The global macroalgae market has witnessed significant growth in recent years, driven by the increasing demand for sustainable and natural alternatives across various industries. Macroalgae, commonly known as seaweed, is a diverse group of marine plants that offer numerous benefits in terms of nutrition, cosmetics, pharmaceuticals, and biofuels.
According to Future Market Insights (FMI), the worldwide macroalgae market is valued at US$ 9,302.6 million in 2023 and it is anticipated to reach US$ 18,305.1 million by 2033. Over the next decade, global macroalgae demand is likely to increase at a CAGR of 7.8%.
Increasing applications of macroalgae across food & beverage, pharmaceutical, agriculture, and other sectors is expected to boost the global market.
Due to the growing use of macroalgae ingredients and proteins in the production of aquaculture, pharmaceutical, and nutraceutical products, market sales are anticipated to rise.
The government’s expanding efforts to standardize macroalgae cultivation and support macroalgae farmers will help open up new opportunities for manufacturers.
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Market expansion is anticipated to be fueled by the rising use of algae photobioreactors. Advancements in technology are allowing companies to easily cultivate micro and macroalgae on large scales.
Growing awareness about the potential health benefits of macroalgae and rising preference for seaweed proteins will further boost the market. Seaweed proteins are crucial to meeting the world’s needs because they have many advantages over other protein sources.
The market is also anticipated to expand as a result of the quick development of novel strains and scientific developments that can withstand high salinity and boost energy effectiveness.
Key Takeaways from this Market Report:
- The global macroalgae market is expected to reach a valuation of US$ 18,305.12 million by 2033.
- Global demand for macroalgae is likely to soar at 7.8% CAGR over the forecast period.
- Based on type, demand is likely to remain high for red macroalgae globally.
- By application, food & beverages segment is projected to hold a dominant market share.
- The United States macroalgae market size is anticipated to reach US$ 2,697.7 million by 2033.
- Macroalgae demand in China is forecast to increase at 9.5% CAGR through 2033.
- India macroalgae industry is poised to exhibit a CAGR of 10.8% during the assessment period.
“The market for macroalgae is expanding as a result of rising interest in environmentally friendly, plant-based food sources as well as growing public awareness of the advantages of seaweed farming. To grab emerging opportunities, companies are rigorously investing in research & development as well as expanding their portfolios,” – says a lead analyst at Future Market Insights (FMI).
Who is Winning?
- 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
These companies are concentrating on expanding their portfolios by introducing new products. They also use strategies such as advertisements, partnerships, acquisitions, agreements, and mergers to stay relevant in the market. For instance,
- In 2020, a new range of organic seaweed-based products was introduced by Algaia.
Get More Valuable Insights:
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global macroalgae market presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study incorporates compelling insights on the macroalgae market based on type (red macroalgae, green macroalgae, brown macroalgae) and application (food & beverages, agriculture, pharmaceuticals, cosmetics & personal care, and others) across various regions.
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Key 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
About the Food & Beverage Division at Future Market Insights (FMI):
Expert analysis, actionable insights, and strategic recommendations – the Food & Beverage team at Future Market Insights (FMI) helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
About Future Market Insights (FMI)
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 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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