Global Seaweed Snacks Market Grows Steadily at a CAGR of 9.7%

Introduction

Seaweed extracts are used in many areas, like food, farming, cosmetics, and medicine. There are many other places where seaweed extracts are used. Seaweed is used to make pesticides, fertilizers, and food for plants. Because it is good for your health, seaweed extract makes a wide range of snacks. Seaweed extracts can help you lose weight, improve digestion, and lower cholesterol. Because of this, they are an important part of a healthy diet. Iodine, copper, iron, potassium, magnesium, and calcium are all in the seaweed snack. They are good for you because they have fiber and vitamins A, B, and E. Many seaweed snacks include nori sheets, flakes, bars, chips, and more. People try organic foods because they want to try new tastes and be healthier. This is because people's tastes change as the world becomes more interconnected.

Market Dynamics

Expanding Vegan Population Drives the Global Market

Over the last few years, there has been a noticeable increase in vegans on the global market. As the vegan population grows, there will likely be a greater need for seaweed snacks. Customers in countries like Canada are turning away from animal products in favor of seaweed snacks that are naturally prepared and are cleaner and healthier. In the long run, 7.5 million Americans favor an animal-free diet because they think it will make them healthier. Numerous seaweed snack products are expected to see an increase in demand as vegan consumers grow in number. Due to the growing consumer demand for products with unusual ingredients, the market for seaweed snacks is anticipated to expand globally in the coming years.

Untapped Potential of Developing Countries Creates Tremendous Opportunities

The opportunities in emerging economies are enormous because of their unrealized potential. Most of the world's population—more than 80%—resides in nations that are not OEC members (OECD). Nevertheless, they only eat less than 60% of the food produced globally. By 2020, emerging economies will have more than 60% of the world's population in the middle class. Around 3 million households in China had an annual discretionary income of roughly $10,000 in 2000; at the current growth rate, this number would have increased to 60 million by 2012. This number is projected to increase to more than 230 million by 2020. The per capita income in developing economies has risen dramatically during the last few years. China's per capita income climbed by 9% in 2017 compared to 2016. In comparison to 2016, India's disposable income increased by roughly 9.4% in 2017. Increased consumer spending power, rising disposable incomes, and a greater emphasis on fitness worldwide promote the usage of more exclusive and environmentally friendly products, such as seaweed-based snacks.

Regional Analysis

North America is the most significant revenue contributor and is anticipated to exhibit a CAGR of 12.5% over the projection period. The seaweed snack market in the US, Canada, and Mexico is investigated. The highest market share belongs to the United States, followed by Canada. The North American market has seen more businesses enter the industry due to the rising demand for seaweed snack products, and even more new players plan to enter the market. As obesity rates rise in developed countries like the U.S. and Canada, it is anticipated that the demand for seaweed snacks in North America will grow significantly. Due to obesity difficulties, they now eat organically produced, cholesterol-free seaweed snacks. Seaweed snacks are expected to become more prevalent in the area due to improvements made to conventional snacks with less chemical and fat content.

Asia-Pacific is anticipated to exhibit a CAGR of 10.20% during the projection period. A study is done on the seaweed snack market in China, Japan, India, South Korea, Australia, and the rest of Asia-Pacific. China had the most significant market share of 36.7% in the Asia-Pacific market for seaweed snacks in 2019. One of the markets with the quickest expansion for seaweed snacks in the area. The Asia-Pacific region's seaweed snacks market is expanding quickly due to rising consumer awareness. Seaweed snacks are anticipated to experience the most surge in popularity in the area due to the rising demand for organic products and their superior nutritional value. Due to rising health awareness among consumers and their interest in products with lower cholesterol, such as seaweed chips, bars, and other options, the market for seaweed snacks is expected to expand.

Key Highlights

• The global seaweed snacks market was valued at USD 1,693.03 million in 2022. It is expected to reach USD 3,895.15 million by 2031, growing at a CAGR of 9.7% during the forecast period (2023–2031).
• Based on type, the global seaweed snacks market is bifurcated into nori sheets, flakes, bars, and chips. The nori sheets segment is the highest contributor to the market and is expected to grow at a CAGR of 10.1% during the forecast period.
• Based on the source, the global seaweed snacks market is bifurcated into red, brown, and green. The red segment is the highest contributor to the market and is expected to grow at a CAGR of 11.9% during the forecast period.
• Based on the distribution channel, the global seaweed snacks market is bifurcated into supermarkets/hypermarkets, convenience stores, specialty stores, convenience stores, and online stores. The specialty stores segment is the highest contributor to the market and is expected to grow at a CAGR of 10.7% during the forecast period.
• North America is the most significant revenue contributor and is expected to grow at a CAGR of 12.5% during the forecast period.

 

Competitive Players

1. Annie Chuns, Inc.
2. Eden Foods
3. Frito-Lay North America Inc.
4. Pepsico Inc.
5. Kellogg Company
6. Oceans Halo
7. Roland Foods Llc
8. Seasnax
9. Singha Corporation Co. Ltd
10. Taokaenoi Food and Marketing Pcl
11. Triple-M Products Co. Ltd.

Recent Developments

• October 2022- CJ CheilJedang launched seaweed snacks for Europe and Japan.
• November 2022- Wick-based seaweed snack brand SHORE bagged new investment with a six-figure sum.

Segmentation

1. By Type
   1. Nori sheets
   2. Flakes
   3. Bars
   4. Chips
   5. Others
2. By Source
   1. Red
   2. Brown
   3. Green
3. By Distribution Channel
   1. Hypermarkets and Supermarket
   2. Convenience Store
   3. Specialty Stores
   4. Online