Global Commercial Seaweeds Market is projected to reach USD 17.62 Billion by 2024, at a CAGR of over 9% during the forecast period owing to growing awareness of nutritive values in seaweeds, increase in consumption of seaweed for human food and animal feed, and its gelling properties which can be used in various industries such as hydrocolloids.
Based on type, the market has been segmented into Brown Seaweeds, Green Seaweeds, and Red Seaweeds. In 2018, the red seaweed market segment accounted for the major shares due to the rising awareness of the health benefits of red seaweeds that results in its increased usage in the food industry. In 2018, the APAC region dominated the market due to increasing awareness about the benefits of commercial seaweeds among industrialists and consumers. Moreover, the North American region is projected to dominate the market during the forecast period due to investments from several multinational manufacturers and extensive R&D initiatives.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents also enquired about their competitors. Through this technique, TechSci Research could include the suppliers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the service offerings, distribution channels, and presence of all major collaboration manufacturers across the globe.
TechSci Research calculated the market size of the Global Commercial Seaweed Market using a bottom-up approach, where data for various end-user industries and their application across various product types were recorded and forecasted for the future years. TechSci Research sourced these values from industry experts and company representatives and externally validated them by analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as the company website, news articles, press releases, company annual reports, investor presentations, and financial reports were also used by TechSci Research.
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as collaboration manufacturers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, Global Commercial Seaweeds Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
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