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%.
In the colorful world of macroalgae, the shades of red, green, and brown set the tone for a thriving market landscape. This dynamic market is witnessing a surge in demand, driven by the versatile applications of macroalgae in industries such as aquaculture, pharmaceuticals, and nutraceuticals. The classification based on macroalgae types, including red, green, and brown, opens up diverse avenues for market growth.
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Key Points and Takeaways:
- Diverse Categories: The macroalgae market is segmented into red, green, and brown categories, offering a comprehensive view of the industry’s diversity.
- Government Initiatives: Growing efforts by governments to standardize macroalgae cultivation play a pivotal role in boosting market sales.
- Protein Revolution: The utilization of macroalgae as a source of bulk proteins, particularly in algae photobioreactors, is reshaping the protein landscape. The market benefits from the advantageous amino acid profiles of popular algae species like Arthrospira and Chlorella.
- Scientific Advancements: The rapid development of novel strains and scientific breakthroughs enhancing resistance to high salinity and improving energy efficiency are propelling market growth.
- Contaminant Detection: The urgent need for early contaminant detection creates new growth opportunities, especially for innovative photobioreactor microalgae producers.
“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. Its expansion is having an effect on the world by giving the food, cosmetics, and pharmaceutical industries a nourishing and adaptable ingredient. It also helps to sequester carbon and improves ocean health.” – says a lead analyst at Future Market Insights (FMI)
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Market Outlook:
- By 2023, the global macroalgae market is valued at US$ 18,305.12 million, with an expected surge at a CAGR of 7.8% over the forecast period.
- The United States emerges as a dominant force, projected to hold a value share of 33.1% in the global market by 2033.
- Japan is set to contribute significantly, with a projected value share of 11.0% in the global market by 2023.
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 are key Macroalgae companies listed in the report.
These companies are concentrating on expanding their portfolios by launching new products. They also use strategies such as advertisements, partnerships, acquisitions, agreements, and mergers to stay relevant in the market. For instance,
- In 2020, Algaia French company the 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
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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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