Commercial Seaweed Industry Overview
The global commercial seaweed market size was valued at USD 16.6 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 10.8% from 2021 to 2028.
The market demand is anticipated to be driven by the growing technological developments in cultivating seaweed coupled with the rising investments in application segments, including animal feed and agriculture.
Seaweed is one of the major sources of iodine, which is rare in other food items or ingredients. In addition, it is highly important to regulate the estradiol and estrogen levels in the human body. The use of seaweed and its isolates enhances satiety, further reducing the postprandial absorption rates of glucose and lipids in humans, which help in the development of anti-obesity foods. Seaweeds are consumed as food as well as ingredients owing to their anti-microbial properties that give a preservative benefit to the foods.
Gather more insights about the market drivers, restrains and growth of the Global Commercial Seaweed market
Customers are increasingly using seaweed in meat and bakery products, wherein it helps in the retention of water along with gel formation. Furthermore, growing consumer awareness regarding the benefits of nutritional food is further propelling the demand for carrageenan in developing countries such as China, Indonesia, and other South Asian countries, and this trend is likely to propel the growth of the market in the foreseeable future.
Seaweed absorbs carbon dioxide as it grows and can be used as biomass for energy production. In the process, seaweed is crushed, then water is added to form a slurry. With the help of microorganisms, fermentation is carried out in order to produce methane. The resultant methane gas is used as a fuel in gas engines, which produce electricity. Furthermore, the co-extrusion process associated with commercial seaweed offers a wide range of calibers. The continuous investment in R&D by major players in the market has significantly contributed to enhanced preservatives, thickeners, and gums. The growing advancements in the potential applications of seaweed are anticipated to boost the growth of the market over the forecast period of 2020-2028.
The brown seaweeds product segment is expected to witness significant growth of 10.7% from 2020 to 2028 in the U.S. market. Brown seaweeds are used for making hydrocolloids such as agar, alginate, and carrageenan. Hydrocolloids are used as thickening agents, emulsifiers, stabilizers, and water retention agents for different food applications. Growing demand for healthy food additives, which can substantially replace calorie-rich oils and fats in food products, is expected to drive the demand for hydrocolloids, thereby fueling the growth of the market in the U.S.
The exponential growth of the market has witnessed the slowdown during 2020 owing to the widespread coronavirus. The trade of seaweed has reduced significantly due to the travel restrictions in the majority of the key seaweed-producing countries. The farmed seaweed which accounts for more than 97% share in the total seaweed production has observed a gradual decrease in production from June 2020 to November 2020. The domestic consumption of seaweed has witnessed a lesser impact due to COVID-19 in the key seaweed-producing countries such as China, Indonesia, South Korea, and other South Asian countries. On the other hand, the exports of seaweed to the key demanding countries have a significant impact due to the closure of international trade and international borders to restrict the spread of coronavirus across the globe.
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Commercial Seaweed Market Segmentation
Grand View Research has segmented the global commercial seaweeds market on the basis of product, form, application, and region:
- Commercial Seaweed Product Outlook (Revenue, USD Million, 2017 – 2028)
- Brown seaweeds
- Red seaweeds
- Green seaweeds
- Commercial Seaweed Application Outlook (Revenue, USD Million, 2017 – 2028)
- Agriculture
- Animal Feed
- Human Consumption
- Others
- Commercial Seaweed Form Outlook (Revenue, USD Million, 2017 – 2028)
- Liquid
- Powdered
- Flakes
- Commercial Seaweed Regional Outlook (Revenue, USD Million, 2017 – 2028)
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
Key Companies profiled:
Some prominent players in the global Commercial Seaweed market include
- Cargill Inc.
- E.I. Du Pont de Nemours and Company
- Roullier Group
- Biostadt India Limited
- Compo GmbH & Co. KG
- Acadian Seaplants Limited
- Gelymar SA
- BrandT Consolidated, Inc.
- Seasol International Pty. Ltd.
- CP Kelco.
- West Coast Marine Bio-Processing Corp.
- Leili Group
- Chase Organics GB Limited
- Indigrow Ltd.
- Travena Organic Solutions Ltd.
Order a free sample PDF of the Commercial Seaweed Market Intelligence Study, published by Grand View Research.
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