India seaweed market is anticipated to increase at an impressive rate in the forecast period. Seaweed is a type of marine algae which is green, brown, or dark red in color that grows in the sea or on land nearby to the sea. They are used as a source of long and short-chain chemicals which has significant uses in medicinal and industrial purposes for the production of different products. As the product is plants or extracted from the plant, it is deemed organic, which helps in sustainable development and safeguarding the environment.
Seaweed extracts are considered as the best fertilizer that enhances yield and productivity in the agricultural sector. Apart from these, it is used as animal food, manure in soils, and soil conditioner. In the form of liquid extracts, it helps plants like gardenias, camellias, azaleas, and rhododendrons to protect themselves from pests & diseases and act as a growth promoter by adding iron to the soil. In addition, favorable government policies for organic products and ongoing research to find new applications such as biofuel are expected to propel the demand for the Indian seaweed market in the anticipated period.
Increasing Demand from Food Industry
Due to rising awareness in people about organic and plant-based food, the demand for seaweed is growing from food industries to prepare different foods such as salads, soups, and low-calorie dietetic foods. Seaweed is a good source of vitamins, minerals, and fiber, thus is used in food like sushi rolls, Nori, soups & stews, salads, supplements, and smoothies in different nations like Japan, Korea, and Japan. According to Government of India reports, the Indian government plans to invest about 86.8 million USD in seaweed production. The government aims to increase seaweed production to 1 million tons annually by 2025. It is considered an excellent source of iodine, an ingredient found in foods. Hence, it helps to increase satiety, lowering postprandial glucose and lipid absorption rates in consumers.
Growing Demand for Medicinal Purposes
In Asian nations, fresh and sun-dried seaweeds have been consumed for thousands of years for medicinal purposes. Diverse varieties of seaweeds have recently been shown to contain many novel chemicals with potential therapeutic uses. Due to the antibacterial, antiviral, and antitumor effects, it is used to cure different problems like HIV, Viral diseases, cancer, and others. Undaria pinnatifida enteromorpha, monostroma, and Caulerpa are other edible seaweeds that help maintain blood pressure and reduce prostate, colorectal, and breast cancers. Alginate, a seaweed component, is frequently used in medicine as a binding agent, a tablet carrier, and for wound treatment. The report stated by the United States Department of Agriculture that 40 % of the drugs sold at pharma stores are extracted or derived from the plant. Thus, the demand for Indian seaweed is expected to rise in the anticipated period.
Ongoing Research & Development and Favorable Government Policies
Algae and marine plants have boosted the economy as the growing application due to growing investment in research & development. They are popular softeners in organic cosmetics and skin-care products and efficient binding agents in commercial products like toothpaste and fruit jelly. It is an excellent source of biofuel, known as eco-friendly or future fuel. The slurry of crushed seaweed extracts micro-organisms that produce methane gas, replacing petroleum-based fuel. Apart from these, growing demand for plant-based meat and government initiatives like “creating a Special Economic Zone, Pradhan Mantri Matsya Sampada Yojana (PMMSY), and Blue Revolution scheme, others are expected to propel the Indian Seaweed market.
- In October 2022, Sea6 Energy, an Indian startup, raised a fund of more than 22 million USD that aimed to produce enough biomass as an alternative to reduce India’s oil imports from different countries.
India Seaweed market is segmented based on type, method of cultivation, form, and application.
Based on type, the market is divided into brown, red, and green. Based on method of cultivation, the market is divided into single rope floating raft method, fixed bottom long thread method, and integrated multi-trophic aquaculture. Based on form, the market is divided into liquid and dry. Based on application, the market is divided human consumption and non-human consumption.
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. are the key players operating in the India seaweed market.
In this report, India Seaweed market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
India Seaweed Market, By Type:
India Seaweed Market, By Method of Cultivation:
- Single Rope Floating Raft Method
- Fixed Bottom Long Thread Method
- Integrated Multi-Trophic Aquaculture
India Seaweed Market, By Form:
India Seaweed Market, By Application:
- Human Consumption
- Non-Human Consumption
India Seaweed Market, by Region
Company Profiles: Detailed analysis of the major companies present in India Seaweed market.
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Table of Contents
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions/Countries
3.5. Overview of Market Drivers, Challenges, Trends
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Type (Brown, Red, Green)
5.2.2. By Method of Cultivation (Single Rope Floating Raft Method, Fixed Bottom Long Thread Method, Integrated Multi-Trophic Aquaculture)
5.2.3. By Form (Liquid, Dry)
5.2.4. By Application (Human Consumption v/s Non-Human Consumption)
5.2.5. By Company (2022)
5.2.6. By Region
5.3. Market Map
5.4. State-Wise Production of Seaweeds in India
5.5. State-Wise Funding & Investment Analysis for Seaweeds
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Type
6.2.2. By Method of Cultivation
6.2.3. By Form
6.2.4. By Application
6.2.5. By Region
7.1.1. By Value
7.2. Market Share & Forecast
7.2.1. By Type
7.2.2. By Method of Cultivation
7.2.3. By Form
7.2.4. By Application
7.2.5. By Region
9.2. Rising R&D activities for New Applications
9.3. Growing Demand of Sustainable Products
9.4. Funding Analysis
9.5. Mergers & Aquisitions
13.2. Sea6 Energy
13.3. Tata Chemicals
13.4. Coromandel International Ltd.
13.5. Mars Petcare Company
13.6. HiMedia Laboratories Pvt. Ltd
13.7. Snap Natural and Alginate Products Pvt. Ltd.
A selection of companies mentioned in this report includes:
- 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.