Seaweed Extract Market Forecasted to Reach $20.9 Billion by 2029

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Oct 25, 2024, 10:01 ET

"BCC Research Study Projects 3.6% CAGR, with Market Growth from $17.5 Billion in 2024 to $20.9 Billion by 2029, Driven by Rising Demand for Natural Ingredients Across Food, Agriculture, and Cosmetics"

BOSTON, Oct. 25, 2024 /PRNewswire/ -- "According to the latest BCC Research study on "Seaweed Extract: Global Markets" is expected to grow from $17.5 billion in 2024 and is projected to reach $20.9 billion by the end of 2029, at a compound annual growth rate (CAGR) of 3.6% during the forecast period of 2024 to 2029."

The report comprehensively analyzes the global seaweed extract market, using 2023 as a benchmark year and offering projections and CAGR estimates from 2024 to 2029. It employs a supply-side approach to estimate market size and examines key technological advances, economic factors, and business considerations. The report highlights market forces and explores the diverse applications of seaweed extract in industries like agriculture, food and beverages, cosmetics, and pharmaceuticals. Additionally, it profiles major players in the dried and processed seaweed market and analyzes regional dynamics and factors driving market growth.

This report is particularly relevant now due to the growing recognition of seaweed farming as an environmentally friendly and sustainable practice, which aligns with the global shift towards sustainability and eco-friendly production methods. The health benefits of seaweed extracts, including their rich nutrient profile and potential therapeutic properties, are gaining attention, increasing their appeal in the health and wellness sector. Additionally, the rising consumer preference for natural and organic products is driving demand for seaweed extracts across various industries, including food and beverages, cosmetics, and agriculture, making it a timely focus for understanding market dynamics and growth opportunities.

The following factors drive the global market for seaweed extract:

Expanding Aquaculture Industry: The aquaculture industry, which involves the farming of aquatic organisms such as fish, crustaceans, and seaweed, is growing rapidly. Seaweed cultivation is a significant part of this industry, providing a sustainable source of raw material for seaweed extract. The growth of aquaculture ensures a steady supply of seaweed, which in turn supports the seaweed extract market.

Increase in Food and Beverage Applications: Seaweed extract is becoming increasingly popular in the food and beverage industry due to its nutritional benefits and versatility. Various products use it as a natural thickener, stabilizer, and flavor enhancer. Additionally, the rising vegan population and the trend toward plant-based diets in Western countries drive the demand for seaweed as an alternative protein source. Seaweed snacks and other seaweed-based food products are gaining popularity, further boosting the market.

Technological Advances in Extraction and Processing: Technological advancements have significantly improved the methods of extracting and processing seaweed. These innovations have made the extraction process more efficient, cost-effective, and environmentally friendly. Improved extraction techniques ensure higher yields and better quality of seaweed extract, making it more appealing for various applications. Technological advancements also enable the development of new products and applications, driving further growth in the market.

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Report Synopsis

Report Metrics	Details
Base year considered	2023
Forecast Period considered	2024-2029
Base year market size	$16.5 billion
Market size forecast	$20.9 billion
Growth rate	CAGR of 3.6% for the forecast period of 2024-2029
Segment Covered	Collection, Type, Form, Application, and Region
Regions covered	North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Countries covered	Chile, Peru, Canada, Mexico, Norway, France, Ireland, Russian Federation, Iceland China, Indonesia, Republic of Korea, Philippines, Australia, United Republic of Tanzania, Morocco, South Africa, and Madagascar
Key Market Drivers	• Expanding aquaculture industry. • Increase in food and beverage applications. • Technological advances in extraction and processing.

Key Interesting Facts about the global market for seaweed extract:

Versatile Applications: Seaweed extracts are used in food, cosmetics, pharmaceuticals, and agriculture due to their rich nutritional content and functional properties.

Sustainability Potential: Seaweeds are being explored for carbon sequestration and as a source of eco-friendly bioplastics, showcasing their environmental benefits.

The global market for seaweed extract report includes in-depth data and analysis addressing the following important queries:

What is the projected growth rate and market size of the seaweed extract market?
- The estimated market size of the seaweed extract market will be $20.9 billion by 2029, with a CAGR of 3.6%.
What are the key factors driving the growth of the seaweed extract market?
- Expanding Aquaculture Industry.
- Expanding Applications in the Food and Beverage Industry.
- Technological Advancements in Extraction and Processing.
What segments are covered in the market?
- The seaweed extract market is segmented based on collection, form, type of seaweed, application, and region. Segmentation is based on the collection; the market is segmented into wild harvest and aquaculture. The market is segmented based on form into flakes, powder, and liquid. Based on the type of seaweed, the seaweed extract market is segmented into brown seaweeds, red seaweeds, and green seaweeds. Based on application, the seaweed extract market is segmented into food & beverage, agriculture, animal feed additives, pharmaceutical, cosmetics & personal care, and other applications. Regional estimates and forecasts comprise the Americas, Europe, Asia-Pacific, and the Rest of the World.
By type, which segment will dominate the market by 2029?
- The brown seaweed segment will continue to dominate the market by the end of 2029.
Which region has the highest market share?
- The Asia-Pacific region led commercial seaweed production and consumption, accounting for more than 95% of global consumption and revenue. This growth is mainly led by China and Japan, owing to increases in domestic consumption.

Some of the Key Market Players Are:

ACADIAN SEAPLANTS LTD.
ARTHUR BRANWELL & CO. LTD.
CARGILL INC.
CEAMSA
DUPONT
GELYMAR
GROUPE ROULLIER
J.M. HUBER CORP.
KELPAK
OCEAN HARVEST TECHNOLOGY GROUP PLC
OCEAN RAINFOREST
QINGDAO MINGYUE SEAWEED GROUP CO. LTD.
X-HUMATE (TIANJIN) INTERNATIONAL LTD.

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