Report : North America Seaweed Derivatives Market Forecast to 2027 - Covid-19 Impact and Regional 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
Health benefits of seaweed and seaweed derivatives to drive market growth at CAGR of 6.8%
According to the latest study on “North America Seaweed Derivatives Market to 2027 – COVID-19 Impact and North America Forecast 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 Geography,” the market was valued at US$ 328.01 million in 2018 and is projected to reach US$ 593.39 million by 2027; it is expected to grow at a CAGR of 6.8% during 2019–2027. The report highlights key factors driving the market growth and the prominent players along with their developments in the market.
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 health and nutritional benefits of the regular consumption of seaweed and seaweed derivatives is the key factor leading to the growth of seaweed derivatives market. Seaweeds contain iodine and tyrosine that support thyroid function, and they are a rich source of minerals and vitamins. It also contains a variety of protective antioxidants, and fiber and polysaccharides that support gut health.It reduces the risk of getting heart diseases. Moreover, the regular consumption of seaweed also helps lose weight by delaying hunger. There are several types of seaweed, including nori, kelp, wakame, kombu, and dulse, as well as blue-green algae, such as spirulina and chlorella. These seaweeds generally contain many healthful minerals that are easy for the body to break down.According to a study by Marine Drugs, seaweed supply good quantities of protein, carbohydrates, minerals, polyunsaturated fatty acids, and fibers.
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 North America seaweed derivatives market is concentrated with well-established players such asW Hydrocolloids, Inc.; KIMICA Corporation; DuPont de Nemours, Inc.; Gelymar S.A;CP Kelco; Algaia; Compañía Española de Algas Marinas, S.A.; Cargill, Incorporated; and Agarmex, S.A. DE C.V.
The report segments the North Americaseaweed derivativesmarket as follows:
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