FMI, has projected the seaweed packaging market to reach a valuation of US$ 682.1 million in 2023 and expected to rise to US$ 1,224.5 million by 2033, with a significant compound annual growth rate (CAGR) of 6.0% during the forecast period. The seaweed packaging industry is gaining traction due to concerns over plastic waste and the need for more sustainable alternatives.
Seaweed is a renewable resource that can be grown without land or freshwater, making it an eco-friendly packaging option. Seaweed packaging is biodegradable and compostable, making it an environmentally safe option.
Several companies are investing in product development to enhance seaweed packaging’s biodegradability characteristics. This trend is expected to continue in the future, leading to new developments and applications for seaweed packaging.
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Seaweed packaging has several advantages over standard plastic packaging. It does not contribute to the global concern of plastic waste and is renewable. Additionally, seaweed has natural antimicrobial properties that can help products last longer.
While seaweed-based packaging is still more expensive than traditional plastic packaging, costs are expected to fall as the industry expands and new manufacturing methods are developed.
FMI predicts that packaging films derived from seaweed will become a popular alternative to regular plastic packaging films, acquiring more than 39.1% of market share in 2022. Seaweed-based films are food-safe and may be used to package a variety of products, including fresh vegetables, snacks, and frozen foods, in addition to being environmentally friendly. They can also be tailored to specific packaging requirements, such as moisture resistance or oxygen permeability.
The food sector is expected to acquire 55.1% market share of the seaweed packaging market. Seaweed packaging has enormous potential in the food and beverage industries since it offers a sustainable and eco-friendly alternative to standard plastic packaging. Seaweed-based packaging has several advantages over traditional plastic packaging, including prolonged shelf life, better freshness, and biodegradability.
Europe is a leader in seaweed packaging, with a market share of 36.2% in 2022. The region’s emphasis on sustainability and environmental protection, flourishing seaweed industry, and circular economy strategy have contributed to its adoption of sustainable packaging solutions such as seaweed-based materials.
The United States is another prominent market, with a market share of 26.5% in 2022, due to encouraging government policies. The seaweed packaging industry is poised for significant growth, and FMI’s research indicates that the future appears bright.
India’s population of over 1.3 billion presents a significant market for sustainable packaging solutions, given the growing demand for eco-friendly products. The region is projected to record a 9.4% CAGR during the 2023-2033 period. India’s high consumption of plastic has led to increased awareness of plastic waste’s environmental impact. With its extensive coastline, the country has a long history of seaweed farming and processing, providing a foundation for a seaweed-based packaging industry.
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Competitve Landscape
Amtrex Nature Care Pvt. Ltd., Apeel Sciences, Coolhaus, Devro Plc, Do Eat, JRF Technology, Lactips, Mantrose UK Ltd., Monosol LLC, Nagase America, Notpla Ltd., and Regeno Bio-Bags are among the key companies in the seaweed packaging market. To strengthen their position in the worldwide bakery premixes market, leading players are focused on tactics such as product innovations, mergers and acquisitions, latest developments, joint venture, collaborations, and partnership.
For example, Kuraray’s MonoSol Division announced intentions in November 2019 to expand its operations by building a new manufacturing facility in Poland to address rapidly expanding demand for its water-soluble and biodegradable films. Furthermore, the company confirmed plans to expand manufacturing capacity at its recently completed plant in Lebanon, Indiana, near Indianapolis. MonoSol is a subsidiary of the Tokyo-based Kuraray Group, a global leader in specialty chemicals.
Key Segments Covered in the Seaweed Packaging Market Report
By Product Format:
- Sheets
- Films
- Pouches
- Boxes
- Trays
- Other
By Packaging Type:
- Primary
- Secondary
- Tertiary
By End-Use:
- Food
- Personal Care
- Cosmetics
- Pharmaceuticals
- Healthcare
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Japan
- Middle East & Africa (MEA)
About Future Market Insights Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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