Commercial Seaweeds Market - Forecast(2023 - 2028)

Overview

The Commercial Seaweed Market is forecast to reach $20.38 billion by 2024, growing at a CAGR of 7.93% from 2019 - 2024. Growth of the commercial seaweed market size is mainly attributed to rising application in fertilizers, cosmetic products, animal feed, and healthcare and medical sectors. The rising popularity of seaweed extracts such as agar, carrageenan, and alginate is also expected to be a critical factor in the growth of commercial seaweed market. Various properties of commercial seaweeds such as thickening and gelling, which are applied in hydrocolloid industries, is expected to further, drive the market. Regulations concerning the production, harvesting, and use of seaweed have been segregated for human consumption, animal feed, and agricultural use. Increased consumption of organic foods is expected to fuel the product demand in the coming years.

Report Coverage

The report, “Commercial Seaweed Market – Forecast (2019-2024)”, by IndustryARC. This Commercial Seaweeds market report covers an in-depth analysis of the following segments.

•By Type

•Brown Seaweeds (Phaeophyceae)

•Green Seaweeds (Rhodophyta)

•Red Seaweeds (Chlorophyta)

•By Form

•Liquid

•Powdered

•Flakes

•By Application

•Agriculture

•Animal Feed

•Human Food

•Others

•By Geography

•North America

•South America

•Europe

•APAC

•MEA

Commercial Seaweeds industry outlook and Key Takeaways

· The Commercial Seaweed market share has been analyzed by the major players in the market. Commercial Seaweeds top 10 companies which include Gelymar, du Pont, CP Kelco, Cargill Inc., Biostadt India Ltd, Compo GmbH & Co., Seasol, Acadian Seaplants Limited, Roullier Group, Leili Group. Company profiles of these companies are provided in the report

· The major driving factor for the Commercial seaweed market is the increase in consumption of seaweed as a food extract in animal feed and the rising demand for alginate in cosmetics and pharmaceutical industries. Detailed analysis and insights explaining the impact of this driver is provided in the report

· The APAC region shows to have high consumption rates and has majorly supported the growth of the market. The North American countries have started to produce seaweed to satisfy the rising demand for seaweed products in their country. Key trends, drivers, and insights related to these markets are covered in the report.

Type - Segment Analysis

Red seaweeds are served as food and can be used as a condiment. It is also a source for two hydrocolloids: agar and carrageenan. Commonly known as Nori and laver, it is dried and processed into thin purplish-black sheets. One of its common uses is in Japanese sushi, where it is wrapped on the outside of a small handful of soured, boiled rice topped with a piece of raw fish. It has thus been the highest contributing seaweed type poising to grow at a CAGR of 12.4%.  

Brown algae make up the largest type of seaweed. They are mainly used as food inclusions and as the raw material for the extraction of the hydrocolloid, alginate. Green algae are readily available as an ingredient to enhance the taste of the food. It is mostly used in Japanese, Indonesian, and Chinese dishes.

Form - Segment Analysis

Seaweed products are predominantly used as food and food ingredients. It is generally available in liquid, powdered and flake forms. Seaweed is used in powdered form as a condiment, salad dressing, or as flavor enhancement applications. Seaweed is also used as a fertilizer, completely free from toxic and chemical products.   

Application - Segment Analysis

Seaweed or marine algae is used in agriculture as fertilizers; they are also completely organic without the inclusion of chemicals. Seaweed fertilizer adds nutrients like potassium, nitrogen, and phosphorus to the soil, promoting healthy growth of the plants. Seaweed blended foods are available for cattle feed and pets. Seaweed blended foods result in lesser methane discharge from cattle feeds due to enzymes that help fasten digestion. Seaweed is used in powder and flakes forms to add as condiments and seaweed sheets in the preparation of sushi. The human food segment is expected to account for the largest sector of the global commercial seaweeds market. 

Geography - Segment Analysis

North America is expected to grow at the highest CAGR, due to the rising demand for seaweed products and also the increasing number of producers in the commercial seaweed market. North American Kelp, is one of the aquaculture farmer and producers of seaweed products in North America. In Europe, seaweed is mainly used as a source of hydrocolloids. As of 2018, consumption of seaweed products is the highest in the APAC region. Considering the food habits in APAC countries, seaweeds are used and consumed in significant numbers.

Drivers – Commercial Seaweed Market

·         Increasing consumption of seaweed as a food extract, and for animal feed

The extracts from brown and red seaweed are being used in the pharmaceutical industry, human and animal feed. They are a part of the staple food in Japanese cuisine called sushi. The sushi rice is wrapped in these seaweed sheets to hold the food together and to enhance the taste of the dish. It is also used in cattle animal feed due to their ability to reduce methane emission.

·         Rising demand for alginate in the cosmetics and pharmaceutical industries

Seaweeds were used in cosmetics due to their skincare characteristics. It has skin moisturizing agents, promotes blood circulation, activates cell renewal, and boosts metabolism. Alginate is used in pharmaceutical products due to its various health beneficial contexts. It is used in heartburn relief medicines; the calcium content helps reduces bleeding and is also used in making dental impressions. 

Challenges – Commercial Seaweed market

·        Growing pollution of water bodies hampers the growth of seaweed

Owing to the rising levels of marine pollution, the seaweed market showed a slight plunge due to its less availability. Aquaculture farms have been set up to fight this situation. Considering its use in various market, actions are being taken to increase the production of seaweed products.

Market Landscape

Product development and capacity expansion are key strategies for players in the commercial seaweed market. In 2018, Commercial Seaweeds top 10 companies includes Gelymar, du Pont, CP Kelco, Cargill Inc., Biostadt India Ltd, Compo GmbH & Co., Seasol, Acadian Seaplants Limited, Roullier Group, Leili Group.

Commercial Seaweed Market Research Scope:

The base year of the study is 2018, with forecast done up to 2024. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. These provide the key market participants with the necessary business intelligence and help them understand the future of the commercial seaweed market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The commercial seaweeds industry is segregated by type, by form, by application, and by geography.