USD 10.4 billion
Report ID:
SQMIG30H2145 |
Region:
Global |
Published Date: November, 2024
Pages:
157
|Tables:
95
|Figures:
75
Global Commercial Seaweed Market size was valued at USD 10.4 billion in 2022 and is poised to grow from USD 10.66 billion in 2023 to USD 12.99 billion by 2031, growing at a CAGR of 2.50% during the forecast period (2024-2031).
The use of hydrocolloids like carrageenan, alginate, and agar has grown over the past several years in the food business, animal feed industry, pharmaceutical industry, and other sectors. This has caused the production of algae to increase and the demand for commercial seaweed to surge. Additionally, the health advantages of consuming macroalgae products are encouraging consumers to incorporate them into their everyday diets.
US Commercial Seaweed Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 10.4 billion
Largest Segment
Food and Beverage
Fastest Growth
Food and Beverage
Growth Rate
2.50% CAGR
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Global Commercial Seaweed Market is segmented by Product, Form, Application, and region. Based on Product, the market is segmented into Brown seaweed, Red seaweed, and Green seaweed. Based on Form, the market is segmented into Leaf, Powdered, and Flakes. Based on Application, the market is segmented into Agriculture, Animal Feed, Human Consumption, and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Commercial Seaweed Market Analysis by End-Uses
The food and cosmetics sectors both use seaweed powder extensively. Powders are simple to move about and store. The removal of water during the process of turning macro algal extracts into powder extends their shelf life. Retail stores offer seaweed powder as a nutritional supplement and cosmetic product. The demand for seaweed powders in the food sector is anticipated to increase due to the rising popularity of plant proteins and vegan goods. Liquid macro algae extracts are expanding significantly as a result of their expanding use in functional drinks and cosmetics.
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By 2026, Asia Pacific will hold the largest market share for commercial seaweed, with a value of USD 10.73 billion. Over the past few years, the demand for commercial-grade algae has increased due to its increasing use in regional cuisines, particularly in China, Japan, and Vietnam. The region's macroalgae market is expanding as a result of rising food service demand. In the next years, market growth is also anticipated to be fueled by consumers' growing preference for plant-based cosmetics and personal care products. In comparison to other areas, the European market is anticipated to have consistent expansion. Chlorella and spirulina, two edible seaweeds, are helping Europe profit from the growing demand for plant-based proteins. Diverse seaweed pharmaceutical industry providers from the emerging nations of APAC are taking advantage of the need for high-quality and natural supplements in the area.
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Commercial Seaweed Market Driver
Increasing Adoption of Commercial Seaweed as Hydrocolloids
Skyrocketed demands of Plant based products
Following a vegetarian diet or switching to a vegan diet is one of the major trends in today's time. Individuals in current times have become more aware about animal welfare and wellbeing. These products are gaining popularity across several sectors such as the food and cosmetics industry with the evolving perception that plant-based products are safer & healthier compared to animal-originated products.
Commercial Seaweed Market Restraint
High Cost of Seaweed Cultivation
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The Global Commercial Seaweed market is relatively fragmented, with a high level of competition. Companies are working on new product launches and other initiatives to provide better equipment to their customers and expand their companies globally. These industry leaders are expanding their client base in a variety of ways, and many organizations are forming strategic and creative partnerships with other start-up businesses in order to increase market share and profitability.
Commercial Seaweed Market Top Player's Company Profiles
Commercial Seaweed Market Recent Developments
In November 2021, Cascadia Seaweed partnered with Tsawout First Nation to farm seaweed off James Island. This helped the company to increase the production of seaweed in order to meet the growing demand for seaweeds.
In November 2021, Acadian SeaPlus launched new Chondracanthus chamissoi seaweed product to customers across the global market. It is a red algae species that has application in variety of products ranging from functional food, nutraceutical, cosmetics, pharmaceuticals, and brewing. This helped the company to expand their product portfolio.
In June 2020, a French-based bio marine ingredient company invested USD 2.4 million to develop a new range of seaweed-based solutions in order to create plant-based substitutes.
Brown algae is expected to showcase a promising growth on account of its growing consumption in Asian countries. In countries such as China and Japan, it is consumed with coconut milk, crushed ice, and jelly.
The demand for high-quality and natural supplements in the region is creating an opportunity for various seaweed . Therefore, edible seaweeds such as chlorella and spirulina help capitalize on the new trends of plant-based protein consumption in Europe
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Commercial Seaweed Market Analysis, Methane is produced by fermentation, which is assisted by microbes. Methane gas produced as a consequence is utilized as a fuel in gas engines to generate energy. Furthermore, a variety of calibers are available through the co-extrusion method used with commercial seaweed. Enhancements to preservatives, thickeners, and gums have been made possible by key market participants' ongoing investments in R&D. Over the projection period of 2020–2028, it is predicted that the market would develop at a faster rate due to significant improvements in the possible uses of seaweed.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 10.4 billion |
Market size value in 2031 | USD 12.99 billion |
Growth Rate | 2.50% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Commercial Seaweed Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Commercial Seaweed Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Commercial Seaweed Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Commercial Seaweed Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG30H2145
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