San Francisco — The global seaweed snacks market size is expected to reach $3.36 billion by 2027 registering a CAGR of 10.8 percent from 2020 to 2027, according to a new report from Grand View Research, Inc. Increasing demand for healthy snacks and better-for-you foods has been boosting the market growth, with the strips and chips product segment dominating the market and accounting for more than 50 percent share of the global revenue in 2019, according to the company.
The researcher notes seaweed is a source of vitamins, minerals, antioxidants, fiber, protein, iodine, amino acid, folic acid, calcium, omega-3 fatty acid and potassium, which offer several health benefits, such as improved function of thyroid gland, enhanced gut health and decreased cholesterol level. In addition, the products are naturally free from gluten, GMOs and allergens, which are also driving demand.
Key findings from the report include:
- North America is expected to register the fastest growth with a CAGR of 11.3 percent from 2020 to 2027 owing to the rising health concerns;
- The strips & chips product segment led the global market in 2019 and held more than 50 percent of the global revenue share;
- Asia Pacific is estimated to be the largest regional market by 2027 due to the wide availability of raw materials;
- The online distribution channel segment is expected to register the fastest CAGR from 2020 to 2027 because of the increasing adoption of ecommerce across the globe.
Nori strips and dried or roasted seaweed strips are the most common products in the market. Furthermore, the launch of various flavors, such as Korean BBQ, wasabi, sweet onion, teriyaki and chili lime, is expected to expand the consumer base of the market in the upcoming years.
Asia Pacific held the largest market share of more than 50 percent in 2019 and will retain its position throughout the forecast period as seaweed is one of the staple foods of Asian countries including China, South Korea and Japan. However, North America is expected to register the fastest CAGR during the forecast period because of high product demand as a result of rising health concerns.
Key players in the seaweed snacks market are:
- Taokaenoi Food & Marketing PCL
- gimMe Health Foods, Inc.
- Frito-Lay North America, Inc.
- Annie Chun’s, Inc.
- Kimnori U.S.A., Inc.
- KPOP Foods, Inc.
- Ocean’s Halo
- Seaweed Market OÜ
- Singha Corp.