Global Edible Seaweed Market: Overview
Edible seaweed are marine algae which are simple plants that dwell in saltwater and belong to one of the several group of multicellular algae, including red algae, green algae and brown algae Edible seaweed contains high amount of fiber and are used in preparation of variety of food. Apart from their applications in food industry edible seaweeds are also used for industrial applications and as a fertilizer. Seaweeds are also cultivated for the extraction of agar, carrageenan and alginate substances collectively called as hydrocolloids. Edible seaweed are also used in diet pills.
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Edible Seaweed are extensively used as food in coastal cuisines across the globe. Due to their high amount of iodine as compared to other food products edible seaweeds are widely consumed as food in various traditional European societies such as Western Norway and Ireland. The global edible seaweed market is expected to witness significant growth over the forecast period owing to their widespread role as a food supplement and as a fertilizer.
Global Edible Seaweed Market: Dynamics
Key driving factors of the global edible seaweed market are rapidly growing food industry along with growing demand of edible seaweed in the chemical industry across the globe. Macro-economic factors propelling the growth of the global edible seaweed market are growing urbanization across the emerging economies such China and Brazil and rising disposable income over the forecast period. Other factors fueling theglobal edible seaweed market are significantly growing travel and tourism industry along with growing hospitality industry, owing to its significant demand among tourists globally over the forecast period. Furthermore, robust growth in the pharmaceutical industry leads the global edible seaweed market towards growth, attributed to its high demand for preparing medicines and vitamins over the forecast period. Growing consumers demand for food enriched with essential vitamins and minerals is further contributing towards consumption of edible seaweed across the food industry.
The major restraining factors such as high service taxes on edible seaweed products as well as its toxic nature hinders the edible seaweed market to grow over the forecast period.
Global Edible Seaweed Market: Segmentation Overview
Food and beverages industry is anticipated to be the largest end use segment in the overall edible seaweed market owing to its high demand in the coastal area across the globe. The supermarket and hypermarket along with e-commerce end use segment is predicted to see significant growth under sales channel segment in the global edible seaweed market globally due to the high preference among consumers to purchase these edible seaweeds globally.
Global Edible Seaweed Market: Regional Outlook
Based on the geographies, the global edible seaweed market is classified into seven regions globally such as, North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific excluding Japan, Japan, and Middle East & Africa. North America is expected to account for the high market share followed by Western Europe in the global edible seaweed market, owing to growing health awareness among consumers along with increasing consumption of edible seaweed at the coastal area in the region. Western Europe is estimated to witness significant growth, owing to its high consumption in U.K., Ireland, Western Norway and various other countries. Asia-pacific is predicted to witness robust growth rate in the global edible seaweed market, attributed to its significant demand in South Korea and China across this region. In addition, Japan is anticipated to see the significant growth rate in the global edible seaweed market across the region, owing to growing health awareness among consumers along with its high usage to prepare the fertilizer for agriculture purposes over the forecast period.
Global Edible Seaweed Market: Key Players
Key players in the global edible seaweed market are Acadian Seaplants Ltd., North American Kelp, Ocean Organics Corp, VitaminSea Seaweed Co., Mendocino Sea Vegetable Company, Dulse & Rugosa and Irish Seaweeds.