LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global seaweed market is expected to grow at a CAGR of more than 10% during the forecast period.
This research report titled ‘Global Seaweed Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
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The market research analysis categorizes the global seaweed market into the following product segments:
- Red seaweed
- Brown seaweed
- Green seaweed
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Global red seaweed market
The global red seaweed market is expected to witness a steady growth rate during the forecast period, mostly owing to the increasing use of red seaweeds in foods. With the growing awareness of the health benefits of seaweed consumption, the demand for red seaweed is increasing. Also, the rising popularity of Southeast Asian cuisines globally, where seaweeds are extensively used, is expected to drive the global seaweed market during the forecast period.
“Red seaweeds are used in foods and are also used to extract hydrocolloids like agar and carrageenan. Red seaweeds are found in temperate waters such as the coasts of Morocco and Portugal, in cold waters such as Nova Scotia and southern Chile, and in tropical waters such as Indonesia and the Philippines,” explains Manjunath Reddy, a lead food research analyst at Technavio.
Global brown seaweed market
The global brown seaweed market is expected to register a steady growth rate during the forecast period, owing to the extensive use of brown seaweed in foods. The main uses of brown seaweeds are as foods and a raw material for the extraction of alginate. Alginate is suitable as an additive in dehydrated products such as slimming aids and in the manufacturing of paper and textiles. The more useful brown seaweeds grow in cold waters. They grow better in waters where the temperature is up to about 68°F. The brown seaweeds that are found in warmer waters are not suitable for alginate production and rarely used as food.
“In terms of volume, the brown seaweed segment led the market in 2016, due to a high supply and easy availability. Laminaria, Undaria, and Hizikia are the popular brown seaweed genera for food applications. Laminaria is eaten mostly in Japan, China, and North Korea,” says Manjunath.
Global green seaweed market
This segment includes green seaweed and blue-green seaweed. The global other seaweed market is expected to witness a high growth rate during the forecast period, mostly due to the growing demand from the food, agriculture and pharmaceutical industries.
Green or dark green seaweed is tubular and finger-like; it grows in clumps and is often attached to rocks. Hollow green seaweed is pale green in color, branched, and is found alone or in clumps. Hollow green weed is used for food applications in some Asian and European countries. Green seaweeds are widely used as organic fertilizers and are high in demand in the Americas.
Blue-green algae, also known as cyanophytes, are photosynthetic and essentially aquatic prokaryotic organisms closely related to bacteria. They are commonly found in marine and freshwater habitats, damp terrestrial habitats, and in association with fungi to form lichens.
The top vendors highlighted by Technavio’s market research analysts in this report are:
- Cargill
- DuPont
- Groupe Roullier
- Irish Seaweeds
- Qingdao Gather Great Ocean Algae Industry Group (GGOG)
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