The seaweed derivatives market was valued at US$ 2,210.35 Mn in 2018 and is projected to reach US$ 3,903.91 Mn by 2027; it is expected to grow at a CAGR of 6.5% from 2019 to 2027.
Seaweeds are basically red, brown and green marine microalgae, whose extracts are used in the horticultural crops for its plant growth promoting effects. The chemical derivatives of seaweed include fatty acids and vitamins, mineral nutrients, phytoharmones, and complex polysaccharides, among others. Major derivatives of seaweed include alginates, carrageenans, and agars. Alginates are largely extracted from brown seaweeds, while carrageenans and agars are largely extracted from red seaweeds. Alginates, carrageenans, and agars are increasingly used in food and beverage, animal feed, and agriculture industry among others.
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Key Players:W Hydrocolloids, Inc., KIMICA Corporation, DuPont de Nemours, Inc., Gelymar S.A., CP Kelco, Algaia, Compañía Española de Algas Marinas, S.A., Cargill, Incorporated, Arthur Branwell & Co, Agarmex, S.A. DE C.V
Rising demand form food and beverage industry has favored the seaweed derivatives market globally
Seaweed derivatives such as agars, alginates, and carrageenans are extensively used in various food and beverage products. These derivatives are used in a wide range of food and beverages such as ice cream, syrup, lunch meats, baby formula, almond milk, whipped cream, candy bars, chocolate milk, coffee beverages (e.g., iced coffee and soy-based coffee drinks), coffee creamer, ricotta cheese, yogurt, cottage cheese, and sour cream, among others. Carrageenans are used as a thickening ingredient in puddings, chocolate milk, chewing gum, jams, and jellies. Additionally, carrageenans reduce waste by extending the shelf life of foods without any loss of quality. Various foods, such as mayonnaise and salad dressing, would separate without the help of a stabilizer. Therefore, carrageenan is used as a stabilizing agent in mayonnaise and salad dressing. Therefore, a wide range of applications of seaweed derivatives in the food and beverage industry boosts the growth of the seaweed derivatives market globally.
Seaweed Derivatives Market Segmentation:
Global Seaweed Derivatives Market – By Source
- Red Seaweed
- Brown Seaweed
- Green Seaweed
Global Seaweed DerivativesMarket – By Form
Global SEAWEED DERIVATIVES Market – By End-Use
- Food and Beverages
- Agricultural Products
- Animal Feed Additives
- Other End Use
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