Seaweed Market Size to Grow by $ 11.48 bn During 2020-2024
Technavio has been monitoring the seaweed market and it is expected to grow by $ 11.48 bn, accelerating at a CAGR of almost 12% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking View Free Sample Report
Seaweed Market: APAC to lead market growth during the forecast period
Seaweed Market: Key Competitors
The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Biostadt India Ltd., Cargill Inc., CJ CheilJedang Corp., DuPont de Nemours Inc., Grupa Azoty SA, Irish Seaweeds, J M Huber Corp., Lonza Group Ltd., Qingdao Bright Moon Seaweed Group Co. Ltd., and Seasol International are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
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Seaweed Market: Key Highlights of the Report for 2020-2024
Technavio has been monitoring the global seaweed market and it is expected to grow by USD 11.48 billion accelerating at a CAGR of almost 12% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking. Download latest version with COVID-19 analysis Free Sample Report
Seaweed Market: Segmentation by Type
During 2019, the red seaweed segment accounted for the major share of the Seaweed Market. Red seaweed is used in food and is also used to extract hydrocolloids like agar and carrageenan. With the growing awareness of the health benefits of seaweed consumption, the demand for red seaweed is increasing. However, the growth of the seaweed market by the red seaweed segment will be slower than the growth of the market by the green seaweed segment. Factors such as the rise in consumption of seaweed both for human food and animal feed will significantly drive seaweed market growth over the forecast period.
Seaweed Market: Segmentation by Geography
APAC was the largest Seaweed Market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. 63% of the market’s growth will originate from APAC during the forecast period. China, Japan, Indonesia, and South Korea (Republic of Korea) are the key markets for seaweed in APAC.
Seaweed Market: Vendor Analysis
The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Biostadt India Ltd., Cargill Inc. and CJ CheilJedang Corp. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
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Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19 Download a Free Sample Report
