Commercial Seaweed Market

Global Commercial Seaweed Market Size (2024 to 2029)

The global commercial seaweed market is expected to reach USD 1088 billion by 2024 and reach USD 12.73 billion by 2029, growing at a CAGR of 3.2% from 2024 to 2029. 

CURRENT SCENARIO OF THE GLOBAL COMMERCIAL SEAWEED MARKET

The consumption of seaweeds was facilitated a long time ago in the fourth century in Japan and sixth century in China.

The commercial seaweed market will be initiated by increasing calls from the food business. These days, they are becoming more popular among customers due to advantages like nutrition-rich content, supporting the ability to thyroid function and an excellent source of vitamins, antioxidants & minerals. Furthermore, they help in weight loss and decrease the risk of heart disease and diabetes. The present global population is around 7.5 billion and is estimated to cross 9 billion at the end of 2050, which will further propel the demand for food production. 

The United Nations has been forecasting a lot of interest in escalating seaweed production as it promotes global food security.

Carrageenan farming has an economic potential with less capital investment, decent farming techniques, and a short production cycle. A biologist at Wageningen University has shown findings on decreasing the acidification of the oceans by promoting sea lettuce growth. As per recent studies, lettuce can reduce the acidity in water as it grows, and the biologist team also discovered that a marine garden covering over 180,000 square kilometers could offer enough protein for the global population.  

MARKET DRIVERS AND RESTRAINTS: 

Favorable trends related to the global pharmaceutical business will propel the global commercial seaweed market expansion within the foreseen period. The product is employed as a smooth laxative and for the production of staple fibers used in wound dressings. In addition to that, it is used as a tablet disintegrant and controlled release of medicinal drugs and other chemicals. R&D programs, together with technological progressions, are going to initiate the expansion of the pharmaceutical segment in the future. Furthermore, rising government expenditure will fuel the segment's expansion. These trends, as mentioned earlier, will positively influence the development of the commercial seaweed industry by 2025. 

Such trends, along with easy availability and increasing spending tendency of individuals, will boost the market expansion. Customers in developed countries are becoming health conscious that will attract product demand in future years. The United Nations has been showing much interest in escalating the seaweed production as it promotes global food security.  

REPORT COVERAGE:

 SEGMENTAL ANALYSIS 

Global Commercial Seaweed Market By Product:

Red seaweed is predicted to rise at a CAGR over 7% during the foreseen time. These seaweeds are small in length, ranging from few centimeters to about a meter and are mainly employed as a food and sources of hydrocolloids like agar and carrageenan.  

Global Commercial Seaweed Market By Form: 

Wet seaweed sector recorded around USD 9.5 billion in 2018. Countries like China, South Korea, Chile, Norway, Japan, Madagascar and other southeast Asian countries are mainly consuming the wet seaweeds in the form of salads, curd soups, seasoned snacks and also with rice dishes. The demand for dry products is also estimated to expand steadily in the coming years. 

Global Commercial Seaweed Market By End Use: 

Animal feed captured around 4% volume share in 2018 and shows a positive outlook in future years. The product is employed as an additive in animal feed, particularly in the coastal regions. It contains a massive amount of essential vitamins and different minerals like potassium, phosphorous, calcium, sodium, magnesium, chlorine & sulphur, which plays a vital role in the healthy development of the animal. 

REGIONAL ANALYSIS:

Asia Pacific commercial seaweed market will lead the global business in the foreseen period. China, South Korea and Japan are the dominating customers in this region. Positive trends related to food business triggered by large population is bound to propel the market expansion in future years. Rising seaweed cultivation activities backed by supportive government policies will fuel the seaweed production by 2025.

The North American commercial seaweed market will rise at a CAGR of over 6% at the end of the outlook period due to increasing demand from the pharmaceutical business. According to The European Federation of Pharmaceutical Industries and Associations (EFPIA), North America accounted for around half of the global pharmaceutical market in 2017. Large investments and continuous research and development activities will assist in the expansion of the regional pharmaceutical business. This, in turn, will spur the commercial seaweed market expansion between 2020 and 2025.

KEY PLAYERS IN THE GLOBAL COMMERCIAL SEAWEED MARKET

Some of the major producers in the global commercial seaweed market are Seasol International, CP Kelco, Yan Cheng Hairui Food Co., Ltd., Mara Seaweed, Biostadt India Limited, Algea AS, Qingdao Seawin Biotech Group Co., Ltd., FMC BioPolymer AS, Indigrow Ltd., Chase Organics GB Ltd., Arcadian Seaplants Ltd., Pacific Harvest, Aquatic Chemicals and Marcel Carrageenan. These companies are trying to gain competitive benefits with the employment of different strategies like the growth of production capacity, mergers & acquisitions, and collaboration with distribution centers.

RECENT HAPPENINGS IN THE GLOBAL COMMERCIAL SEAWEED MARKET

Mara Seaweed introduces new blends in Morrisons Supermarkets in the UK. After several months of hard work, Mara's seaweed blends, Shony and Furikake, are in a key UK supermarket for the first time. Mara's products are now present in 403 Morrisons stores nationwide.  

Seawin Biotech Group Introduced the United States Business Division. As China's biggest manufacturer of fertilizers made from seaweed, Seawin Biotech Group is the business leader in China, with a 17-year history of offering high-quality products. The company has recently established a business division in the United States to expand its operations further. 

DETAILED SEGMENTATION OF THE GLOBAL COMMERCIAL SEAWEED MARKET INCLUDED IN THIS REPORT

This research report on the global commercial seaweed market is segmented and sub-segmented based on Product, Form, End-Use, and Region.

By Product

• Red Seaweed
• Green seaweed
• Brown seaweed 

By Form: 

• Wet
• Dry 

By End Use: 

• Food
• Animal feed
• Personal care & pharma
• Biofuels
• Others 

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa