Asia Pacific Seaweed Derivatives Market to Reach US$ 2,209.61 Mn at a CAGR of 6.6% in 2027

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Market Size (2018): US$ 1,239.19 Mn

Forecast Market Size (2027): US$ 2,209.61 Mn

CAGR (2019–2027): 6.6%

Primary Growth Drivers: Increasing demand for plant-based and vegan products, Growing awareness of the health benefits of seaweed, Expanding applications in the food and beverage industry

Key Trends: Rising adoption of seaweed-derived products in the plant-based food sector, Increased integration of seaweed derivatives in sustainable packaging solutions

Growth Opportunities: Expansion of seaweed-based products in emerging markets, Development of new seaweed-derived functional ingredients, Increasing demand for plant-based alternatives in food and beverages

Base Value (2018)

US$ 1,239.19 Mn

Projected (2027)

US$ 2,209.61 Mn

CAGR (2019-2027)

6.6%

Surging Demand from Cosmetics Industry to Drive Asia Pacific Seaweed Derivatives Market Growth at CAGR of 6.6%

According to the latest study on “Asia Pacific Seaweed Derivatives Market Forecast to 2027– COVID-19 Impact and Analysis, – by Source (Red Seaweed, Brown Seaweed, and Green Seaweed); Form (Liquid, Powder, and Flakes); End Use (Food and Beverages, Agricultural Products, Animal Feed Additives, Pharmaceuticals, and Others); and Country,” the market was valued at US$ 1,239.19 million in 2018 and is projected to reach US$ 2,209.61 million by 2027; it is expected to grow at a CAGR of 6.6% during 2019–2027. The report highlights key factors driving the market growth along with the prominent players and their developments in the market.

Seaweeds are red, brown, and green marine microalgae; their extracts are used in the horticultural crops for its plant growth promoting effects. Major derivatives of seaweeds include alginates, carrageenans, and agars. 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. The major seaweed derivatives are increasingly being used in the food &beverages, animal feed, and agriculture industries, among others.

Modern lifestyles worldwide have led to the rise in attention toward appearance and personal care, which attract a huge number of consumers toward cosmetics. The demand for skincare and cosmetic products produced with the use of natural ingredients is rapidly increasing in developed and developing countries. Seaweed derivatives are used as a naturally derived ingredient in various cosmetic and personal care products. The use of seaweed derivatives in cosmetic products has increased over the past few years as many scientific studies have proved the potential skincare properties of seaweed bioactive compounds. Seaweed derivatives such as cosmetic agar are used as a thickener, gelling, and stabilizer agent in moisturizing and skincare creams, among others. Agar remains stable and inert, and forms reversible gels that are useful in formulations such as creams, suspensions, emulsions, dispersions, capsules, and gels. It is also used in cosmetic products, deodorants, shampoos, creams, and lotions. Likewise, sodium alginate is used as a gelling agent, stabilizer, thickener, and emulsifier.

In December 2019, an outbreak of COVID-19 began in Wuhan (China), and since then it has spread across the globe at a fast pace. US, India, Spain, Russia, China, Italy, France and Germany, are among the worst affected countries in terms of positive cases and reported deaths as of March 2020. According to the latest WHO figures updated on May 25, 2020, there are ~ 5 307 298 confirmed cases and 342 070 total deaths globally. The COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. China is known as a global hub of manufacturing and the largest raw material supplier for various industries. The overall market breakdown due to COVID-19 is also affecting the growth of the personal care wipes market due to shutting down of factories, obstacle in supply chain, and downturn in world economy.

The Asia Pacific seaweed derivatives market is concentrated with well-established players such as W Hydrocolloids, Inc.; KIMICA Corporation; DuPont de Nemours, Inc.; Gelymar S.A.; CP Kelco; Algaia, Compañía Española de Algas Marinas, S.A.; Cargill, Incorporated; and Arthur Branwell & Co.