Global Commercial Seaweed Market to Reach $25 Billion by 2028: Adoption of Commercial Seaweed in the Food and Beverage Industry Drives Growth

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Mar 23, 2023, 12:15 ET

DUBLIN, March 23, 2023 /PRNewswire/ -- The "Global Commercial Seaweed Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Product, Form, Application, Region" report has been added to ResearchAndMarkets.com's offering.

According to this analysis, the Global Commercial Seaweed Market was valued at ~US$ 10 billion in 2017. It is estimated to be ~US$ 15 billion in 2022 and is expected to reach a market size of ~US$ 25 billion by 2028 growing with a CAGR of ~9% during 2022 to 2028.

Key Players

Cargill Inc
DuPont
Roullier Group
Biostadt India Limited
Seasol
Leili Group
Gelymar SA
BrandT Consolidated, Inc
FMC Corporation
CP Kelco

Seaweed is a type of marine algae that grows in the sea, oceans, lakes, rivers, and other water bodies. They come in a variety of product types such as brown, green, and red. It is the main source of food for ocean life.

Seaweed can be obtained from rocky shorelines around the world, which is highly nutritious in nature and is mainly used in the pharmaceuticals and food & beverages industries. It can also be used in agricultural products and animal feed additives.

The adoption of commercial seaweed in the food and beverage industry is driving the growth of the global commercial seaweed market.

Seaweed is highly rich in vitamins and minerals, which have many health benefits such as support thyroid function, help in reducing body weight, and reduce the risk of heart diseases.

In September 2022, Central Marine Fisheries Research Institute (CMFRI) a research institute in Kerala, India developed a remedy called Cadalmin TM LivCure extract made out of seaweed for fighting against fatty liver diseases that include obesity and type 2 diabetes.

The high cost of seaweed cultivation is hindering the growth of the global commercial seaweed market.

Water contamination has greatly risen recently which creates many difficulties while collecting algae from ocean bottoms, which raises the price of seaweed at the market. However, government involvement in seaweed production i.e. helping help farmers and manufacturers meet the rising demand from the food & beverage industry is likely to overcome this challenge

The COVID-19 pandemic slowed the growth of the global commercial seaweed market, owing to the reduction in demand for seaweed as raw material from agricultural, cosmetics, and food & beverage industries. As a result, production showed a decline in the global commercial seaweed market.

Scope of the Report

The Global Commercial Seaweed Market is segmented by Product, Form, and Application. In addition, the report also covers market size and forecasts for the four major regions for the global commercial seaweed market. The revenue used to size and forecast the market for each segment is US$ billion.

By Product

Brown Seaweed
Green Seaweed
Red Seaweed

By Form

Powder
Liquid
Flakes

By Application

Food and Beverages
Agricultural Products
Animal Feed Additives
Pharmaceuticals
Others

By Region

North America (USA, Canada, and Mexico)
Europe (France, Italy, Germany, Spain, UK, and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Indonesia, and Rest of Asia Pacific)
LAMEA (Latin America, Middle East, and Africa)

Key Trends by Market Segment

By Product: The red seaweed segment by product held the largest market share in 2021 in the global commercial seaweed market

Red seaweed dominates the market owing to its multiple operating properties. It is most commonly available and contains high amounts of vitamins and proteins. Red seaweed is used for creating Carrageenan i.e. an additive used to thicken and preserve foods and drinks

In March 2021, Marine biologists from the Central University of Punjab discovered two new species of red seaweed from the west and south-east coast of India called Hypnea indica and Hypnea bullata. According to biologists adding trace amounts of these red seaweeds to animal feed has significantly lowered the generation of methane in cattle. As methane is one of the major gas, which contributes to Global Warming.

By Form: The powdered segment by form held the largest market share in 2021 in the global commercial seaweed market.

The growth is primarily due to the easy portability and simple utilization of seaweed in powder form. Seaweed powder is majorly used in the food and cosmetics industries, the process of removing water from seaweed significantly increases its shelf life i.e. specific time duration for which a product may be stored without becoming unfit for use, sold, or consumed.

The shelf life of seaweed is a maximum of up to 60 days while the powder seaweed shelf life is up to one year as dried seaweed never rots.

By Application: The food and beverage segment accounted for the largest market share in the application segment in 2021 for the global commercial seaweed market.

Seaweed is mainly used in the food and beverage industry as seaweed is majorly used as a thickening agent in various food products such as ice creams, soups, and yogurts.

Seaweed is highly rich in vitamins, minerals, and proteins, thus is the main source of vitamin B12 and iodine, which help to fight diseases like hypothyroidism and anemia.

By Geography: Asia-Pacificaccounted for the largest market share among all regions within the total Global Commercial Seaweed Market in 2021.

The growth is primarily due to the increased adoption of commercial seaweed in traditional cuisines in countries like China Indonesia, Japan and more that will help seaweed to improve its global demand over the past year.

In July 2022, the Indian Council of Agricultural Research (ICAR) and Central Marine Fisheries Research Institute (CMFRI) selected 342 farming sites that are suitable for the cultivation of seaweed in India with a production potential of more than 9.7 million tones (wet weight) per year. Thus, helping India to compete with top nations like China, Indonesia, and Japan in commercial seaweed farming.

For more information about this report visit https://www.researchandmarkets.com/r/806rrw

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