Market Overview

Global Commercial Seaweed market is forecasted to reach USD 23.7 million by 2024 growing at a CAGR of 9.7% during the forecast period (2019 - 2024).

  • Commercial seaweed has a very large application base due to its functional and healthy benefits. Most of the commercially produced seaweed is used in the food industry, which accounts for 70% of the total market share and other category accounts for 30%, which includes hydrocolloids (with the highest share in the category), followed by feed and fertilizers.
  • Sales of seaweed soared, owing to weight loss claims. Seaweed can rehydrate and swell up in the stomach. Globally, seaweeds are gaining popularity at present not only as part of the staple diet, food flavor enhancers, and nutritive food items but also for their weight loss property. For this very reason, the consumption of seaweed has increased by 125% in the United Kingdom alone.



Scope of the Report

Seaweeds are a group of photosynthetic non-flowering plant-like organisms (called microalgae) that live in the sea. These are categorized into three major groups based on their dominant pigmentation: red (Rhodophyta), brown (Phaeophyta) and green (Chlorophyta). Commercial seaweed market is also categorized by application as food & beverage, dietary supplements, pharma & medical and others.

Key Market Trends

Higher Benefits with Enhanced Yield and Productivity

Agriculture is a critical sector for the livelihood of individuals and the stability of the overall global economy. Meeting the food needs and its productivity requirements in the future are of tremendous importance owing to the increasing global population. These requirements can be met through a set of innovations and technologies that have recently come up in support of the agriculture sector; one among them is using seaweed extract to boost agricultural production. Liquid seaweed extracts are complex and have demonstrated to possess novel mechanisms for increasing crop productivity. Moreover, the other benefits include improved root structures, improved plant development like flowering and leaf development and fruit set, and enhanced ability to tolerate plant disease and climatic stresses such as cold or drought. They also help in improving soil structure, soil water holding capacity and improved soil microbiology. The graph provided shows the market of seaweeds, taken by the source World Bank Group.

Asia-pacific Held the Largest Share of the Commercial Seaweed Market

The use of seaweed as food has strong roots in Asian countries such as China, Japan, and the Republic of Korea, the demand for seaweed as food has spread to North America, South America, and Europe. China is by far the largest seaweed producer, followed by the Republic of Korea and Japan. However, seaweeds are now being produced in all continents. The United States, Mexico, and Canada are poised to witness a high growth rate of the seaweed market. It is anticipated that the per capita consumption of carrageenan would increase by 50% over the next few years, due to market penetration. Asia-Pacific is the largest market for seaweed products. It is the largest regional market that produces and consumes commercial seaweeds.

Competitive Landscape

Global commercial seaweed market is highly fragmented and competitive in nature. Cargill Inc., DuPont, Acadian Seaplants Limited, CP Kelco, Algae the arctic company, Fruit Hill Farm, and Kelpak, are the most active companies among all major players in this market. The companies that have taken the lead in strategic movements are Cargill Inc. and CP Kelco. Most of the key players are based in developed countries of Asia- Pacific, Europe region and North America, while their subsidiaries and branches are established in many countries of South America and Eastern Europe countries, the Middle East and Oceana region.

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