NEWARK, Del, Sept. 05, 2023 (GLOBE NEWSWIRE) -- The commercial seaweed market size is estimated to be nearly US$ 11.7 billion in 2023. The global seaweed market is poised to register a CAGR of 2.4% from 2023 to 2033. The overall valuation of the commercial seaweed market is projected to reach US$ 14.9 billion by 2033.
A modest amount of companies dominate the worldwide sales and distribution of commercial seaweed at the present time. Commercial seaweed is broadly produced near the coastlines of nations like Indonesia, China, Japan, and the Philippines.
Primary region for the production and marketing of seaweed commercially is the Asia Pacific. Because of the traditional importance of seaweeds, these countries have established a commercial market for all types of seaweed.
With the rising popularity of organic goods in Europe and North America, the demand for commercial seaweed is expected to grow considerably. Seaweed usage across the globe is getting further aided by the growing popular movement toward vegan meals and plant-based proteins. Further, with the advancement of agricultural practices, the creation of new strains, and the expansion of its applications, the seaweed business now offers great potential.
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Key Takeaways
- China is the leading country in the production of a wide variety of seaweed, followed by Japan and the Republic of Korea. The net worth of the Chinese commercial seaweed market crossed US$ 10 billion in 2022.
- Commercial seaweed production and usage are expected to rise with the trend of vegetarianism in the United States.
- In comparison to other geographic regions, the European seaweed market is anticipated to have consistent expansion through 2033.
- Due to its broad geographic range having several maritime domains, the South American market is predicted to have significant growth through 2033.
“Seaweed is being used as a key ingredient in various snacks and packaged foods due to its nutritional benefits and umami flavor. Given how experimental millennials are, it is going to be interesting to see how it leads to an increase in consumer demand.” - Says a lead analyst at Future Market Insights (FMI).
Competitive Landscape for the Commercial Seaweed Market Players
Cargill, Indigrow Ltd., Seasol International, Aquatic Chemicals, Pacific Harvest, Mara Seaweed, Marcel Carrageenan, and CP Kelco are some big players in the global seaweed market. Most commercial seaweed producers are engaged in many strategic efforts, including, collaborations, regional growth, and production capacity expansion.
Arcadian Seaplants Ltd. stated in March 2021 it was going to expand Deveau Center's manufacturing capacity by 2X. The market positions of leading players are anticipated to be strengthened by regional expansion, ultimately increasing the source of raw materials.
Recent Developments by the Commercial Seaweed Industries
- A global distributor of chemicals and ingredients named Univar Solutions established a partnership with Scotland-based Seaweed & Co. in July 2019. It aims to broaden its product offering with unique seaweed components that meet the needs of contemporary consumers in terms of sustainability.
- Cargill Inc. introduced a new type of seaweed powder in February 2021 that was derived from red seaweed called Gracilaria, commonly produced in Europe. WavePure ADG 8250 is the name of the product, which is part of the WavePure ADG series. Due to its ability to provide a creamy and smooth texture, it is mostly employed in the production of dairy products.
- In August 2019, CP Kelco Company increased the amount of gellan gum it could produce at its Oklahoma seaweed processing facility. The business hopes to address the growing demand for adaptable, multipurpose ingredients required for gellan gum in the State. The firm also aims to have a greater opportunity to provide and increase its market share in the food and beverage sector.
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Key Segments Covered by Commercial Seaweed Industry Survey Report
Commercial Seaweed Industry by Product Type:
- Red Seaweed
- Green Seaweed
- Brown Seaweed
- Other Types
Commercial Seaweed Industry by Form:
- Leaf
- Powdered
- Flakes
- Liquid
Commercial Seaweed Industry by Application:
- Agriculture Fertilizer
- Animal Feed Additives
- Human Consumption
- Pharmaceuticals
- Cosmetics and Personal Care
- Biofuels
- Bio Plastics
- Textiles
- Waste Water Treatment
- Hydrocolloids
- Other Applications
Commercial Seaweed Industry by Region:
- North America Market
- Latin America Market
- Europe Market
- East Asia Market
- South Asia and Pacific Market
- The Middle East and Africa (MEA) Market
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Author
Ronak Shah (Associate Vice President at Future Market Insights) is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.
What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers' shifting preferences.
She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.
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