Seaweed Snacks Market

Market Overview

The global seaweed snacks market size was valued at USD 1,693.03 million in 2022. It is expected to reach USD 3858.7 million by 2031, growing at a CAGR of 9.7% during the forecast period (2023–2031).

Extracts of seaweed are used in many different fields, such as food, agriculture, cosmetics, and medicine. Seaweed extracts are used in many other areas. Seaweed is used in farming as a part of pesticides, fertilizers, and plant food. Seaweed extract makes a wide range of snacks because it is good for your health. Seaweed extracts help lower cholesterol, improve digestion, and lose weight. This makes them an essential and valuable part of a healthy diet.The seaweed-based snack has iodine, copper, iron, potassium, magnesium, and calcium. They have fiber and vitamins A, B, and E that are good for you. Seaweed snacks come in many forms, like nori sheets, flakes, bars, chips, and other snacks. Many people are trying organic foods as they want to try new flavors and live healthier lives. This is because people's tastes are becoming more diverse in a world that is becoming more globalized.

Highlights

• The nori sheets segment is the highest contributor to the market by type.
• The red segment is the highest contributor to the market by source.
• The specialty stores segment is the highest contributor to the market by distribution channel.
• North America is the most significant revenue contributor by region.

Market Dynamics

Global Seaweed Snacks Market Drivers:

Expansion of the Vegan Population

Over the past few years, there has been a noticeable rise in the number of vegans in the world market. The demand for seaweed snacks is expected to rise as the vegan population expands. Customers in nations like Canada are moving away from animal products in favor of cleaner, healthier seaweed snacks prepared naturally. Around 7.5 million Americans favor an animal-free diet, believing it will make them more beneficial in the long run. The rise in vegan consumers is anticipated to increase demand for various seaweed snack products. The market for seaweed snacks worldwide is expected to grow in the future due to rising consumer demand for goods with novel ingredients.

Increasing Consumer Awareness of Health

Over time, people have become more aware of the significance of food. The sharp increase in chronic health problems brings this on. Consumers today have adopted unique diet plans to combat health issues and even changed their lifestyles to stay in shape. The use of organic products is one of the notable changes associated with this trend. The popularity of seaweed snacks is that they use only natural ingredients and don't contain any additives. The use of genetically modified organisms (GMOs) during production has been linked to health problems like organ damage, gastrointestinal and immune system disorders, accelerated aging, and infertility. In contrast, non-organic products, on the other hand, have gone unnoticed. The favorable qualities of seaweed snack products and growing consumer interest in fitness and health increase demand for seaweed snacks, propelling market expansion.

Global Seaweed Snacks Market Restraints:

High Production Costs

Due to higher labor inputs per unit of output and lower economies of scale caused by greater enterprise diversity, the cost of producing natural foods like seaweed snacks is high. It's also necessary to separate organic and non-organic food after it's picked, which means that handling small amounts of organic food costs more, especially for processing and transportation, which raises the overall production price. The market for organic snacks is not expanding because of the high production costs.

Global Seaweed Snacks Market Opportunities:

Untapped Potential of Developing Nations

Due to their untapped potential, emerging economies present enormous opportunities. More than 80% of the world's population lives in non-member countries of the Organization for Economic Co-operation and Development (OECD). Still, they only consume less than 60% of the food produced globally. In emerging economies, the middle class will make up more than 60% of the world's population by 2020. In China, about 3 million households with a disposable income of about USD 10,000 in 2000; given the rate of change, this number rose to 60 million in 2012. By 2020, this figure was anticipated to surpass 230 million. Over the past few years, per capita income in emerging economies has significantly increased. Compared to 2016, China's per capita income increased by 9% in 2017. India's disposable income rose by about 9.4% in 2017 compared to 2016. As consumers exercise more purchasing power, the rise in disposable incomes and the increased global awareness of fitness encourage the use of more upscale and environmentally friendly goods, like snacks made of seaweed.

Regional Analysis

North America Dominates the Global Market

The global seaweed snacks market is segmented by region into North America, Europe, Asia-Pacific, and LAMEA.

North America is the most significant revenue contributor and is expected to grow at a CAGR of 12.5% during the forecast period. The market for seaweed snacks in the United States, Canada, and Mexico are examined. The United States has the largest market share, followed by Canada. Due to the increased demand for seaweed snack items, the North American market has seen more companies enter the industry, and even more new players intend to make their presence in the market. The demand for seaweed snacks in North America is predicted to expand dramatically as obesity rates rise in nations like the U.S. and Canada. They now consume naturally made seaweed snacks that are cholesterol-free due to obesity issues. The region's market for seaweed snacks is anticipated to develop due to innovations in traditional snacks with lower chemical and fat content.

Asia-Pacific is expected to grow at a CAGR of 10.4% during the forecast period. The market for seaweed snacks in China, Japan, India, South Korea, Australia, and the rest of Asia-Pacific is examined. In 2019, China held the largest market share of the Asia-Pacific market for seaweed snacks, with a share of 36.7%. The region has become one of the fastest-growing markets for seaweed snacks. Due to growing consumer awareness in the area, the market for seaweed snacks is expanding rapidly in the Asia-Pacific region. Due to the increased demand for organic products and their better nutritional content, seaweed snacks are expected to see the most significant growth in popularity in the region. The market for seaweed snacks is anticipated to grow due to consumers' increased health consciousness and attraction to items with lower cholesterol, like seaweed chips, bars, and others.

The United Kingdom, France, the Netherlands, Germany, Turkey, and the rest of Europe make up Europe. Increased consumption of healthy foods and beverages results from growing health and fitness awareness. Additionally, a high concentration of wealthy people and an increased population with food allergies contribute to expanding the market for seaweed snacks in Europe. The demand for healthy seaweed-based snacks in the area has grown as consumers' awareness of health issues has increased. Additionally, the low cholesterol, high iodine, and mineral content of seaweed snacks will increase consumer demand for the food item. Further, the availability of a variety of snacks made from seaweed has helped to meet a variety of consumer demands, thereby raising consumer demand.

The market for LAMEA seaweed snacks is examined in Brazil, South Africa, the United Arab Emirates, and the remaining LAMEA countries. The main driver of the growth of the seaweed snack market in LAMEA is the popularity of seaweed snacks in regions like Africa and Brazil. The sale of seaweed snacks has increased as restaurants, clubs, and bars have started to offer seaweed snacks, primarily nori sheets. In the upcoming years, the industry is expected to benefit from innovation in seaweed snack products and the development of new flavors. Manufacturers' introduction of fresh flavors and products will aid in capturing a larger market share during the forecasted period. Consumer preference for healthy products has also increased demand for seaweed snacks. Demand for organic goods like seaweed snacks has grown along with the population's tendency toward allergies.

Segmental Analysis

The global seaweed snacks market is segmented by type, source, and distribution channel.

The global seaweed snacks market is bifurcated based on type 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. In Japan, dried seaweed, known as nori sheets, which resemble sheets of black paper, is a trendy ingredient that is especially used for wrapping steamed rice to make makizushi (sushi rolls) and onigiri. It is also a standard component of breakfast, served with rice. Vitamin B1 is abundant in nori, which helps fight mental fatigue. Nori sheets are in greater demand among consumers due to their higher protein, carbohydrate, and vitamin A and C content.

Flakes of seaweed are added as garnishes to salads, rice, pasta, pizza, grilled foods, and other foods. Flakes of seaweed are also used as toppings for food products that are consumed as snacks and for cooking. Seaweed flakes are so versatile that they can be used in cooking and snacking. Flakes are a great source of enzymes, vitamins, minerals, high-quality proteins, and antioxidants. Vegetarian consumers favor this sea vegetable because of this. Due to consumer demand and market growth, it is anticipated that the use of seaweed flakes in various food products, including pasta dishes, pizza, grilled meals, and other products, will increase. Demand for organic products like seaweed flakes and a rise in vegetarian consumers are both anticipated to increase. Additionally, the nutritional value of seaweed flakes is expected to support market expansion.

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 9.8% during the forecast period. The red color of seaweed is caused by the pigments phycoerythrin and phycocyanin, which cover up other pigments like chlorophyll, beta-carotene, and several distinct xanthophylls. Among the many species of red seaweed with commercial uses are Palmaria palmata, Chondrus crispus, Mastocarpus stellatus, coralline, kappaphycus, betaphycus, gracilaria, gelidium, and pterocladia, among others. Since red seaweed is probably used to make nori sheets, the increased consumer interest in sushi will directly impact the market's growth. The market is expected to grow due to rising consumer demand for foods and snacks made from red seaweed and raising public awareness of the product's health benefits.

The predominant xanthophylls, beta-carotene (a yellow pigment), chlorophyll a and b, and other pigments give seaweed its characteristic green color. Most of the green seaweed is aquatic and is frequently found in freshwater and marine environments. There are many different types of green seaweed, including Chlorophyta, Trebouxiophyceae, Chlophyceae, Bryopsidophyceae, Dasycladophyceae, Siphoncladophyceae, and Ulvophyceae. Additionally, there are numerous uses for green seaweed in the food industry.

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 9.3% during the forecast period. Specialty shops sell odd and sometimes surprising things. Specialty shops recommend seaweed snacks to their customers. Specialty stores offer excellent customer service, detailed product descriptions, and expert help. These stores sell both national brands and their own labels. Customers learn about a product before buying it. Customers want to get better deals. Therefore, they buy things using coupons, discounts, or vouchers. Vouchers and coupon programs are popular to enhance sales and build brand recognition. Manufacturers and specialty shops should have many opportunities to debut new products.

Hypermarkets and supermarkets are self-service versions of specific businesses that have been expanded. These provide a wide range of seaweed snacks, including bars, chips, noodles, and others. They are arranged on big shelves and specifically categorized. These goods are ordered and placed on shelves with placards that list their specifications and costs. Supermarkets and hypermarkets typically cover a vast space and include a variety of brands in a single location. For further convenience and accessibility, they are precisely placed close to residential areas. Hypermarkets and supermarkets are becoming increasingly popular as they offer a wide variety of consumer items under one roof, have enough parking, and have convenient hours of operation. Additionally, the popularity of hypermarkets is increasing in both established and emerging nations due to rising urbanization, an increase in the working-class population, and competitive pricing.

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.