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Increasing industrial, agricultural, and feed-related applications, as well as a growing market for seaweed as a snack food, are expected to move the seaweed cultivation industry forward during the projection period. Due to easy access to raw materials, suitable weather conditions, and low labor costs for seaweed farming, the Asia-Pacific is anticipated to dominate the market, while Europe is expected to be a distant second. In terms of value, the food segment is expected to dominate the seaweed cultivation market by application in 2020. Due to the inclusion of minerals such as high iodine, calcium, magnesium, iron, vitamins, antioxidants, and fiber, seaweeds are commonly recognized as a health food. This has fueled the demand for seaweed as a food source in places like North America and Europe. Seaweeds are used as a thickening and gelling ingredient in a variety of processed foods, including sausages, bread, creams, cheese, dairy drinks, and chocolates. Furthermore, the usage of seaweeds in the production of low-calorie ice creams and cakes is expected to drive market expansion.
COVID-19 Impact analysis
Top Impacting Factors
Market Trends
Global Demand has Driven an Increase in Seaweed Growing Practices
Seaweed farming has become an alternative livelihood option in tropical developing nations to improve the socio-economic status of small-scale fishermen, boost the living standard of the coastal population, and promote the sustainable use of coastal and marine resources. Seaweeds also have a faster growth rate and do not require fresh water or land space. They also do not necessitate the use of environmentally harmful industrial fertilizers and pesticides. As a result, cost-effective harvesting procedures, combined with the convenience of handling cultivated seaweeds, have boosted seaweed farming in important seaweed-producing regions.
Natural Disasters have Hampered the Production of Seaweeds
Natural disasters, which impair seaweed production in the coastal areas of seaweed-producing countries in the Asia-Pacific and South American regions, are the biggest issue for seaweed manufacturers. Typhoons, floods, droughts, earthquakes, volcanic eruptions, and pests and illnesses all have an impact on seaweed farming productivity. Such disasters are uncontrollable and present a considerable problem for seaweed farmers. As a result, seaweed producers have begun to construct artificial ponds in non-marine places (mariculture), which require seawater.However, adopting such alternative farming techniques comes at a great cost, posing a financial hurdle for farmers and limiting the scale of seaweed production.
Consumption of Seaweeds is Linked to Toxicity
Consumption of seaweed extracts and packaged seaweed products derived from aquaculture has certain negative consequences due to hazardous minerals, causing global health concerns. Commercially available seaweed products are mostly in the form of partially dried seaweeds packaged in plastic containers and sold as tablets and powder. The presence of heavy metal contaminants such as arsenic and iodine in seaweed taken from wild animals raises safety concerns. Increased exposure to certain heavy metals found in seaweeds can cause medical concerns such as cancer, brain damage, gastrointestinal issues, and kidney illness. Excessive eating of seaweed raises iodine levels above the recommended amounts. Thyroid-stimulating hormone levels rise as a result, resulting in catastrophic illnesses such goitre. Due to the health risks associated with the consumption of seaweed products, seaweed consumption has been regulated, limiting the industry's expansion.
Key Benefits of the Report
Questions Answered in the Eucheuma Seaweed Market Research Report
Eucheuma Seaweed Market Report Highlights
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Key Market Players | DuPont, Qingdao Seawin Biotech Group Co. Ltd., Seaweed Energy Solutions AS, Qingdao Bright Moon Seaweed Group Co., CP Kelco U.S., Inc., The Seaweed Company, Groupe Roullier, Qingdao Gather Great Ocean Algae Industry Group, Cargill Incorporated, Acadian Seaplants |
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