Seaweed Extracts Market to Reach $3.5 Billion, Globally, by 2032 at 6.1% CAGR: Allied Market Research

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Apr 30, 2024, 10:35 ET

Increase in demand for sustainable agriculture is growing at a rapid rate, which has driven the growth of seaweed extracts market. Moreover, expansion in product variety, integration of seaweed extracts in pharmaceuticals and cosmetic products, along with increased awareness regarding the benefits of seaweed extracts have increased the market opportunities for seaweed extracts.

WILMINGTON, Del., April 30, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Seaweed Extracts Market by Source (Red Seaweed, Brown Seaweed, and Green Seaweed), Form (Liquid, Powder, and Flakes), and Application (Food and Beverages, Agriculture, Pharmaceuticals, and Others): Global Opportunity Analysis and Industry Forecast, 2022–2032". According to the report, the global seaweed extracts market was valued at $2.0 billion in 2022, and is projected to reach $3.5 billion by 2032, registering a CAGR of 6.1% from 2023 to 2032.

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Prime determinants of growth

The rapid growth of seaweed extracts is majorly driven due to rise in awareness regarding seaweed extracts and its benefits, along with addition of functional ingredients and introduction of various substitute in seaweed extracts products. There has been a growing availability of seaweed extracts, which has further made it easier for consumers to use it with convenience. Moreover, the upsurge in demand for organic and sustainable products and rise in concern of the negative impact of coffee plantation on the environment has created demand for substitutes in recent years.

Report coverage & details:

Report Coverage	Details
Forecast Period	2022–2032
Base Year	2022
Market Size in 2022	$2.0 billion
Market Size in 2032	$3.5 billion
CAGR	6.1 %
No. of Pages in Report	298
Segments covered	Source, Form, Application, and Region.
Drivers	• Growth in consumer awareness related to health benefits of seaweed extracts • Rise in application of seaweed extracts in food and beverages industry • Increase in demand for sustainable agriculture
Opportunities	• Increase in application of seaweed extracts in animal feed • Technological advancement in manufacture of high-quality seaweed extracts
Restraints	• Volatility in the prices of seaweed extracts • Impact on seaweed production due to climate change

The red seaweed segment to maintain its leadership status throughout the forecast period.

Based on source, the red seaweed segment held the highest market share in 2022, accounting for more than half of the global seaweed extracts market revenue and is estimated to maintain its leadership status throughout the forecast period. Seaweed extracts derived from red seaweed, such as carrageenan and agar, have found extensive applications as thickeners and stabilizers in the food and beverage industry, driving the growth of the red seaweed segment. In addition, red seaweed extracts serve as functional ingredients in dietary supplements and functional food, that aligns well with consumer preferences for clean labels and health-conscious trends. Moreover, ongoing research into the potential medicinal properties of red seaweed extracts, including antiviral and anti-inflammatory characteristics, has led to an increased utilization of red seaweed extracts in the pharmaceutical industry.

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The powder segment to maintain its leadership status throughout the forecast period.

Based on form, the powder segment held the highest market share in 2022, accounting for more than half of the global seaweed extracts market and is estimated to maintain its leadership status throughout the forecast period. Powdered seaweed extract boosts a longer shelf life compared to other available forms. Its powder form is less prone to spoilage and quality degradation, making it usable for an extended period. It is also easier to mix and apply, leaving no residue behind. Furthermore, powdered seaweed extract offers versatility in its application, including uses such as foliar sprays and seed treatment. This versatility contributes to the increasing demand for powdered seaweed extracts in the market.

The agriculture segment to maintain its leadership status throughout the forecast period.

Based on application, the agriculture segment held the highest market share in 2022, accounting for more than two-fifths of the global seaweed extracts market and is estimated to maintain its leadership status throughout the forecast period. Seaweed extracts have become highly valuable in agriculture owing to their ability to improve crop growth, protect plants against environmental stressors, and enhance overall plant well-being. Within these extracts, a variety of plant growth-promoting compounds such as auxins, cytokinins, and gibberellins actively promote seed germination and improve root development, stimulating overall plant growth. Seaweed extracts are commonly used as biostimulants in agriculture, driving the demand for seaweed extracts in the agricultural sector. The utilization of seaweed extracts serves as a natural means to boost the productivity of different crops and other agricultural produce. Thus, the application of seaweed extracts in agriculture is expected to increase with the growing demand for sustainable and organic fertilizers in the coming years.

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Asia-Pacific to maintain its dominance by 2032.

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022 and is likely to dominate the market during the forecast period. The growth of the middle-class population contributes to the overall expansion of the agricultural market in Asia-Pacific region. This increased demand for food products necessitates innovative and sustainable farming practices, which, in turn, drives the adoption of seaweed extracts by farmers to enhance crop yields and quality. Moreover, the rise in the global popularity of Asian cuisines, the expansion of the health and wellness sector, and a strong emphasis on coping with growth in population drive the increasing demand for seaweed extracts in the Asia-Pacific region. This trend is expected to continue as consumers actively seek healthier and more sustainable products. Furthermore, with evolving dynamics in the food service industry and a growing need for convenient products, the market for seaweed extracts is anticipated to expand in this region.

Leading Market Players: -

Suboneyo Chemicals Pharmaceuticals P Limited
Humate (Tianjin) International Limited
North American Kelp
Changsha New-Nutri Agriculture & Technology Co., Ltd.
Sushil Corporation
Maine Coast Sea Vegetables, Inc.
Ocean Rainforest, Inc.
Kelpak
Technaflora Plant Products Ltd.
Tagrow Co., Ltd.

The report analyzes government regulations, policies, and patents to provide information on the current market trends and suggests future growth opportunities globally. Furthermore, the study highlights Porter's five forces analysis to determine the factors affecting market growth.

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