Overview and Scope
The commercial seaweed are used as food ingredients, agricultural fertilizers, animal feed additives, and pharmaceutical ingredients. Commercial seaweed refers to microalgae that grow in the sea. It can be grown in both marine water and fresh water and can be used as a source of long- and short-chain chemicals.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
Asia-Pacific was the largest region in the commercial seaweed market in 2023. The regions covered in the commercial seaweed market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the commercial seaweed market report are Cargill Inc., E.I. du Pont de Nemours Inc., CP Kelco U.S. Inc., BrandT Consolidated Inc., Acadian Seaplants Limited, Gelymar SA, Extractos Naturales Gelymar S.A., Seasol International, Indigrow Ltd., Ocean Harvest Technology Limited, AquAgri Processing Pvt. Ltd., West Coast Marine Bio-Processing Corp., The Seaweed Company B.V., Pacific Harvest, The Irish Seaweed Company, AtSeaNova, Seaweed Solutions AS, Shore Seaweed Co., Dalian Ocean University Seaweed Industry Group, Algaia SA, Rhodomaxx Sdn. Bhd., Qingdao Gather Great Ocean Industry Group (GGOG), Kelp Industries PTY. Ltd., Nantong Xinlang Seaweed & Foods Co. Ltd., Mara Seaweed Ltd., Leili Group, Dycolor Seaweed Industries, Shandong Qingdao Lihua Seaweed Industry Group Co. Ltd., Travena Organic Solutions Ltd.
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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32. Global Commercial Seaweed Market Competitive Benchmarking
33. Global Commercial Seaweed Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Commercial Seaweed Market
35. Commercial Seaweed Market Future Outlook and Potential Analysis
36. Appendix
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