu. These are widely used in traditional Chinese and Japanese food products.
North America is expected to be the fastest-growing market for seaweed extracts during the assessment period owing to the increasing demand for natural, fresh, and plant-based products. The rising use of seaweed in various industries, due to its nutritive value, is expected to drive the growth of the market. Also, growing investments and a focus on R&D on seaweed in the region are boosting the cultivation and use of seaweed extracts in various applications.
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The global seaweed extracts market has further been segmented by type and application.
By type, the global seaweed extracts market has been classified as liquid, powder, and others. The liquid segment is expected to gain the largest share due to the easy and convenient use and high demand for liquid seaweed extracts in the agriculture industry.
Based on application, the global seaweed extracts market has been segmented into food & beverage, agriculture and horticulture, pharmaceuticals and nutraceuticals, and others. The food & beverage segment is estimated to hold a prominent share of the market due to an increase in the use of seaweed extracts in different food products.