The global seaweed extracts market has experienced a significant growth, and is expected to grow considerably in next few years owing to its wide usage in various industries. Seaweed extracts are derived from macro algae which grow in the cold oceans globally. The main macro algae from which seaweed extracts are derived are from red algae (Rhodophyta), brown algae (Phaeophyceae), and green algae (Chlorophyta). Initially, seaweed meant for human consumption was gathered along the seashore or was collected from the ocean. It has been a part of food diet in China, Japan, and Korea. The ones that are eaten are freshly cultivated locally and consumed in a short period. As seaweed can be dried and preserved in its shape for a longer duration and transported conveniently, it was recognized as a valuable food and became a commercial product.

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COVID-19 Scenario Analysis

The worldwide outbreak of COVID-19 has led to serious implications in all the economic sectors. All over the globe, the pandemic has created medical emergency due to which the demand for food items, hygiene products, and medical product market have grown. In the COVID-19 scenario, people are more inclined toward consuming safe, reliable and healthy foods. Therefore, COVID-19 has increased the sales of traditional, healthy, and staple food items. The frozen non-vegetarian food, fruits & vegetables, eggs, pulses, flour, and whole grains have experienced growth. However, packaged foods, coffee, pastries, milkshakes, sweets, chocolates, cheese, and other bakery products have experienced a decline in its sale due to which the demand for seaweed extracts in the packaged &processed food industries has been declined. Moreover, decline in demand for cosmetics and personal care products have decreased the usage of seaweed extracts in manufacturing of these products. In addition, the lockdown scenario in various countries has hampered the production and supply chain of the seaweed extracts products. The consumer buying behavior may change permanently post COVID-19. Companies need to build robust sales plan for recovery. They might have to adopt e-commerce platforms and omnichannel in their supply chain.

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Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis

The wide application of seaweed extract in different industries has given traction to the seaweed market. It is widely used in cosmetic and personal care industry due to its natural components that improve the regeneration of skin cells and hydrate the skin. It is used as natural ingredient in serums, lotions, and moisturizing creams. It is also used in pharmaceutical industry. Seaweed extract have iodine and tyrosine which support thyroid function. It even contains antioxidants which heal the injuries and damages in cells of body caused by free radicals.

The rise in health consciousness among consumers has surged the demand for seaweed extracts. In addition, it has huge demand in dietary &supplement industries. Seaweed is rich in carbs, calories, protein, fat, fiber, riboflavin, thiamin, iron, manganese, and copper. It is a good source of vitamin A, C, E&K and omega 3 due to which its consumption has surged.

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Companies Covered: Grow More Inc., Chase Organics and Ocean Harvest Technology, Alga-Net and AlgAran Seaweed Products, Ireland. Kelpak, Algea the Arctic Company, Shigawake Organics Ltd., Unilever, Ocean organics, Suboneyo Chemicals Pharmaceuticals (p) Limited, INDIGROW LTD., Saosis Biotech Private Limited, AJ Products Pty Ltd, Mycsa AG, North American Kelp, Yash Chemicals Ltd., Technaflora Plant Products Ltd., Aveeno Active Naturals, Arihant Bio Fertichem Pvt. Ltd.,