The global macroalgae market size is projected to increase from US$ 9,302.6 million in 2023 to US$ 18,305.12 million by 2033. Over the next ten years (2023 to 2033), global macroalgae sales are anticipated to soar at a 7.8% CAGR.
Macroalgae or seaweed refers to large, multicellular species of algae. They have gained wider traction amongst consumers due to their several applications across a wide range of sectors. Macroalgae also play a crucial role in capturing carbon and producing oxygen.
Macroalgae is rich in proteins and other essential nutrients. As a result, manufacturers are finding increased demand across the food & beverage industry. Rising preference for high-nutrition foods globally is expected to stimulate growth in the macroalgae industry.
Various species of macroalgae have a high relative abundance of long-chain polyunsaturated fatty acids (PUFA). These are essential components in human and animal nutrition.
The potential applications of macroalgae in pharmaceutical, food, nutraceutical, and cosmetics sectors due to their biologically active and regenerative properties will boost the market.
Key Companies Profiled: Cargill, Incorporated, Acadian Seaplants Limited, CP Kelco, Dow Chemical Company, E. I. du Pont de Nemours and Company, Gelymar SA, Irish Seaweeds, Marcel Trading Corporation, Qingdao Gather Great Ocean Algae Industry Group (GGOG), Seasol International Pty Ltd, Yan Cheng Hairui Food Co., Ltd., Ocean Harvest Technology Limited, Mara Seaweed, Algatechnologies
Key Countries Covered: Canada, United States, Mexico, Brazil, Chile, Peru, Argentina, Germany, France, Italy, Spain, United Kingdom, Netherlands, Belgium, Nordic, Russia, Poland, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Singapore, Australia, New Zealand, GCC Countries, South Africa, Central Africa, and others
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Key Trends Listed by Future Market Insights (FMI):
- Growing demand for high-nutritional food products is expected to boost the macroalgae industry.
- Widening usage in pharmaceutical and nutraceutical sectors will elevate macroalgae demand.
- Increasing customer preference for plant-based ingredients and food products is likely to fuel market expansion.
- Rapid urbanization and altering dietary preferences will increase macroalgae sales.
- Escalating awareness about the benefits of macroalgae-based products is anticipated to elevate macroalgae demand.
- Continuous product innovation will play a key role in fostering market development.
- Expanding applications in biofuel production, especially in emerging markets will bolster macroalgae sales.
- Increasing focus on environmental sustainability will create a conducive environment for the expansion of the macroalgae industry.
- Potential of macroalgae to address energy and food insecurity globally can create new growth windows for the market.
Competitive Landscape
Macroalgae is a common ingredient in a variety of goods, including food, cosmetics, and animal feed. As a result, the macroalgae industry is receiving investments from numerous producers and new businesses.
While some companies concentrate on growing and processing macroalgae, others develop novel products that take advantage of its special qualities. This has caused a wide range of macroalgae-based products, from snacks to skincare items, to be released on the market.
To meet the increasing demand for plant-based substitutes, key manufacturers are also making investments in products based on macroalgae.
For instance,
- As a pioneer in the macroalgae industry, Ocean Rainforest is working to produce macroalgae sustainably for a range of uses, including food, animal feed, and biofuel. It runs extensive macroalgae farms in Iceland and has been steadily increasing its output.
- In 2020, Algaia French company launched a new line of organic seaweed-based products for the food industry, including vegan gelling agents and texture enhancers.
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Macroalgae Market Segmentation
By Type:
- Red Macroalgae
- Green Macroalgae
- Brown Macroalgae
By Application:
- Food & Beverages
- Agriculture
- Pharmaceuticals
- Cosmetics & Personal Care
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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