As per the findings of a new report of Future Market Insights (FMI), the global macroalgae market is expected to witness significant growth during 2018 to 2028, with increasing demand from end uses, including food, animal feed, cosmetics, and fertilizers.
The global macroalgae market was valued at US$ 7,882.6 Mn in the year 2017, and is projected to expand at a CAGR of 8% over the forecast period of 2018 to 2028. The increasing production of food, cosmetics, fertilizers, and pharmaceuticals, among others, has resulted in a drastic increase in the demand for macroalgae. The growing consumption of macroalgae in food applications is expected to boost the growth of the global macroalgae market in the coming years.
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South East Asia & Asia Pacific Expected to Create Significant Growth Opportunities for Global Macroalgae Market Players
The global macroalgae market is equally large and fragmented. There are a few players that have established themselves at international as well as domestic levels. These players are taking initiatives to grow even more by expanding into high-growth regions, and also by expanding their manufacturing capacities to cater to the increasing demand.
East and South East Asia are expected to be prominent regions in the global macroalgae market throughout the forecast period, because of the increasing production and consumption in countries such as China, Indonesia, and Japan. Other coastal regions are also developing taste for macroalgae products, which will be a positive factor for the growth of the global macroalgae market.
Rising economies, industrialization, and increasing annual income of the population in these regions are some of the reasons that are majorly leading to the increasing demand for of macroalgae in South East Asia and other parts of Asia Pacific.
End Use of Macroalgae in Food Industry Projected to Remain Dominant Throughout the Forecast Period
The market has been segmented as source, type, end use, application, and region.
- On a global level, food, in the global macroalgae market, is expected to be the top selling end user throughout the forecast period. The growth of the sales of this segment during the forecast period is projected to be significantly high when compared to other end uses such as fertilizers, cosmetics, and animal feed, among others.
- Macroalgae are consumed for many end uses such as food, pharmaceuticals, cosmetics, fertilizers, animal feed, and others. The food segment is estimated to be of prominent end use for macroalgae, and is expected to consume a considerable volume of macroalgae throughout the forecast period.
- Besides food, the use of macroalgae in animal feed, fertilizers, and the personal care industry is also expected to create significant revenue for the global macroalgae market. This is driven by the increasing amount of cultivation and harvesting of seaweed across geographies, which has resulted with the global hike in demand for food, animal feed and other applications.
- Increasing their earnings and enhancing their livelihood have become necessary for farmers in order to increase their farming yield. They have started cultivating seaweed, which drives the growth of macroalgae in the market, bolstered by the increasing demand projection for macroalgae during the forecast period.
Macroalgae Market: Vendor Insights
The report highlights some of the market players that are prominent and have established themselves as leaders in the global macroalgae market. Some of the examples of the key players in this value chain of macroalgae are Dow Dupoint Inc., Cargill Inc., Biostadt India Limited, CP Kelco, Acadian Seaplants Limited, Nantong Tianfu Seaweeds & Aquatics Co., Ltd., Qingdao Rongde Seaweed Co., Ltd, Haian Qingxin Food Co., Ltd., Extractos Naturales Gelymar S.A., Seasol International Pty Ltd, Qingdao Seawin Biotech Group Co., Ltd., Compañía Española de Algas Marinas S.A., and Indigrow Ltd., among others.
Most of these players offer diverse portfolios of macroalgae for various end-use industries. Other key strengths that are important and common among these global macroalgae players are their global presence and active participation in research and development (R&D), which helps them compete, expand their macroalgae product portfolio, and grow further in the macroalgae market.