Seaweed Based Coating Market Analysis

Global Seaweed-based coating Market Overview

Seaweed-Based Coating Market Size was valued at USD 512.02 billion in 2022. The Seaweed Market Industry is projected to grow from USD 568.31 billion in 2023 to USD 938.24 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.36% during the forecast period (2023 - 2030). Seaweed extracts include mixtures of seaweed from red, brown, and green algae. Seaweed is rich in minerals that can help reduce cholesterol levels, improve appetite, improve wound dressing, and improve heart health. Seaweed can also be used to make biofuels like bio-butanol which is an alternative to diesel. Seaweed-based Coating increases market opportunities for ocean farmers by providing raw materials that can be used to create alternatives to fossil-based coating. Replacing fossil-based coating with seaweed-based coating substitutes benefits both humans and the environment.

Seaweed-based coating Market Trends

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  Rising demand for natural and clean-label product will fuel the growth of the Seaweed-based coating Market.

  
  

The surge in global awareness and the pressing need to address environmental concerns, particularly the escalating issue of plastic waste, is poised to catalyze the rapid expansion of the seaweed-based coating market. With an increasing number of individuals and businesses actively seeking sustainable alternatives to traditional plastic coatings, the demand for eco-friendly options has seen a substantial upswing. Seaweed-based coatings have emerged as a promising solution, as they not only offer comparable functionalities to their plastic counterparts but also possess the crucial advantage of being biodegradable. This biodegradability ensures that these coatings break down naturally over time, mitigating the persistent environmental impact associated with conventional plastics.  Furthermore, the renewable nature of seaweed as a resource adds to the appeal, presenting a sustainable alternative that can be harvested without causing long-term ecological harm. The drive for innovation in material science, ongoing research, and the development of enhanced seaweed-based coatings contribute to their growing acceptance across diverse industries.

Seaweed is rich in antioxidants, fibers, and robust polysaccharide compounds. When these are combined with certain biodegradable polymers, Coating materials have the potential to be more sustainable and superior to traditional materials. The main advantage of seaweed Coating materials is that they can be made edible without the need for additives or preservatives. Developing new edible Coating options has made seaweed Coating solutions increasingly popular. For example, London-based Notpla has developed a biodegradable, and potentially edible, plastic substitute made from seaweed. Notpla hopes to reduce the 300 million tons of plastic waste produced by humans each year. Synthetic polymers take centuries to break down, while Notpla’s natural plastic casing breaks down in as little as 4 to 6 weeks.

Increasing use of seaweed coating to improve the shelf life of products in the food industry will create growth opportunities for seaweed-based coating industry.

The escalating utilization of edible seaweed coating within the food industry is anticipated to unlock significant growth opportunities for the seaweed-based coating market. As concerns regarding food safety, shelf-life extension, and sustainable packaging practices gain prominence, edible seaweed coatings have emerged as a compelling solution. These coatings not only provide a protective barrier for food products but also offer the added advantage of being edible and biodegradable. One of the key drivers behind the growing popularity of edible seaweed coatings in the food industry is the increasing consumer demand for natural and sustainable alternatives. As awareness of the environmental impact of traditional packaging materials grows, consumers are seeking products that align with their preferences for eco-friendly options. Edible seaweed coatings address this demand by offering a renewable and biodegradable solution, contributing to reduced plastic usage and waste. Moreover, the use of edible seaweed coatings aligns with the broader industry trend of clean labeling and natural ingredients. As consumers become more conscious of the substances used in food production, the transparency and natural origin of seaweed-based coatings become attractive attributes for both manufacturers and consumers. The food industry's embrace of edible seaweed coatings also presents an opportunity for innovation in product development. Manufacturers can explore different formulations and applications of seaweed-based coatings to meet specific needs such as moisture retention, freshness preservation, and even flavor enhancement.

The rise of global urbanization has improved the quality of life for many people and created jobs. The fast pace of life has increased the need for processed food. Processed foods are often packaged in plastic Coating which can be highly polluting. 36% of the total plastic production is used in Coating. Single-use items used for food and drinks are disposed of as landfills, or as uncontrolled waste in 85% of the cases. This has inspired people to advocate for the development and use of edible Coating which can be consumed, or composted, it can prevent several infectious diseases and the need for Coating made from edible, green seaweed is on the rise.

Seaweed-based coating Market Segment Insights

Seaweed-based coating by Application Insights

The Seaweed-Based Coating Market segmentation, based on application has been segmented as Food and Beverages, Pharmaceutical and Healthcare, Personal care and Cosmetics, Others. Among these, the Food and Beverages segment dominates the Seaweed-Based Coating Market. The potential of seaweed Coating in food and beverage is immense as it provides a sustainable and eco-friendly alternative to traditional plastic Coating. Seaweed Coating can be used for a wide range of purposes in the food industry, such as food Coating, food service disposables, beverage Coating, etc. Food Coating made from seaweed offers a range of benefits, such as extended shelf life, improved freshness and biodegradation. For instance, seaweed Coating has been used in the production of fresh fruit, such as strawberries and tomatoes, to extend their shelf life by up to 2 weeks. In addition to the functional benefits, seaweed Coating can be customized to meet specific branding and marketing needs. Coating made from seaweed can be printed with logos and graphic elements. Its eco-friendly nature can help to differentiate products and attract eco-conscious consumers.

Seaweed-based coating Regional Insights

Based on Region, the Seaweed-based coating market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. The Europe Seaweed-based coating market held the maximum market share for number of reasons. One of the most significant reasons is the region’s focus on sustainability and protecting the environment. European consumers are increasingly concerned about the environmental effects of plastic trash, leading governments and businesses to look for more sustainable Coating solutions. Another major driver of seaweed Coating adoption in Europe is the growing seaweed industry in the region. Many European nations have a long-standing tradition of harvesting and growing seaweed, which has helped drive the seaweed Coating business forward. The European Union’s circular economy strategy, designed to reduce waste and improve resource efficiency, has also created an environment conducive to the use of sustainable Coating solutions, such as seaweed-based materials.

The market in North America is dominated by the United States. This is largely due to government policies. For example, several states in the U.S., including California, New York, and Massachusetts, have passed legislation to reduce the amount of plastic waste. This has led many US company including small startups and large multinational corporations alike, to explore the possibility of using seaweed-based materials in their Coating. For example, in the food and beverage sector, some large companies are already utilizing seaweed-based Coating. For example, PepsiCo, a Fortune 500 company, has developed a compostable snack bag made of a variety of plant-derived materials, including seaweed. Another example is the collaboration between a sustainability seafood company, BlueNealu, and a seaweed-based Coating company, Bloom, to develop Coating options for their products. Seaweed based materials are also becoming increasingly popular in other industries. Personal care and cosmetics are two prime examples. For example, Lush, a US-based cosmetics company, has incorporated seaweed-based materials into parts of their Coating. Other entrepreneurs are exploring the potential applications in this industry.

In Asia Pacific, India is largest plastic consumers. This has led to an increased awareness of plastic waste’s environmental impact. India has a rich history of harvesting and growing seaweed, especially along its coastline. With decades of experience in seaweed cultivation, processing and value-added, India has a strong foundation for a seaweed-based Coating industry. The Indian government has put in place several initiatives to support the development of eco-friendly Coating solutions. For instance, the Ministry of environment, forests, and climate change (MoEFCC) has set up the National Clean energy Fund to promote clean energy and green technology, including eco-friendly Coating.

Seaweed-based coating Key Market Players & Competitive Insights

Key market players are emphasizing significantly on R&D for increasing their product offerings, which will further help the Seaweed-based coating Market to grow considerably. Market players are adopting several business development strategies such as acquisitions, mergers, collaborations, and partnerships to enhance their market presence and acquire a larger customer base. To survive in the competitive market, industry players must provide cost effective products.

The seaweed-based coating market is very competitive with market players trying to develop unique and innovative products and solutions, which could render the competitors’ offerings obsolete. The competitive environment is likely to grow further owing to rising technological advancements. Some of the key players operating in the Seaweed-based coating Market are Evoware (Indonesia), Amtrex, Nature Care Pvt. Ltd. (India), Nagase America LLC (U.S), Notpla Limited (UK), Mantrose UK Ltd. (UK), Sway (US), Loiware (US). To increase their global reach and client base, key firms are concentrating on acquisitions and product innovation.

Seaweed-based coating Industry Developments

November 2022, Notpla launches a new line of seven seaweed coated Coating solutions to accelerate the adoption of truly sustainable offerings in the takeaway sector. Notpla Coating is naturally biodegradable and recyclable at home. It is made from plants and seaweed and has many of the same properties as plastic in terms of water and grease resistance.

In November 2021, Valor Siren Ventures, an early-stage investor in the U.S. seaweed Coating industry, invests $2.5 million in Sway. The company’s mission is to develop a ready to use, carbon-free bioplastic seaweed-based solution to replace single-use plastic Coating. Sway will use the funds to develop compostable retail bags / polybags.

In March 2021, Marine Innovation launched eco-friendly plates made from by-products of the seaweed industry. Marine Innovation is a social enterprise supported by SK Innovation. Marine Innovation's eco-friendly plates are available in two designs and are highly sought after by hotels, resorts and restaurants. As meal delivery services continue to grow and during the pandemic, it is expected that throwaway rubbish will decrease thanks to Marine innovation's eco-friendly food containers.

Key Companies in the Seaweed-Based Coating Market includes.

• Evoware (Indonesia)


• Amtrex, Nature Care Pvt. Ltd. (India)


• Nagase America LLC (U.S)


• Notpla Limited (UK)


• Mantrose UK Ltd. (UK)


• Sway (US),


• Loiware (US)

Seaweed-based coating Market Segmentation

Seaweed-based coating Application Outlook

• Food and Beverages


• Pharmaceutical and Healthcare


• Personal Care and Cosmetics


• Others

Seaweed-based coating Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • UK
  
  
  • France
  
  
  • Russia
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • India
  
  
  • Japan
  
  
  • South Korea
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Latin America
  
  
  
  • Brazil
  
  
  • Mexico
  
  
  • Argentina
  
  
  • Rest of Latin America
  
  
  
  


• Middle East & Africa
  
  
  
  • GCC Countries
  
  
  • South Africa
  
  
  • Rest of Middle East & Africa