The commercial seaweed market has witnessed substantial growth, reaching US$ 11.45 billion in 2022 and is predicted to achieve a CAGR of 2.4% from 2023 to 2032. By the end of 2033, the market is anticipated to be valued at US$ 14.9 billion, showcasing a promising trajectory. This industry’s dynamic growth is attributed to various factors, including its use in traditional cuisines, cosmetic products, and emerging applications like biofuel and bioplastic production.
Demand Drivers:
The market’s growth is propelled by the rising popularity of seaweed in traditional cuisines, especially in Asian countries like Vietnam, Japan, and China. Additionally, the increased demand for natural ingredients in skincare products has opened avenues for the use of seaweed bioactive components. Seaweed is not only a culinary delight but also finds applications in cosmetics, pharmaceuticals, and emerging sectors like biofuel and bioplastics.
Market Dynamics:
The demand for plant-based proteins in various food products, driven by the surge in vegetarian diets, is a significant factor influencing the market. Coastal European countries, particularly Spain and France, are expected to witness a steady expansion in the commercial seaweed business. Furthermore, the limited yet rising demand in African and Middle East countries, particularly in South Africa, highlights the cultural influence on market trends.
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Growing Factor:
A key driving factor for the global commercial seaweed market is the expanding use of seaweed fertilizers in agriculture. Seaweeds, rich in essential active ingredients like sulfated polysaccharides, provide valuable nutrients for field crops, contributing to increased market demand.
Investors in the B2B industry should consider the substantial growth potential in the commercial seaweed market. The forecasted CAGR of 2.7% from 2023 to 2033, with a market value of US$ 11.7 billion in 2023, indicates lucrative opportunities. Growing applications in cosmetics, the rising trend of vegan proteins, and the production of new grades for biofuel further enhance the appeal for investors.
Key Takeaways
- China is the leading country in the production of a wide variety of seaweed, followed by Japan and the Republic of Korea. The net worth of the Chinese commercial seaweed market crossed US$ 10 billion in 2022.
- Commercial seaweed production and usage are expected to rise with the trend of vegetarianism in the United States.
- In comparison to other geographic regions, the European seaweed market is anticipated to have consistent expansion through 2033.
- Due to its broad geographic range having several maritime domains, the South American market is predicted to have significant growth through 2033.
Competitive Landscape for the Commercial Seaweed Market Players
Wild Irish Seaweeds, Acadian SeaPlus, Organic Irish Seaweed-Emerald Isle, KwangcheonKIm, Cascadia Seaweed, Ocean Rainforest, Springtide Seaweed, LLC, BLUE EVOLUTION, Earaybio, Kai Ho “Oceans Treasure”, Aushadh Limited., BY VIET DELTA, Shore Seaweed, ALGOLESKO, Raw Seaweeds, Cargill, Incorporated, AtSeaNova, Kelp Industries Pty, Ltd., Maine Coast Sea Vegetables, MARA SEAWEED, Marcel Carrageenan, Pacific Harvest, Seaweed Solutions AS, The Seaweed Company, Irish Seaweeds are some big players in the global Commercial seaweed market. Most commercial seaweed producers are engaged in many strategic efforts, including, collaborations, regional growth, and production capacity expansion.
Arcadian Seaplants Ltd. stated in March 2021 it was going to expand Deveau Center’s manufacturing capacity by 2X. The market positions of leading players are anticipated to be strengthened by regional expansion, ultimately increasing the source of raw materials.
Recent Developments by the Commercial Seaweed Industries
- A global distributor of chemicals and ingredients named Univar Solutions established a partnership with Scotland-based Seaweed & Co. in July 2019. It aims to broaden its product offering with unique seaweed components that meet the needs of contemporary consumers in terms of sustainability.
- Cargill Inc. introduced a new type of seaweed powder in February 2021 that was derived from red seaweed called Gracilaria, commonly produced in Europe. WavePure ADG 8250 is the name of the product, which is part of the WavePure ADG series. Due to its ability to provide a creamy and smooth texture, it is mostly employed in the production of dairy products.
- In August 2019, CP Kelco Company increased the amount of gellan gum it could produce at its Oklahoma seaweed processing facility. The business hopes to address the growing demand for adaptable, multipurpose ingredients required for gellan gum in the State. The firm also aims to have a greater opportunity to provide and increase its market share in the food and beverage sector.
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Key Segments Covered by Commercial Seaweed Industry Survey Report
Commercial Seaweed Industry by Product Type:
- Red Seaweed
- Green Seaweed
- Brown Seaweed
- Other Types
Commercial Seaweed Industry by Form:
- Leaf
- Powdered
- Flakes
- Liquid
Commercial Seaweed Industry by Application:
- Agriculture Fertilizer
- Animal Feed Additives
- Human Consumption
- Pharmaceuticals
- Cosmetics and Personal Care
- Biofuels
- Bio Plastics
- Textiles
- Waste Water Treatment
- Hydrocolloids
- Other Applications
Commercial Seaweed Industry by Region:
- North America Market
- Latin America Market
- Europe Market
- East Asia Market
- South Asia and Pacific Market
- The Middle East and Africa (MEA) Market
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