Seaweed Extracts Market New Research Report Analysis, And Forecast
Seaweed Extracts Market: Introduction
According to
a study conducted by Transparency Market Research, it was found that seaweeds
are considered to be one of the highest sources of nutrition and serve various
health benefits. Moreover, the growing pharmaceutical segment has been
providing growth opportunities to seaweed producers as consumer preference for
seaweed extracts as an ingredient is growing.
East Asia
holds the majority value share of more than 25.4% of the global seaweed extracts market.
It is estimated to be valued at US$ 432.6 Mn in 2022
and is forecast to grow at a CAGR of 5.8% to reach
US$ 760.2 Mn
by 2031 in the region.
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Seaweed Extract as Potential
Bio-fertilizer in Organic Farming
Conventional
food & beverage products contain additives and preservatives, which are
likely to harm the human body. Thus, with an increasing number of
health-conscious people, there is a hype for organic products across the globe.
Manufacturers have started using organic ingredients without any additives or
preservatives. The market, thus, benefits from the ongoing organic trend, with
increased demand for seaweed extract as an additive in organic products. The
demand for seaweed extract from organic farming practices as a potential
bio-fertilizer also proves to be a positive factor for the market.
Moreover,
nowadays, there is much usage of more chemical fertilizers to increase the
productivity of crops but these cause several damages to the ecology of the
soil and its fertility content, as well as are harmful to human health. Thus,
agricultural practices are being modified with organic farming. Bio-fertilizers
are used to increase plant growth and development, and are eco-friendly as
well. Seaweed extract is gaining popularity as an efficient bio-fertilizer
across the globe, as it is known to promote plant growth and improve yield as
well as improve stress tolerance in many plants.
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Innovation in Products and Processing
Techniques
The seaweed
extracts market is undergoing structural changes that will provide
opportunities to process new possibilities and strategies. There is, however,
lack of innovation and very few new products are being developed, whereby an
increasing number of existing products are becoming commodities. R&D in
seaweed production and extraction exists; however, the private sector is not
well connected. Good R&D support from private companies for seaweed
extracts can help to evaluate extraction processes and create innovative
industrial processing of seaweed extracts.
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Increased Focus of Manufacturers on Sustainability
Food & beverage manufacturers are becoming more concerned
about the sustainable production of their ingredients. For a long time,
suppliers of seaweed extracts were not subjected to the same amount of scrutiny
as suppliers of other ingredients. Seaweed extract producers risk bad publicity
and subsequent brand damage, if their company is associated with unsustainable
practices, such as unsafe working conditions and waste of resources (e.g.
water). Moreover, carrageenan producers have a strong interest in the
development of a sustainable business, as they rely on human and natural
resources for their future. Consumers across the globe demand that companies
take responsibility for the impact of their business on the people involved and
on the environment.
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