The global commercial seaweed market is expected to reach USD 22.13 billion by 2024, according to a new report by Grand View Research, Inc. The growing demand for food products derived from seaweeds is expected to augment the global commercial seaweed market growth over the forecast period.
The increasing application of seaweeds in the medical & healthcare, animal feed, and fertilizers sector is also projected to boost the future market growth. Industrial acceptance of seaweed extracts such as alginate, agar, and carrageenan is expected to spur market growth over the forecast period.
Further key findings from the report suggest:
The global commercial seaweeds market was valued at USD 10.31 billion in 2015 and is expected to reach USD 22.13 billion by 2024, growing at a CAGR of 8.9% from 2016 to 2024
Red seaweed emerged as the leading product segment and accounted for 52.5% of total market revenue in 2015. Red seaweeds are also projected to grow at the highest CAGR on account of its functional qualities, easy accessibility, and its application in almost all industrial sectors.
Most of the commercial seaweeds are consumed in liquid form, and the segment accounted for 52.0% of total market revenue in 2015. The demand for seaweeds in the form of liquid is projected to grow on account of its ease of application and its growing industrial demand.
Human consumption emerged as the leading application segment and accounted for 81% of total revenue in 2015. The segment is also expected to witness the highest growth of 9.0% over the forecast period.
Asia Pacific dominated the commercial seaweed market with demand share exceeding 80% in 2015. The growing demand for seaweeds in the food, cosmetics, medicine, fertilizers, and animal feed sector is anticipated to drive the market demand over the forecast period. Asia Pacific is also expected to witness the highest growth of 9.0% over the forecast period.
Some leading companies operating in the commercial seaweeds market include Cargill, Inc., E.I. Du Pontde Nemours and Company, Roullier Group, Biostadt India Limited, Compo GmbH& Co. KG, Acadian Seaplants Limited, Gelymar SA, BrandT, Seasol International Pty. Ltd., and CP Kelco.