Global Seaweed Snacks Market is Segmented By Product(Strips, Flakes, Bars, Chips, Others), By Distribution Channel(Hypermarkets and Supermarket, Convenience Store, Specialty Stores, Online), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031
Market Overview:
The global seaweed snacks market valued USD XX million in 2021 and is forecast to reach USD XX million by 2029, growing at a CAGR of XX% during the forecast period (2024-2031)
Seaweed or sea vegetables are sources of algae that grow in the sea. Around 6000-9000 species of seaweed are available worldwide, but only around a dozen have been truly exploited as food components. Seaweed snacks are found in various sources, such as packaged snack food and other processed food. Consumption of seaweed helpful for thyroid function, digestive health, and weight loss. Seaweed extracts help reduce cholesterol levels and improve digestion, and weight loss, making it an important and effective part of dietary food. The rising preference for healthy foods is expected to boost the product demand.
Market Dynamics:
The rising awareness about health benefits of seaweed snacks
There are several Products of seaweeds such as nori, kelp, wakame, Kombu, dulse, blue-green algae etc. They have high nutritional value. Each product of seaweed contains different vitamins and minerals. Seaweeds are a source of antioxidants that protect the body from oxidative stress and reduce inflammation at the cellular level. Thyroid gland releases hormones for energy production which is helpful for the growth and cellular repair. Thyroid gland needs iodine for proper functioning. Some seaweed dietary supplements may not give an adequate iodine, while others offer more than the daily value. Iodine deficiency is one of the causes of hypothyroidism. A thyroid can cause fatigue, cold intolerance, and sore muscles and joints. The recommended dietary intake for iodine is 150 mcg per day. Seaweed has the unique ability to absorb concentrated amounts of iodine from the ocean. So intake of seaweed snack fulfil the iodine deficiency and help to cure thyroid.
As seaweeds are a high Source of fibers, it helps regulate insulin and sugar levels. Adding seaweed to the diet helps increase fiber intake without adding many calories. Seaweed snacks help reduce risk factors such as inflammation, high-fat levels, and insulin sensitivity. This fiber can help feed the guts bacteria. Intestinal bacteria break fiber into compounds that improve gut health and the immune system's health. Seaweed snacks help to reduce weight loss. The fiber in the seaweed is less in calories which helps reduce weight loss. Seaweed snacks contain a high dietary fiber, delaying hunger and stomach emptying. As a result, the stomach may delay sending signals of hunger to the brain, which may help prevent overeating. Seaweed snacks help to reduce cholesterol levels. These soluble fibers bind or salts in the body. The body then uses cholesterol to replace these elements, which may decrease a person's total cholesterol by up to 18%. Seaweeds have high fiber content, which causes them to act as a natural laxative. It helps to enhance gut health and improve digestion.
Market Segmentation:
Nori seaweed snacks segment held largest market revenue share in the year 2021
Nori seaweed snacks are good for health. They provide minerals and vitamins. Nori is made by shredding edible seaweed and pressing it into thin sheets. It is a high iodine, copper, iron, potassium, magnesium, and calcium source. Nori seaweed snacks are high in fiber and low in calories. Innovative sushi dishes like nigiri sushi will be a key emerging trend in the global seaweed snacks market. Nori is one of the fantastic ingredients because it lasts for a long time and adds to any dish that is a significant factor in increasing the demand for the seaweed snacks market.
Based on the distribution channel, the online distribution channel is projected to hold the highest CAGR during the forecast period because consumers can have more options and more products to choose from than the retail store. And also, increasing the use of smartphones is driving pushing e-commerce to the next level. Additionally, discounts on online platSources like Amazon, Woo Commerce, Shopify, Magneto, and others are attracting more customers and driving more sales than retail stores.
Market Geographical Share:
North America is expected to dominate the global seaweed snacks market in the year 2021
North America is the major dominating region in the global seaweed snacks market and is expected to continue its dominance during the forecast period. Some of the factors contributing to the growth seaweed snacks market in North America are the rise in disposable income and health awareness. The increasing health concerns along with rising cases of obesity have been fueling the demand for seaweed snacks in the region. In September 2018, Taokaenoi Food & Marketing PCL’s subsidiary Nora Snacks launched a range of seaweed chips in the U.S. The company launched seaweed snacks through Amazon and other online stores.
Asia Pacific dominates the seaweed snacks market, as increasing urbanization and growing consumers’ knowledge of nutrition appears to be fueling the rise of seaweed consumption in region. South Korea, Japan, China, and Thailand are the prominent markets of the region. According to researchers conducted at Huazhaung Agriculture University in China, they found households living in urban areas consumed more seaweed on average than those in urban areas. In 2021, the average consumption of seaweed at china was 78.09 gr/month/person in urban residents. The outside home figure was 27.54 gr. and for urban residents 48.80 and 9.27 respectively. The Chinese army is investigating the use of seaweed as a Source of ingredients. Residents with higher knowledge were likely to consume more seaweed. With the increasing spending power of Chinese consumers and the growing preference for more healthy food, the consumption of seaweed snacks has grown rapidly during the past few years. Due to the high fiber content, nori is a good Source to alleviate hunger without consuming many calories. China produced 24,590 mt of nori in 2019, up 5.86%. Chinese R&D in this industry has produced a number of new innovative products, like tomato-flavored nori by Strong food. Also, Japan and Korea are also highly consumed seaweed snacks countries.
Competitive Landscape:
The seaweed snacks market is fragmented. The key players operating in the Seaweed Snacks market include Taokaenoi Food & Marketing PCL, gimMe Health Foods Inc, Frito-Lay, Annie Chun's, Inc, and Kimnori USA. Additionally, these key players focus on manufacturing the best possible quality that could attract more consumers to drive more sales and propel the market's growth. Some key players are launching new products to enhance their product portfolio. For instance, In September 2018, Taokaenoi Food & Marketing PCL's subsidiary Nora Snacks launched a range of seaweed chips in the U.S. The company launched seaweed snacks through Amazon and other online stores. Also, In January 2017, Ocean's Halo introduced three new products, including dark chocolate strip, chili lime, Korean BBQ flavored sheets, and organic sushi nori. In May 2018, KPOP Foods introduced a one-of-a-kind organic, roasted seaweed snack called KPOP Sea Snacks, packed with flavor and health benefits. In September 2020, US-based food and Beverage Company Ocean's Halo removed plastic holding trays from its seaweed snack line as part of its commitment to sustainability. The company will start offering sea salt flavors and seaweed snacks without tray packaging. For instance, In Jan 2020, Seaweed rode a tidal wave of popularity. Seaweed's nutritional benefits include supporting cognitive health, the nervous system and healthy skin, boosting energy and metabolism, and helping children's development. Key players are going through the merger and acquisition policy to increase production capacity. In Jan 2020, Utz Quality Foods, a US-based manufacturer of branded savory snacks, entered a definitive agreement with investment company Collier Creek Holdings to merge and Source Utz Brands, a publicly listed company. Utz Brands will be positioned as a pure-play snack food platSource in the U.S.
COVID-19 Impact:
Negative impact on the global seaweed snacks market
The COVID-19 pandemic has harmed the overall industry. China is one of the largest manufacturers and suppliers of seaweed; Due to industry shutdowns, travel bans, and border restrictions, they cannot supply their products. Therefore, the seaweed snacks market is affected due to obstacles in the supply chain, and as a result, the demand for seaweed protein has consequently witnessed a decline. The strict lockdown measures worldwide had shut down the production of all agricultural industries for several weeks in March and April.
