USD 2.90 Billion Seaweed Snacks Market to hit CAGR of 9.60% by 2027 ,Region wise North America is Expected to Grow
Seaweed Snacks Market
PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, UNITED STATES, October 30, 2023 /EINPresswire.com/ -- In a recent report titled "Seaweed Snacks Market by Type, Source, and Distribution Channel: Opportunity Analysis and Industry Forecast, 2021–2027" published by Allied Market Research, it was revealed that the seaweed snacks market, valued at $1.32 billion in 2019, is projected to reach $2.90 billion by 2027. This growth is anticipated to be driven by a compound annual growth rate (CAGR) of 9.60% from 2021 to 2027.
The report examines seaweed snacks derived from various seaweed types, including red, brown, and green, which are rich in essential nutrients such as iodine, copper, iron, potassium, magnesium, and calcium. These snacks are known for their high fiber content and the presence of vitamins A, B, and E. Seaweed snacks come in diverse forms, such as nori sheets, flakes, bars, chips, and other variations.
As the preferences of consumers have broadened in our increasingly interconnected world, many are exploring organic food options to satisfy their quest for unique flavors and align with their growing emphasis on healthier lifestyles. Consequently, organic foods have gained substantial popularity over the past decade, as they are perceived as a safe and wholesome choice by a significant portion of consumers.
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Key findings of the study
On the basis of type, the nori sheets segment was the highest contributor to the market, and is expected to grow at a CAGR of 10.00% from 2021 to 2027.
By source, the red segment led the market in terms of value in 2020, and is estimated to grow at a CAGR of 10.80% from 2021 to 2027.
Deepening on the distribution channel, the specialty stores segment is expected to grow at a steady CAGR of 10.60% from 2021 to 2027.
Region wise, North America is expected to grow at a steady CAGR of 12.4% from 2021 to 2027.
The key players operating in the seaweed snacks industry are the SeaSnax, Oceans Halo, Rolands foods, Eden foods, Annie Chuns, Frito Lays Nori Seaweed chips, Seaweed Pringles, Taokaenoi Food & Marketing, Singha Corporation, and European snack foods.
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The growth of the seaweed snacks industry is driven by the nutritional properties of seaweed snacks along with rise in the living standards of consumers around the globe. Furthermore, hectic lifestyle and increase in the need for convenience and ready to eat food drive the growth of the seaweed snacks market and help increase the seaweed snacks market size. Furthermore, growth in adoption of organic farming practices in various developed regions is one of the top impacting factors driving the growth of the seaweed snacks market. Growth of the retail network in emerging economies, such as India, China, and Brazil, has led to increased availability of seaweed snacks, thus supplementing the seaweed snacks market growth.
However, high cost of production hampers the widespread adoption and acts as the major restraint for the global seaweed snacks market. On the contrary, rise in disposable income and increase in willingness of people for buying premium and environment-friendly products in the emerging nations are expected to provide seaweed snacks market opportunity in the coming years. The rise in popularity of innovative products with different types of flavor and ingredients attracts consumer toward seaweed snacks and thus contributing to the market growth. Apart from this, change in lifestyles, food consumption habits, rise in disposable incomes, and increase in food convenience are the major factors impacting the growth of the seaweed snacks market.
Based on type, the nori sheets segment dominated the organic snacks market in 2019 and is expected to retain its dominance throughout the seaweed snacks market analysis period due to the emergence of innovative sushi dishes, such as Nigiri sushi, will be one of the key emerging trends in the global sushi restaurants market. Increasing popularity of Japanese cuisine are significant factors that will result in the CAGR of over 10.0% in the forecast period.
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Based on source, the red segment dominated the seaweed snacks market share in 2019 and is expected to retain its dominance throughout the forecast period due to the fact red seaweed are probably used in making of nori sheets, thus high popularity of sushi among consumer will directly contribute towards higher sales of red seaweed market.
Based on distribution channel, the specialty stores segment dominated the seaweed snacks market demand in 2019 and is expected to retain its dominance throughout the seaweed snacks market analysis period due to the fact that these specialty stores are located near residential areas and require less efforts purchasing goods. In retail stores, customers can check and compare products before buying and can own them immediately. This ease of purchase adds to the popularity of this segment, thus acting as a key driver of the global seaweed snacks market.
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The global seaweed snacks market is segmented into type, source, and distribution channel, and region. Depending on type, the market is categorized into nori sheets, flakes, bars, chips, and others. By source, it is differentiated into red, brown, and green. On the basis of distribution channel, is bifurcated into hypermarkets and supermarkets, convenience stores, specialty stores, and online. Based on region, the seaweed snacks market is categorized into North America, Europe, Asia-Pacific, and LAMEA.
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