North America Seaweed Derivatives Market to Grow at a CAGR of 6.8% to reach US$ 593.39 Mn from 2020 to 2027

The North America seaweed derivatives market was valued at US$ 328.01 Mn in 2018 and is projected to reach US$ 593.39 Mn by 2027; it is expected to grow at a CAGR of 6.8% from 2019 to 2027.

Seaweeds are red, brown, and green marine microalgae; their extracts are used in the horticultural crops owing to their plant growth promoting effects. The major derivatives of seaweeds include alginates, carrageenans, and agars, while their chemical derivatives include fatty acids and vitamins, mineral nutrients, phytoharmones, and complex polysaccharides, among others. Alginates are largely extracted from brown seaweeds, while carrageenans and agars are largely extracted from red seaweeds. Alginates, carrageenans, and agars are increasingly being used in food and beverages, animal feed, and agriculture industries, among others.

The US contributes the largest share to the North America seaweed derivatives market. The US market is majorly driven by the wider application of seaweed derivatives in the food &beverages industry. These products are increasingly being used in fertilizers to improve crop yield and increase crop strength, which helps gain resistance against pest. Rising consumer awareness regarding health benefits of seaweed derivatives is a prime factor boosting the seaweed market in the US. Also, rising demand of organic food products fuel the growth of the market.

The recent COVID-19 outbreak first began in Wuhan (China) in December 2019, and since then, it has spread across the globe at a fast pace. The COVID-19 outbreak has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. In North America, the food and beverages industry is one of the major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns as a result of this outbreak.For instance, China is the hub of manufacturing and the largest raw material supplier for various industries worldwide. The overall market breakdown due to COVID-19 is also affecting the growth of the seaweed derivatives market due to shutting down of factories, obstacle in supply chain, and downturn in world economy.

North America Seaweed Derivatives Market

Market Insights

Rising demand from food and beverages industry fuels global seaweed derivatives market growth

Seaweed derivatives such as agars, alginates, and carrageenans are extensively used in various food and beverage products, such as 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. The use of this component leads to the reduction in waste as it extends the shelf life of foods without any loss of quality. The constituents of foods such as mayonnaise and salad dressing would fall apart without in the absence of stabilizers. Carrageenan is used as a stabilizing agent in such food items. Therefore, such wide range of applications of seaweed derivatives in the food and beverage industry boosts the growth of the seaweed derivatives market globally.

Source Insights

Based on source, the seaweed derivatives market is segmented into red seaweed, brown seaweed, and green seaweed. In 2018, the red seaweed segment accounted for the largest share of the North Americaseaweed derivatives market. Red seaweeds contain the highest protein levels of all, which are responsible for its red color. Despite being found in the shallow waters, red seaweeds are capable of withstanding deep water conductions such as survival in low light and high-pressure conditions. These factors boost the growth of red seaweed derivatives market.

North America Seaweed Derivatives Market, by Source – 2018 and 2027

Form Insights

Based on form, the seaweed derivatives market is segmented into liquid, powder, and flakes.In 2018, the liquid segment accounted for the largest share of the North America seaweed derivatives market; however, the powder segment is expected to register the fastest CAGR during the forecast period. Liquid derivatives from brown seaweed are marketed for use in horticulture and agriculture. The liquid seaweed derivatives are used at high dilution rates, which results in minimal quantities of material being applied in the given area.

End Use Insights

Based on end use, the seaweed derivatives market is segmented into food and beverages, agricultural products, animal feed additives, pharmaceuticals, and others. In 2018, the food and beverages segment accounted for the largest share of the North America seaweed derivatives market; however, the animal feed additives segment is expected to register the highest CAGR during the forecast period. Seaweed derivatives such as alginates are widely used in bakery products, candies, dairy products, salad dressings, ice creams, and creams and jellies; they are also being used in sausages, and processed meats and fish. The derivatives are also used in clarifying beers and wines. Alginates are completely organic and are safe for food application. Additionally, when dissolved in water, alginates are capable of thickening a solution. Moreover, they can form gels when they are added to a calcium salt solution. Therefore, alginates are primarily used in salad dressings and mayonnaise.

Report Spotlights

• Progressive industry trends in North America seaweed derivatives market that help players develop effective long-term strategies
• Business growth strategies adopted by players with the focus on both developed and developing markets
• Quantitative analysis of North America seaweed derivatives market from 2017 to 2027
• Estimation of seaweed derivatives demand across various industries in North America
• Recent developments to understand the market competition and demand in North America
• Market trends and outlook, coupled with factors driving or restraining the growth of North America seaweed derivatives market
• Insights to help decision-making process by providing understanding of strategies that underpin commercial interest with regard to North America seaweed derivatives market growth
• North Americaseaweed derivatives market size at various nodes of market
• Size of seaweed derivatives market in various North America countries, with promising growth opportunities in the respective countries

North America Seaweed Derivatives Market – By Source

• Red Seaweed
• Brown Seaweed
• Green Seaweed

North America Seaweed Derivatives Market – By Form

• Liquid
• Powder
• Flakes

North America SEAWEED DERIVATIVES Market – By End Use

• Food and Beverages
• Agricultural Products
• Animal Feed Additives
• Pharmaceuticals
• Others

Company Profiles

• W Hydrocolloids, Inc.
• KIMICA Corporation
• DuPont de Nemours, Inc.
• Gelymar S.A.
• CP Kelco
• ALGAIA
• Compañía Española de Algas Marinas, S.A.
• Cargill, Incorporated
• AGARMEX, S.A. DE C.V. 

North America Seaweed Derivatives Market Report Scope