Seaweed Market to Be Worth $37.84 Billion by 2031 - Exclusive Report by Meticulous Research®

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Jun 04, 2024, 10:31 ET

REDDING, Calif., June 4, 2024 /PRNewswire/ -- According to a new market research report titled 'Seaweed Market Size, Share, Forecast, & Trends Analysis by Type (Red Seaweed, Brown Seaweed, Green Seaweed), Form (Dry, Liquid), Application (Food and Beverage, Extraction of Hydrocolloids, Animal Feed, Agriculture) — Global Forecast to 2031,' the seaweed market is projected to reach $37.84 billion by 2031, at a CAGR of 10.3% from 2024 to 2031. In terms of volume, this market is projected to reach 18,871.4 tons by 2031, at a CAGR of 11.1% during the forecast period of 2024–2031.

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Seaweed is the common name for countless species of marine plants and algae that grow in oceans, rivers, lakes, and other water bodies. Commonly, it is categorized into three broad groups based on pigmentation or type, such as red, brown, and green seaweeds. The major utilization of these seaweeds as food and food ingredients is in Asia-Pacific, particularly in China, Indonesia, the Philippines, Korea, and Japan, where seaweed cultivation has developed into a huge industry.

Seaweed is currently being extensively studied as a potential fuel source due to its high photosynthetic efficiency and its capacity to produce lipids, which can serve as a feedstock for biodiesel production, presenting new opportunities for seaweed biomass manufacturers.

A wide variety of seaweed species are utilized in numerous food products worldwide. Traditionally, seaweeds have been staples in Asian cuisine, particularly in countries like China, Japan, and South Korea. However, in recent decades, these seaweed-based foods have gained popularity in Western nations, driven by their recognized health benefits.

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In developed regions such as North America and Europe, the perceived health advantages of seaweed-based products are driving their adoption. Consumers view seaweed as a safe, fresh, protein-rich, iodine-rich, and low-calorie dietary option. Additionally, seaweed is rich in vitamins, minerals, and fibers, further enhancing its appeal. Major players in Western markets are focusing on innovating food products to cater to diverse demographics, capitalizing on the health benefits of seaweed, including its antioxidant properties, micronutrients, and fiber content. As a result, seaweed-containing food items such as snacks, noodles, and health beverages are witnessing a surge in demand worldwide.

Key Players:

The key players operating in the seaweed market are Seaweed & Co. (U.K.), Cargill, Incorporated (U.S.), Green Rise Agro Industries (India), VietDelta Ltd. (Vietnam), Ocean rainforest (Denmark), Thorverk hf. (Iceland), ALGAplus (Portugal), MYCSA Ag, Inc. (U.S.), Seaweed Solutions AS (Norway), The Seaweed Company (Netherlands), Baoji Earay Bio-Tech Co., Ltd. (China), Shore Seaweed (U.K.), Rongcheng Jingyi Ocean Technology Co., Ltd. (China), Sar Agrochemicals & Fertilizers Pvt. Ltd. (India), and Algea, the Arctic Company (Part of Valagro Group) (Norway).

The seaweed market study presents historical market data (2022 and 2023), estimated current data (2024), and forecasts for 2031— by type (red seaweed, brown seaweed, and green seaweed), by form (dry {powder, flakes, and other dry forms} and liquid), by application (food and beverage, extraction of hydrocolloids, animal feed, agriculture, and other applications) and by geography (North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the country-level markets.

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Key Findings in the Seaweed Market Study:

Among the types covered in this report, in 2024, the red seaweed segment is expected to account for the largest share of 52.3% of the seaweed market. Moreover, the red seaweed segment is projected to register the highest CAGR during the forecast period. This growth can be attributed to the increasing health consciousness among consumers, expanding applications of red seaweed in the food industry, and rising demand for red seaweed extracts like agar and carrageenan hydrocolloids across various sectors.

Among the forms covered in this report, the dry segment is expected to account for the larger share of 60.4% of the seaweed market in 2024. This segment's large market share can be attributed to the increasing demand for seaweed powder in the food and cosmetics industries. Moreover, the dry segment is projected to register a higher CAGR during the forecast period. This growth can be attributed to the advantages offered by powdered seaweed over their liquid counterparts, including a longer shelf-life and ease of transportation & storage.

Among the applications covered in this report, in 2024, the food and beverage segment is expected to account for the largest share of 54.5% of the seaweed market. However, the animal feed segment is projected to record the highest CAGR during the forecast period. This growth can be attributed to the expansion of the livestock sector, resulting in the increased demand for animal feed and the growing utilization of seaweeds as additives in animal feed formulations.

Based on geography, in 2024, Asia-Pacific is expected to account for the largest share of 63.0% of the seaweed market, followed by North America, Europe, Latin America, and the Middle East & Africa. The seaweed market in Asia-Pacific is estimated to be worth USD 12.0 billion in 2024. Asia-Pacific's significant market share can be attributed to the presence of numerous local and regional players, government initiatives aimed at promoting seaweed cultivation and utilization across various industries, increasing demand for organic food products, and expanding applications of sea vegetables, particularly in the food sector. Furthermore, Moreover, in the Asia-Pacific region, there is extensive production and consumption of seaweeds due to the abundant availability of raw materials, favorable climatic conditions for seaweed cultivation, and low labor costs. These factors contribute to the growth of the seaweed market in Asia-Pacific.

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Scope of the Report:

Seaweed Market Assessment—by Type

Red Seaweed
Brown Seaweed
Green Seaweed

Seaweed Market Assessment—by Form

Dry
- Powder
- Flakes
- Other Dry Forms
Liquid

Seaweed Market Assessment—by Application

Food and Beverage
Hydrocolloids Extraction
Animal Feed
Agriculture
Other Applications

Seaweed Market Assessment—by Geography

North America
- U.S.
- Canada
Europe
- France
- Germany
- Italy
- Spain
- U.K.
- Norway
- Ireland
- Netherlands
- Denmark
- Sweden
- Rest of Europe (RoE)
Asia-Pacific
- China
- India
- South Korea
- Japan
- Australia
- Indonesia
- Rest of Asia-Pacific (RoAPAC)
Latin America
- Brazil
- Mexico
- Argentina
- Chile
- Rest of Latin America (RoLATAM)
Middle East and Africa

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