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Seaweed Snacks Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global Seaweed Snacks Products market was valued at USD 4.3 billion in 2022 and is projected to expand at a CAGR of 8.5% from 2023 to 2030. Seaweed snacks have gained traction due to the increasing awareness among consumers regarding the health benefits associated with them. The rise in the demand for nutritious snacks has encouraged the market players to launch innovative products. For instance, in March 2021, Wholly Kelp launched a new range of seaweed snacks in the UK. The snacks are made from the highest quality seaweed from the North Atlantic and are available in three flavors – sweet, umami, and smokey.
In addition, the rising trend of veganism and vegetarianism is driving the demand for seaweed snacks as they are considered a healthier alternative to conventional snacks. Moreover, the increasing number of product launches with innovative flavors and packaging is expected to boost the market growth. For instance, in August 2021, Ocean’s Halo launched a new range of seaweed chips in the US. The chips are available in three flavors – Texas BBQ, Sour Cream & Onion, and Sea Salt & Vinegar.
Furthermore, the rising demand for organic seaweed snacks is boosting the market growth. The manufacturers are focusing on launching organic seaweed snacks as consumers are becoming more aware of the health benefits associated with organic products. For instance, in June 2021, The Seaweed Co. launched a new range of organic seaweed snacks in the US. The snacks are made from sustainably-sourced seaweed, are free from artificial colors, flavors, and preservatives, and are non-GMO verified.
Moreover, the increasing focus of manufacturers on innovation and product launches is expected to fuel the growth of the market. For instance, in April 2021, The Seaweed Co. launched a new range of seaweed snacks for kids in the US. The snacks are available in three flavors – Cheddar Cheese, Bacon & Cheese, and Sour Cream & Onion, and contain no added sugar or artificial flavors.
Finally, the increasing number of mergers and acquisitions is expected to further support the growth of the market. For instance, in October 2021, Ocean’s Halo acquired Ocean’s Balance, a seaweed-based food company. The acquisition is expected to strengthen Ocean’s Halo’s position in the seaweed snacks market.
Product Insights
The dried seaweed snacks segment accounted for the largest market share in 2021, owing to its convenience, affordability, and availability. Seaweed-based snacks are increasingly gaining acceptance among health-conscious consumers, as they contain a high amount of vitamins and minerals, such as iodine, calcium, and magnesium. The increasing health-consciousness among consumers is a key factor driving the demand for seaweed snacks. Furthermore, the rising trend of veganism and the increasing preference for plant-based snacks are expected to further drive the demand.
The flavored seaweed snacks segment is estimated to expand at the highest CAGR of 8.6% over the forecast period, due to the increasing availability of flavored seaweed snacks. Companies are introducing a variety of flavors in order to increase the appeal of the products and attract more customers. Moreover, the increasing popularity of international cuisines, such as Japanese and Korean, is expected to drive the demand for flavored seaweed snacks in the coming years.
Distribution Channel Insights
The supermarkets and hypermarkets segment accounted for the largest market share of over 38.1% in 2022. This trend is mainly attributed to the increasing demand for convenience food products, availability of a wide range of products, and the ability to compare prices and make quick purchasing decisions. Moreover, the rising number of supermarkets and hypermarkets around the world is further boosting the growth of this segment.
The online segment is anticipated to witness the highest CAGR of 14.3% over the forecast period. The growth of this segment is mainly driven by the rising trend of e-commerce and internet penetration in the food industry. Companies are launching online websites and shopping apps to increase their brand visibility among consumers. For instance, in May 2021, Seaweed Snacks launched their online store to sell their products. The store offers a wide range of seaweed snacks, including flavored and non-flavored snacks. Moreover, customers can avail discounts and free shipping on orders above a certain amount.
Type Insights
The dried seaweed snacks segment accounted for the largest revenue share of 47.4% in the year 2022. The rising demand for healthy snacks and the increasing consumer preference for plant-based snacks are the key factors driving the growth of the segment. The increasing disposable income, changing dietary habits, and the availability of various flavors and varieties of snacks are some of the other factors driving the growth of the segment.
The frozen seaweed snacks segment is anticipated to expand at the highest CAGR of 12.3% over the forecast period. The rising demand for convenience foods and the increasing focus of manufacturers on launching innovative products are driving the growth of the segment. For instance, in June 2021, SeaSnax, a U.S. seaweed snack manufacturer, launched its new product, SeaSnax Organic Roasted Seaweed Thins. The product is available in three flavors and is designed to be a healthier alternative to potato chips.
Regional Insights
Asia Pacific dominated the market and accounted for the largest revenue share of over 38.6% in 2022. The presence of prominent players, such as Kelp Snacks, SeaSnax, and Sea Chips, in the region is anticipated to drive the growth of the market. Moreover, the increasing popularity of vegan and vegetarian diets is expected to further boost the demand for seaweed snacks over the forecast period. For instance, in January 2021, Japanese firm FUJI OIL launched its vegan seaweed snack range in India.
North America is expected to witness the second-fastest growth in the coming years. The increasing awareness regarding health benefits associated with seaweed snacks, such as rich in antioxidants, minerals, and vitamins, is anticipated to boost the market growth. Moreover, the increasing preference of consumers for vegan and gluten-free snacks is expected to further propel the growth of the market in the region. For instance, in April 2021, SeaSnax launched its vegan and gluten-free seaweed chips in the U.S.
Financial Projections
In this part of the Seaweed Snacks business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your Seaweed Snacks products. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenue for a Seaweed Snacks business comes from the sale of the products. Here, you will find a list with a description of other potential sources of income such as online sales, wholesale distribution, and private label partnerships.
Projecting Expenses
In this section, all the regular expenses related to keeping the Seaweed Snacks business running will be described. The list of operating expenses includes facility rental, supplies, wages, packaging materials, advertising, and others. Additionally, costs associated with research and development, production of the products, and quality control should also be taken into consideration.
Key companies & market share insights
Some of the key companies operating in the seaweed snacks market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Calbee launched its seaweed snack, which is made with roasted seaweed and seasoned with a special blend of herbs and spices.
– In August 2022, SeaSnax launched its seaweed snack range, which is made with organic seaweed, organic extra virgin olive oil, organic spices, and organic herbs.
– In October 2022, Ocean’s Halo launched its seaweed snack, which is made with roasted seaweed, sea salt, and natural flavors.
Some of the prominent players in the seaweed snacks market include:
– Calbee Inc.
– SeaSnax LLC
– Ocean’s Halo
– Annie Chun’s
– Seaweed Snacks
– Yumbutter
– The Seaweed Company
– Marumiya
– Ocean’s Balance
– Sea’s Gift
Global Seaweed Snacks Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global seaweed snacks products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Dried Seaweed
– Roasted Seaweed
– Seasoned Seaweed
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Organic
– Conventional
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the key drivers of the seaweed snacks market?
[A]: The increasing demand for healthier snacks, changing consumer preferences, and rising disposable income are some of the key drivers of the seaweed snacks market. The rising awareness about the health benefits of seaweed snacks, such as high nutritional value and low-calorie content, are also contributing to its growth.
[Q]: What are the major market players in the seaweed snacks market?
[A]: The major players in the seaweed snacks market are Calbee, Inc., Lian How Co., Ltd., Hanamaruki Co., Ltd., B&G Foods, Inc., The Kraft Heinz Company, Kameda Seika Co., Ltd., Frito-Lay North America, Inc., Yummy Bazaar, and A.P.T. Co., Ltd.
[Q]: What are the different types of seaweed snacks?
[A]: The different types of seaweed snacks include roasted seaweed, flavored seaweed, and seaweed chips.
[Q]: What regions are driving the growth of the seaweed snacks market?
[A]: Asia Pacific is anticipated to be the largest market for seaweed snacks, due to the increasing demand from countries such as Japan, China, and South Korea. The increasing demand for healthy snacks and the rising disposable income are some of the factors contributing to the growth of the market in this region.
[Q]: What are the opportunities in the seaweed snacks market?
[A]: The growing demand for healthy snacks, rising awareness about the health benefits of seaweed snacks, and changing consumer preferences are some of the opportunities in the seaweed snacks market. Moreover, the increasing popularity of seaweed snacks among health-conscious customers and the introduction of innovative products is expected to create potential growth opportunities in the market.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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