North America Seaweed Extracts Market is expected at USD xx. xx million in 2021 and is anticipated to the extent an over of USD xx. xx million by the end of the assessment period. The North America Seaweed Extracts Market is likely to experience reasonable growth to the highest CAGR of xx.xx% during the estimation period (2022 - 2027).
Algae are marine algae that are simple plants that live in saltwater, including red, brown, and green algae. Seaweed extracts contain desirable properties extracted from various types of algae used in various industries such as agriculture, horticulture, pharmaceuticals, cosmetics, and others. Seaweed extracts are also used in diet pills. Alginate, agar, carrageenan, and gelatinous substances are some of the products obtained from seaweed extracts. Seaweed extracts are types of products that are mainly used in the cultivation of plants. Seaweed extracts have found wider uses than seaweed and seaweed meal. Seaweed extracts act as biostimulants due to the presence of plant hormones.
Recent Developments
The addition of FOSSENCE® and GOSSENCE®, which are produced using fermentation technology developed in-house by Tata Chemicals, to Univar Solutions' portfolio of industry-leading specialty ingredients, provides food and nutraceutical manufacturers in the United States with additional options to help them respond to changing trends in health, wellness and nutrition. These digestive health ingredients are used in a wide range of applications, including Dietary supplements, functional foods (bakery, dairy products, and snacks), nutraceuticals, confectionery, animal feed, and other nutritional solutions.
Market Drivers and Restraints:
The North America Seaweed Extracts Market is growing in the food and beverage industry and personal health care regions. The main driver of the North America Seaweed Extracts Market is the food industry. Seaweed such as nori and seaweed have been consumed in South Asian countries like China and Japan for centuries, but now consumers in other countries are embracing the recent shift to consuming healthy, nutrient-rich products. They turn to organic and healthy livelihoods. This, therefore, increases the opportunities for the seaweed extracts market.
Seaweed extracts are rich in phosphorus and other nutrients from seaweed. Since there is an increase in demand for clean nutrients and they are concerned about chemical fertilizers, farmers are also turning to the use of organic fertilizers. Therefore, liquid-based seaweed extracts are in high demand. As the demand for organic fertilizers increases, to meet the demand, fertilizers made from seaweed extracts appear to be more viable due to their availability and ease of cultivation. The main limitation in the production of products based on seaweed extracts is the production itself. Cultivation is the easiest part as it can be grown on any farm and is abundantly available in the oceans and other areas of water bodies such as rivers, ponds, lakes, etc. But extracting the algae is a difficult part.
The extraction process is complex, and due to the complexity, the production cost was high. Another factor responsible for hampering the growth of the seaweed extract market is the demand for private label products. Strict government rules and regulations constantly force the industry to meet the needs of consumers. The scrutiny of health-conscious consumers is constant and has forced stakeholders to perform multiple checks on procedures. Multiple controls in landscaping procedures for seaweed extracts have raised awareness among authorities.
Market Segmentation:
By Type:
By Applications:
Impact of COVID-19 on North America Seaweed Extracts Market
The global epidemic of COVID-19 has had serious implications in all economic sectors. Around the world, the pandemic has created a medical emergency, increasing the demand for food, hygiene products, and the market for medical products. In the COVID-19 scenario, people are more inclined to consume safe, reliable, and healthy food. As a result, COVID-19 has increased sales of staple, healthy and traditional foods.
Non-vegetarian frozen foods, fruits and vegetables, eggs, legumes, flour, and whole grains have all seen growth. However, sales of packaged foods, coffee, cakes, smoothies, candies, chocolates, cheeses, and other baked goods have declined due to the declining demand for seaweed extracts in the packaged and processed food industries.
Additionally, the declining demand for cosmetics and personal care products has reduced the use of seaweed extracts in the manufacture of these products. Additionally, the foreclosure scenario in several countries has hampered seaweed extract products' production and supply chain. Consumer buying behavior can change permanently after COVID-19. Companies must develop a solid sales plan for recovery. They may need to adopt e-commerce and omnichannel platforms in their supply chain.
Regional Analysis:
Geographically the North America Seaweed Extracts Market is segmented into US, Canada, Mexico and Rest of North America.
North America is expected to see tremendous growth due to the high demand for herbal products in the region. The US seaweed extracts market dominated the North American region. The increasing popularity of vegan and vegetarian diets in the region has increased the demand for plant proteins in a variety of food products. Continuing growths and technological progressions in the harvesting and cultivation of seaweed are expected to drive market growth in the region. Canada's seaweed extracts market is following the US is dominating the shares. The seaweed extracts market in Canada is anticipated to grow at a higher rate during the forecast period.
Leading Company
DowDuPont, Inc. had the largest share of the North America Seaweed Extracts Market in terms of sales revenue in 2021.
Key Players
The North America Seaweed Extracts Market is concentrated with well-established players. Key players in the North America Seaweed Extracts Market include
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