Seaweed Snacks Market to Generate $2,909.90 Million By 2027 | Major Companies, Strategies and New Trends

Rise in inclination for readymade and convenient food products, increase in spending capacity of people, and growth in demand for organic snacks increases the demand for seaweed snacks, thereby accelerating the seaweed snacks market growth.

Seaweed Snacks Market by Type, Source, and Distribution Channel: Opportunity Analysis and Industry Forecast, 2021–2027,” the seaweed snacks market was valued at $1.32 billion in 2019, and is expected to garner $2.90 billion by 2027, registering a CAGR of 9.60% from 2021 to 2027.

Increase in the vegan population, surge in health-consciousness among customers, and attractive nutritional profile drive the growth of the global seaweed snacks market. However, fluctuations in prices of raw materials and high production costs hamper the market growth. On the contrary, untapped potential in the developing countries and devilment of the retail structure would open new lucrative opportunities for the market players in the future.

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Covid-19 Scenario

The prolonged lockdown across several countries resulted in disruption in the supply chain and supply of raw materials, which affected manufacturing activities.

As the tourism industry took the hit due to the pandemic, the demand from tourists has declined. Moreover, departmental stores, hypermarkets, and online platforms stopped the sale of seaweed snacks during the lockdown.

However, the demand is estimated to increase slowly as some countries have eased off lockdown regulations and the tourism industry has entered the recovery phase.

The global seaweed snacks market is segmented on the basis of type, source, distribution channel, and geography. Based on type, the market is divided into nori sheets, flakes, bars, chips, and others. The bars segment is projected to manifest the highest CAGR of 13.8% during the forecast period. However, the nori sheets segment held the lion’s share in 2019, contributing to nearly two-thirds of the 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.

On the basis of source, the market is divided into red, brown, and green. The green segment is projected to showcase the highest CAGR of 13.8% during the forecast period. However, the red segment held the largest share in 2019, accounting for more than four-fifths of the market.

The global seaweed snacks market is analyzed across various regions such as North America, Asia-Pacific, LAMEA, and Europe. The market across North America dominated in 2019, contributing to around two-fifths of the market. Moreover, the region is anticipated to portray the highest CAGR of 12.4% during the forecast period.

The global seaweed snacks market report includes an in-depth analysis of the major market players such as Oceans Halo, Eden foods, Frito Lays Nori Seaweed Chips, Taokaenoi Food & Marketing, SeaSnax, Roland’s foods, Annie Chuns, Seaweed Pringles, Singha Corporation, and European Snack Foods.

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Release ID: 89032140