Sea Vegetables Market: Overview

Sea vegetables find wide application in catering & food service companies that mainly used nori, wakame, and kombu in Japanese and Asian cuisine. Although the demand has been rising from this sector, the food processing, and the retail market is continuously growing. About a quarter of the world market is supplied by European producers, mainly from the French and Spanish regions. Most of the companies are vertically integrated, involved in collecting and drying seaweeds, processing it, as well as making end products.

The global demand for sea vegetables is expected to expand with an impressive CAGR over the forecast period.

 Sea Vegetables Market: Drivers & Restraints

The prime factors boosting the sea vegetable market is the catering and food service, growing number of food processors, retail penetration, and more awareness about health and nutritional benefits. The food and catering services continues to drive the sea vegetable market as more than half the sales volume go to this particular sector. Apart from Asian food, the sea vegetables are finding application in European cuisines. Retail penetration is on a rise due to specialist retailers, and some of the main stream retailers are also introducing these products. Due to high demand for organic food and more and more consumers shifting towards a healthy lifestyle, the demand is rising amongst the organic food shops and health food retailers. Sea vegetables are a rich source of iron and vitamins, which has been attracting the millennials.

Low consumer awareness about sea vegetables has been hampering the growth in the market. Most consumers don’t know how to include the sea vegetables in their food.  Although the market is growing, there’s relatively low demand from the food processors.  Higher product prices in some region are also discouraging the producers to launch retail products due to competition with lower priced Asian products.

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Sea Vegetable Market: Market Segmentation

The Sea Vegetable Market is segmented into five parts based on the type, application, end user, sales channel, and geography. With the rise in health conscious demographic around the world, the producers are constantly working on enriching and producing sea vegetable with extra nutrition in their products which has been driving the sea vegetable market.

Based on the type, the Sea Vegetable market is segmented into:

  • Nori
  • Atlantic wakame
  • Kombu
  • Dulse

Based on application, the Sea Vegetable market is segmented into:

  •  Food
  •  Medicine

Based on the end user, the Sea Vegetable market is segmented into:

  • CFS Sector
  • Food Processors
  • Retail Sector

Based on sales channel, the Sea Vegetable market is segmented into:

  • Retailers
  • Internet Retailers
  • Specialist Retailers
  • Organic and Health Food retailers

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Sea Vegetable Market: Regional Outlook

Regarding geography, Sea vegetable Market has been categorized into seven key regions including North America, Western Europe, Eastern Europe, APEJ, Japan, Latin America, and the Middle East & Africa. Sea vegetable market is expected to register healthy CAGR during the forecast period due to the high demand amongst CFS sector and rise in health conscious demographic. In terms of regions, APEJ and Japan accounts for significant share of sea vegetable market, owing to the high growth and demand in CSF sector in the region as compared to other developed regions as the region caters to highest sea vegetable consumer population. Japan remains one of the world's largest sea vegetable producers and exporters, the Japanese names for sea vegetables are among the most common names found in grocery stores throughout the European regions accounts for a healthy share in terms of sea vegetable primarily used in CSF sector. The food processor sector in the region is anticipated to further add value to the sea vegetable market in the region. North America is also a matured market and has been generating demand for sea vegetable amid high demand from the CSF, food processing, and retail sectors. Latin America is also expected to grow at a significant CAGR with the rise in health conscious population. The Middle East and Africa is expected to grow a medium rate.

Sea Vegetable Market: Key Players

Few of the major players in the sea vegetable market include, Kai Ho, Mendocino, Setalg. These companies are being profited with the increase in the sale of sea vegetables across the globe.

Few players identified in sea vegetable market are:-

  • Setalg
  • Les Ouessantines
  • Aqua B
  • Algae Service
  • Kai Ho
  • Mendocino
  • C`Weed
  • Sarl Biocean
  • Porto Muinos
  • Spenn Kot
  • Tazaki Foods

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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