Seaweed is an edible alga that grows in the sea. There are several ways to consume it, popularly as a processed snack. Seaweed is a healthier alternative for chips and crackers as these snacks have a high proportion of sodium and additives.
According to the MarkNtel Advisors' research report, "Global Seaweed Snack Market Analysis, 2021," the market is likely to grow at a CAGR of around 9% between 2021-26. The demand for seaweed snacks has gained a rich pace across the globe. It is low in calories and high in fiber & minerals and is a healthy substitute with numerous health benefits. This has increased a significant rise in vegan popularity and customer inclination toward seaweed snacks.
It helps with thyroid function and improves digestive health as well. In addition to this, the burgeoning demand for gluten and GMOs free is driving health consciousness and awareness among people. These are soaring the demand for seaweed snack extensively. Moreover, seaweed is a carbon-negative food source having less impact on the market. Hence, it is further driving the growth of the market.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-20|
|Regions Covered||North America: USA, Canada|
|Europe: Germany, UK, France|
|Asia-Pacific: China, Japan, South Korea|
|South America: Brazil, and Argentina|
|Key Companies Profiled||Taokaenoi Food & Marketing PCL, gimMe Health Foods Inc., Frito-Lay North America, Inc., Annie Chun’s, Inc., Kimnori U.S.A. Inc., KPOP Foods, SeaSnax, Ocean’s Halo, SEAWEED MARKET OÜ, Singha Corporation|
|Unit Denominations||USD Million/Billion|
Impact of COVID-19
The COVID-19 pandemic has a profound impact on the functionality of modern society. The lockdown imposition has restricted the operations of restaurants and food joints, which has affected the demand for seaweed snacks. Disruptions in supply chains and the decline in people's spendings have further hampered the market growth substantially. Nonetheless, the market is likely to recover gradually very soon.
Nori Sheets Accounted for the Largest Market Share
Based on type, the market categorizes into Nori Sheets, Flakes, Bars, Chips, Others. Among these segments, Nori Sheets accounted for the largest market share in the market in 2019. They have their wide usage in food like sushi and garnishing and are a healthier alternative with high nutrients and low in calories.
The growing popularity of seaweed and increasing millennial inclination for sushi in western countries has propelled the demand for nori sheets. Besides this, the launch of a new flavored product is placing a positive influence on the growth of the global seaweed snack market, as revealed by the MarkNtel Advisors’ research report “Global Seaweed Snack Market Analysis, 2021."
Red Source Register Fastest Growth
Based on the source, the market bifurcates into red, brown, and green. The red source is likely to grow at the fastest rate in the Global Seaweed Snack market during the forecasted period. It is high in protein content used for making meat alternatives and in nori sheets to wrap sushi.
The surge in the consumption of sushi across the globe has propelled segment growth. Besides this, increasing awareness among consumers regarding the health benefits of red seaweeds is projected to further aid the segment growth in the future.
Asia-Pacific Dominated the Market
China, Japan, and South Korea are the biggest markets for seaweed snacks in the Asia-pacific region. It is a staple food in these countries. Seaweed is popularly used as a healthier alternative to processed food such as chips, as it is low in calories and high in calcium, protein, iodine, iron, etc. Some factors driving the growth are the strong foothold of giant market players, the introduction of new and innovative products, and increasing the demand for seaweed snacks among consumers.
South Korea acquired a considerable market share in Asia-Pacific. It is due to the introduction to the development plan for the seaweed industry. The government aims to accentuate the Korean seaweed industry as an export-driven food industry, worth 1 trillion by 2024. Thereby it is further anticipated to place a lucrative opportunity for the market growth in the forecast period.
Rising Awareness Regarding Health Benefits of Seaweed Snack
The seaweed market is likely to witness robust growth over the forecast period between 2021-26. The increasing awareness among people is due to the health benefits of seaweed. It is a rich source of antioxidants, amino acids, folic acid, calcium, omega-3 fatty acids, iodine, mineral, protein, etc.
In addition to this, the adoption of a sedentary lifestyle is majorly by people facing issues like obesity, high blood pressure, cholesterol, thus escalating the heart disease risk. Hence, the demand for seaweed snacks is boosting rapidly, as it helps to reduce such risks and support health.