Rising demand from farmer for production of more crops and favorable government policies are the factor that drive the demand for the India Seaweed market in the forecast period, 2023-2028.
According to TechSci Research report, “India Seaweed Market – By Region, Competition Forecast and Opportunities, 2018-2028″, The Indian seaweed market is anticipated to increase at an impressive rate in the forecast period, 2024-2028. Seaweed is marine algae that are green, brown, or dark red in color that grows in seashores and holds ample minerals and nutrients. Due to its antibacterial, antiviral, and antitumor effects, it is used in different applications and gaining demand from end users for medicinal, agricultural, food, cosmetics, fuel, and other purposes. Growing people’s awareness to protect the environment and lower carbon emissions awareness is going to propel the market.
The volatile cost of product & chemical penetration in sea plants is expected to obstruct the seaweed market growth. Water pollution is rising rapidly due to the dumping or leakage of various chemicals in the water bodies, which enter the bodies of living marine organisms. Thus, it is different to sell and cultivates algae in such an adverse situation and switch to an artificial marine ecosystem or an alternate process to produce the algae. This led to a rise in the production cost of seaweed and hindered market growth.
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India Seaweed market is segmented based on type, method of cultivation, form, application, region, and company.
Based on the method of cultivation, the market is divided into single rope floating raft method, fixed bottom long thread method, and integrated multi-trophic aquaculture. The integrated multi-trophic aquaculture segment is expected to hold the largest market share in the projected year. Integrated multi-trophic aquaculture is the same as polyculture, where two or more species are cultivated synchronically. In this method of cultivation, various marine organisms produce from diverse trophic levels to increase productivity, decrease waste, and support ecosystem services like bioremediation. Thus, as mentioned above, the advantage propels framer to grow seaweed through integrated multi-trophic aquaculture and make it a dominating segment.
Based on form, the market is divided into liquid and dry. The dry segment is expected to hold the largest market share in the projected year. Various essential antioxidants are present in dry seaweed in the form of vitamins like A, C, & E, B12, and protective pigments. It contains a decent amount of iodine, an essential mineral necessary for thyroid wellness and operation.
Based on application, the market is divided human consumption and non-human consumption. The human consumption segment is expected to hold the largest market share in the projected year. Due to growing plant-based food demand and the availability of beneficial vitamins, it is gaining popularity in western countries like the US, France, among others. Apart from these, the growing demand for seaweed for medicinal purposes is expected to propel the human consumption market in the segment.
Major companies operating in India seaweed market are:
- Aquagri Processing Pvt Ltd.
- Sea6 Energy
- Tata Chemicals
- Coromandel International Ltd.
- Mars Petcare Company
- HiMedia Laboratories Pvt. Ltd
- Snap Natural and Alginate Products Pvt. Ltd.
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“The South region is expected to dominate India’s Seaweed Market in the projected period due to an extensive coastline and available R&D facilities. A growing startup like Sea6 Energy that works in the production of seaweed to generate biomass for sustainable development will propel the market growth. Government initiatives include Special Economic Zone, Pradhan Mantri Matsya Sampada Yojana (PMMSY), the Blue Revolution scheme, and ongoing R&D such as biofuel, medicine, and others for new applications are going to propel the Seaweed demand. All the above factors are projected to impact India’s seaweed market growth until 2028.” said Mr. Karan Chechi, Research Director with TechSci research, a research based global management consulting firm.
“India Seaweed Market, Type (Brown, Red, Green), By Method of Cultivation (Single Rope Floating Raft Method, Fixed Bottom Long Thread Method, Integrated Multi-Trophic Aquaculture), By Form (Liquid, Dry), By Application (Human Consumption v/s Non-Human Consumption), By Region, Competition, Forecast and Opportunities, 2028 has evaluated the future growth potential of India seaweed Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India seaweed market.
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