Seaweed Extracts Market Growing Trade Among Emerging Economies Opening New Business-Opportunities

Seaweed Extracts Market: Introduction

According to a study conducted by Transparency Market Research, it was found that seaweeds are considered to be one of the highest sources of nutrition and serve various health benefits. Moreover, the growing pharmaceutical segment has been providing growth opportunities to seaweed producers as consumer preference for seaweed extracts as an ingredient is growing.

East Asia holds the majority value share of more than 25.4% of the global seaweed extracts market. It is estimated to be valued at US$ 432.6 Mn in 2022 and is forecast to grow at a CAGR of 5.8% to reach US$ 760.2 Mn by 2031 in the region.

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Increased Focus of Manufacturers on Sustainability

Food & beverage manufacturers are becoming more concerned about the sustainable production of their ingredients. For a long time, suppliers of seaweed extracts were not subjected to the same amount of scrutiny as suppliers of other ingredients. Seaweed extract producers risk bad publicity and subsequent brand damage, if their company is associated with unsustainable practices, such as unsafe working conditions and waste of resources (e.g. water). Moreover, carrageenan producers have a strong interest in the development of a sustainable business, as they rely on human and natural resources for their future. Consumers across the globe demand that companies take responsibility for the impact of their business on the people involved and on the environment.

Seafood Extracts Market: Key Players

Some of the key players in the market are Acadian Seaplants Ltd., CP Kelco, Del-Val Food Ingredients, Givaudan S.A., Kakusan Foods Co., Ltd., Lysi hf, Manidharma Biotech Private Limited, Mitsubishi Corporation, Nikken Foods Co., Ltd., North American Kelp, North Marine Ingredients, Norway Seaweed, PT. Jinyoung, Suboneyo Chemicals Pharmaceu

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Seaweed Extract as Potential Bio-fertilizer in Organic Farming

Conventional food & beverage products contain additives and preservatives, which are likely to harm the human body. Thus, with an increasing number of health-conscious people, there is a hype for organic products across the globe. Manufacturers have started using organic ingredients without any additives or preservatives. The market, thus, benefits from the ongoing organic trend, with increased demand for seaweed extract as an additive in organic products. The demand for seaweed extract from organic farming practices as a potential bio-fertilizer also proves to be a positive factor for the market.

Moreover, nowadays, there is much usage of more chemical fertilizers to increase the productivity of crops but these cause several damages to the ecology of the soil and its fertility content, as well as are harmful to human health. Thus, agricultural practices are being modified with organic farming. Bio-fertilizers are used to increase plant growth and development, and are eco-friendly as well. Seaweed extract is gaining popularity as an efficient bio-fertilizer across the globe, as it is known to promote plant growth and improve yield as well as improve stress tolerance in many plants.

Consumer Preference for Innovative and Unique Food Products

·         Consumers are trying out innovative food products to satisfy their taste buds. In order to cater to the growing needs of customers, manufacturers and producers are also focusing on product innovation and development to come up with new food products that have added functional and microbial properties.

·         The increase in the disposable income of consumers in many emerging regions such as the Asia Pacific, the Middle East, and Africa is also facilitating the buying of unique and innovative food products.

·         One major reason for consumer preference towards new and innovative food products is the uniqueness that is offered by companies due to which the consumers can experience different tastes in a variety of foods.

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Seafood Extracts Market: Strategies

·         Companies are trying to expand its market presence, and earn consumer loyalty for long term benefits as the seafood extracts market is highly competitive and ever changing. The overall market approach of seafood extract manufacturers seems to be inclined towards expansion through development of new manufacturing sites, rather than through acquisitions.

·         In August 2020, CP Kelco announced the expansion of its long-term partnership with Biesterfeld in the food and nutrition sector in Europe. The company distributes carrageenan, pectin, xanthan gum, and citrus fiber through Biesterfeld in Germany, Poland, the Czech Republic, Slovakia, Hungary, Estonia, Lithuania, and Latvia.

·         Acadian Seaplants has six Canadian and European manufacturing facilities, which are strategically located close to its cultivation and harvesting sites throughout Atlantic Canada, Ireland, and Scotland. Thus, the seaweed reaches the facilities quickly, ensuring the quality of its products.

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