The Global Seaweed Snacks Market size is expected to reach $3 billion by 2026, rising at a market growth of 13.2% CAGR during the forecast period. Seaweed extracts are products used in various sectors like food, agriculture, cosmetics, and pharmaceuticals. The application of these seaweed extracts varies in different industries. The agriculture sector uses seaweed as a component in pesticides, horticulture, and fertilizers. The food industry uses seaweed extract in the making of different snacks because of its health benefits. Seaweed extracts help in reducing the cholesterol level, improving digestion, and weight loss that makes it an important and effective part of dietary food.
The rising adoption of vegan products have been witnessed over the last few years. The growing vegan population around the world is expected to propel the seaweed snacks market during the forecast period. There are many people in countries like Canada, who do not use animal products and demand healthy, clean, and natural seaweed snacks products in the market. Many people in the U.S include animal-free products in their diet to maintain healthy lifestyle. The rising vegan population is estimated to boost the demand for different sources of seaweed snack products. It is anticipated that the demand for products with new ingredients will drive the demand for the global seaweed snacks market.
Based on Product, the market is segmented into Strips & Chips, Flakes, Bars and Other Products. Based on type, the strips & chips category obtained the highest market share in 2019. This category would further grow at a significant growth rate during the forecast period as the key manufacturers of the market have introduced innovative products in order to increase their product portfolio. For example, Ocean’s Halo in January 2017 launched three latest products that include chili lime, dark chocolate strip, organic sushi nori, and Korean BBQ flavored sheets.
By Distribution Channel
Based on Distribution Channel, the market is segmented into Offline and Online. The online store segment is expected to record the highest CAGR over the forecast period. The attractive price offers combined with the convenience of shopping from home are propelling the sales of these products through the online platforms. Online platforms like Tesco PLC, Amazon, Sainsbury’s, Asda Stores Ltd., and Instacart are among the main online retailers around the world.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America would exhibit a prominent CAGR during the forecast years. The rising concerns about health among the consumers along with the increasing cases of obesity have been boosting the growth of the seaweed snacks market in this region. For instance, Taokaenoi Food & Marketing PCL’s subsidiary Nora Snacks introduced a wide variety of seaweed chips in the U.S. The company also unveiled seaweed snacks on Amazon and other online stores.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include PepsiCo, Inc., CJ CheilJedang Corporation (Annie Chun’s, Inc.), Taokaenoi Food & Marketing PCL, Gimme Health Foods, Inc., KwangCheon Kim Co., Ltd. (Kimnori USA, Inc.), SeaSnax, New Frontier Foods, Inc. (Ocean’s Halo), KPOP Foods, Inc., Eden Foods, Inc., and Singha Corporation Co., Ltd. (Boon Rawd Brewery).
Strategies deployed in Seaweed Snacks Market
Mar-2020: Gimme Snacks introduced new Sea Salt & Avocado Oil Roasted Seaweed Snack flavor. This is the new flavor alongside its existing product line of premium USDA Organic, Non-GMO, and Gluten Free products.
Sep-2018: Nora Snacks, a US subsidiary of the Thai seaweed manufacturer Taokaenoi introduced seaweed chips to America. These seaweed chips are launched through Amazon and other online retailers.
Aug-2018: Singha Collaborated with Bar B Q Plaza. The collaboration was focused on introducing new Masita seaweed snack flavour, Grilled Bacon with Bar B Q Plaza Sauce combined with the unique flavour of Bar B Q Plaza’s sauce with fried seaweed.
May-2018: KPOP Foods introduced one-of-a-kind organic, roasted seaweed snack called KPOP Sea Snacks with Packed with flavor and health benefits.
Jan-2018: TaoKaeNoi launched Korean Style Seaweed Snack Range. This range is also available in Crispy Seaweed with Spicy Baby Clam Flavour.
Nov-2017: Taokaenoi Food & Marketing agreed to acquire GIM Factory, Inc., California-incorporated organic seaweed producer. The Acquisition would expand its business in North America and Europe.
Jan-2017: New Frontier Foods expanded its product lines and manufacturing capabilities by launching A first-of-its-kind Dark Chocolate Seaweed Strip, Chile Lime and Korean BBQ Flavors. These products are added to its Seaweed Snack Sheets, Organic Ocean’s Halo Sushi Nori.
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