The Commercial Seaweed Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Commercial Seaweed Global Market Report 2024, The commercial seaweed market size has grown rapidly in recent years. It will grow from $19.42 billion in 2023 to $21.88 billion in 2024 at a compound annual growth rate (CAGR) of 12.7%. The growth in the historic period can be attributed to demand in food industry, increased cosmetic and personal care applications, biofuel production, increased textile industry, carrageenan production.
The commercial seaweed market size is expected to see rapid growth in the next few years. It will grow to $34.79 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%. The growth in the forecast period can be attributed to sustainable agriculture practices, functional food ingredients, climate change resilience, expansion of seaweed farms, mariculture practices, government support. Major trends in the forecast period include seaweed-based biostimulants, innovation in seaweed-based food products, seaweed-based packaging materials, collaborations for sustainable seaweed sourcing, carbon sequestration.
The increasing consumption of plant-based products will propel the growth of the commercial seaweed market going forward. Plant-based food refers to a finished product consisting of ingredients derived from plants that include vegetables, fruits, and whole grains. Commercial seaweed is used in the manufacture of plant-based foods. These seaweeds help to increase protein content in plant-based products. For instance, in 2023, according to the Good Food Institute, a US-based non-profit organization, the U.S. retail market for plant-based foods reached a value of $8 billion in 2022, reflecting a 7% increase in dollar sales compared to the previous year. Therefore, increasing consumer consumption of plant-based products is driving the commercial seaweed market growth.
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The commercial seaweed market covered in this report is segmented –
1) By Product: Brown Seaweeds, Red Seaweeds, Green Seaweeds
2) By Type: Liquid, Powdered, Flakes
3) By End User: Food and Beverages, Agricultural Products, Animal Feed Additives, Pharmaceuticals, Other End Users
Major companies operating in the commercial seaweed market are increasing their focus on introducing innovative solutions, such as nutraceuticals, to gain a competitive edge in the market. A nutraceutical is a food or food product that provides health benefits beyond basic nutrition. For instance, in December 2022, the Central Marine Fisheries Research Institute (CMFRI), an India-based research institute, developed LivCure extract. This seaweed-based product is used to combat non-alcoholic fatty liver disease (NAFLD). LivCure extract comprises 100% natural bioactive ingredients extracted from specific seaweeds using green technology. It is designed to enhance liver health and is considered an eco-friendly remedy for NAFLD. The creation of this natural remedy from seaweed is a significant step in addressing fatty liver disease. It offers a potential alternative for managing this health condition.
The commercial seaweed market report table of contents includes:
1. Executive Summary
2. Commercial Seaweed Market Characteristics
3. Commercial Seaweed Market Trends And Strategies
4. Commercial Seaweed Market – Macro Economic Scenario
5. Global Commercial Seaweed Market Size and Growth
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26. South America Commercial Seaweed Market
27. Brazil Commercial Seaweed Market
28. Middle East Commercial Seaweed Market
29. Africa Commercial Seaweed Market
30. Commercial Seaweed Market Competitive Landscape And Company Profiles
Top Major Players:
- Cargill Inc
- E.I. du Pont de Nemours Inc
- CP Kelco U.S. Inc.
- BrandT Consolidated Inc
- Acadian Seaplants Limited
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