A considerable increase has been observed in the demand for seaweed products, as inorganic food compounds made from various chemicals are causing an increase
PORTLAND, OR, USA, March 7, 2022 /EINPresswire.com/ — Seaweed Products Market by Type, Source, Form and Application: Global Opportunity Analysis and Industry Forecast, 2022 – 2031”, the global seaweed products market size is expected to generate USD 4,286.8 million by 2031, growing at a CAGR of 4.88% from 2022 to 2031. In 2020, the food segment and beverages led the seaweed products market, followed by personal care. The growth of this segment is complemented by increasing global population, increased awareness of healthy food products, and shortage of protein, a key nutrient in food products.
Upsurge in demand for seaweed products due to rising global population coupled with increasing food consumption is expected to drive the market over the forecast period. Additionally, the increase in demand for healthy food products is expected to drive the demand for nutritional food additives, which is driving the growth of the market. Additionally, increasing demand for aquaculture feeds used for farming fish and rising demand for omega3 fatty acids are the factors expected to drive the market growth. However, the consumption of pharmaceuticals such as astaxanthin made from seaweed leads to a drop in calcium levels and blood pressure. This is expected to limit the growth of the seaweed products market. Conversely, government initiatives to reduce the carbon footprint by promoting various alternative energy sources such as algae-based biofuels are expected to fuel the growth of the algae-based products market over the period. forecast.
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Additionally, technological advancements to reduce the cost of biofuels made from algae as a feedstock coupled with the by-product of the process that can be used as a soil stimulator or fertilizer and as a feedstock for animals are increasing the feasibility of the process. . the growth of the seaweed products industry during the forecast period. Astaxanthin, Spirulina and Bioastin Astaxanthin are used in the formulation of natural nutritional supplements, which provide health benefits such as improved immune system, skin, eye and brain cell purification, improved overall cellular health and no side effects. However, the formulation of seaweed products for these aforementioned applications requires sufficient knowledge in the field of chemistry, which ultimately leads to new formulations that give better results. The government initiative for the cultivation of algae for its applications is mainly driving the growth of the algae products market. The Department of Biotechnology, Government of India had a vision in 2020 for the development of viable clean energy from various biomass sources such as algae.
The program was later joined by the US Department of Energy, both the government set up a joint center to manage the development and financing of the project. Similarly, the Canadian government announced an initiative to build a new algae biorefinery project to reduce the carbon footprint and produce vital by-products such as animal feed at its National Research Council. Another recent development from the US Food and Drug Administration to increase the astaxanthin serving from 7.8mg to 12mg is expected to be followed by other potential seaweed ingredients such as beta-carotene.
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According to the global seaweed products market analysis, the market is categorized based on application into food & beverages, nutraceuticals & dietary supplements, personal care, chemicals, food for animals and pharmaceuticals. According to the seaweed products market forecast, the food and beverage segment dominated with the largest seaweed products market share in 2020 and is expected to show significant growth during the forecast period . Seaweed is a rich source of essential proteins, bioactive pigments with medicinal potential and fatty acids. This essential constituent of seaweed is necessary for the production of various foods and beverages such as cakes, pasta and confectionery products. Additionally, some species of algae are used as pigments to give texture to food products and as a nutritional additive to increase the quality of food products. These are the key factors driving the growth of the seaweed products market over the forecast period.
According to the seaweed products market opportunities, increasing global food demand and decreasing available cultivable land for food production are prompting various manufacturers to shift their preference towards seaweed products, which helps propel the growth of the market. In addition, the initiative of various developing and developed countries under the “Paris Agreement” to reduce the global carbon footprint by using renewable energy sources such as algae-based biofuels is expected to further drive the growth of the market.
In terms of value, Asia-Pacific and LAMEA collectively contributed 34.0% of the global share in 2020. Key players of the seaweed products industry profiled in this report are euglena Co., Ltd., Algae Systems LLC., Cyanotech Corporation, Cargill, Incorporated, Algenol Biofuels Inc., BIOPROCESS ALGAE, LLC, Corbion, Algatechnologies, Cellana Inc. and Earthrise Nutritional.
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