Global Commercial Seaweed Market Expected To Reach Size Of ~US$ 25 Billion By 2028 – Ken Research
The Global Commercial Seaweed Market was valued at ~US$ 10 billion in 2017. It is estimated to be ~US$ 15 billion in 2022 and is expected to reach a market size of ~US$ 25 billion by 2028 growing with a CAGR of ~9% during 2022 to 2028. The adoption of commercial seaweed in the food and beverage industry is likely to drive market growth.
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Key Growth Drivers
Seaweed is highly rich in vitamins and minerals, which have many health benefits such as support thyroid function, help in reducing body weight, and reduce the risk of heart diseases.
In September 2022, Central Marine Fisheries Research Institute (CMFRI) a research institute in Kerala, India developed a remedy called Cadalmin TM LivCure extract made out of seaweed for fighting against fatty liver diseases that include obesity and type 2 diabetes.
The high cost of seaweed cultivation is hindering the growth of the global commercial seaweed market.
Water contamination has greatly risen recently which creates many difficulties while collecting algae from ocean bottoms, which raises the price of seaweed at the market. However, government involvement in seaweed production i.e. helping help farmers and manufacturers meet the rising demand from the food & beverage industry is likely to overcome this challenge
In January 2018, Alltech an American nutrition company that develops agricultural products closed its seaweed algae facility plant after evaluating the production unit’s operational effectiveness.
The COVID-19 pandemic slowed the growth of the global commercial seaweed market, owing to the reduction in demand for seaweed as raw material from agricultural, cosmetics, and food & beverage industries. As a result, production showed a decline in the global commercial seaweed market.
Key Trends by Market Segment
By Product: The red seaweed segment by product held the largest market share in 2021 in the global commercial seaweed market.
- Red seaweed dominates the market owing to its multiple operating properties. It is most commonly available and contains high amounts of vitamins and proteins. Red seaweed is used for creating Carrageenan i.e. an additive used to thicken and preserve foods and drinks.
- In March 2021, Marine biologists from the Central University of Punjab discovered two new species of red seaweed from the west and south-east coast of India called Hypnea indica and Hypnea bullata. According to biologists adding trace amounts of these red seaweeds to animal feed has significantly lowered the generation of methane in cattle. As methane is one of the major gas, which contributes to Global Warming.
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By Form: The powdered segment by form held the largest market share in 2021 in the global commercial seaweed market.
- The growth is primarily due to the easy portability and simple utilization of seaweed in powder form. Seaweed powder is majorly used in the food and cosmetics industries, the process of removing water from seaweed significantly increases its shelf life i.e. specific time duration for which a product may be stored without becoming unfit for use, sold, or consumed.
- The shelf life of seaweed is a maximum of up to 60 days while the powder seaweed shelf life is up to one year as dried seaweed never rots.
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By Application: The food and beverage segment accounted for the largest market share in the application segment in 2021 for the global commercial seaweed market.
- Seaweed is mainly used in the food and beverage industry as seaweed is majorly used as a thickening agent in various food products such as ice creams, soups, and yogurts.
- Seaweed is highly rich in vitamins, minerals, and proteins, thus is the main source of vitamin B12 and iodine, which help to fight diseases like hypothyroidism and anemia.
By Geography: Asia-Pacificaccounted for the largest market share among all regions within the total Global Commercial Seaweed Market in 2021.
- The growth is primarily due to the increased adoption of commercial seaweed in traditional cuisines in countries like China Indonesia, Japan and more that will help seaweed to improve its global demand over the past year.
- In July 2022, the Indian Council of Agricultural Research (ICAR) and Central Marine Fisheries Research Institute (CMFRI) selected 342 farming sites that are suitable for the cultivation of seaweed in India with a production potential of more than 9.7 million tones (wet weight) per year. Thus, helping India to compete with top nations like China, Indonesia, and Japan in commercial seaweed farming.
Competitive Landscape
The global commercial seaweed market is highly competitive with ~300 players, which include globally diversified players, regional players as well as a large number of country-niche players each with their niche in commercial seaweed product manufacturers. Large global players constitute ~10% of competitors, while country-niche players represent ~60% of competitors and regional players represent ~30% of Competitors. Some of the major players in the market include Cargill Inc., DuPont, Roullier Group, Biostadt India Limited, Seasol, Leili Group, Gelymar SA, BrandT Consolidated, Inc., FMC Corporation, CP Kelco, and among others.
Recent Developments Related to Major Players
- In February 2020, Cargill Incorporated launched a new product in its WavePure series called WavePure ADG, which is obtained from red seaweed without any chemical processes. The new product is well suited for dairy desserts and acts as an alternative for food thickeners.
- In June 2022, FMC Corporation launched a new product called “Seamac® Rhizo Biostimulant” which is a mixture of amino acids, nutrients, and seaweed that is designed for decreasing the abiotic stress in the crops. Abiotic stress means negative effects on plants due to drought, salinity, and low or high temperature in the area.
Conclusion
The Global Commercial Seaweed Market is forecasted to grow significantly with a CAGR of ~9% during the forecast period primarily driven by the adoption of commercial seaweed in food and beverage due to its high nutrient value. Though the market is highly competitive with ~ 300 participants, country-niche players hold a significant share of ~60% followed by regional players at ~30% by number of competitors by type. Asia-Pacific is the dominant region, owing to the increased usage of seaweed in traditional cuisines.
Note: This is an On-Demand/Planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients, and the report delivered within a maximum of two working weeks.
Ken Research has recently published report titled, “Global Commercial Seaweed Market Size, Segments, Outlook, and Revenue Forecast 2022-2028” The Global Commercial Seaweed Market is segmented by Product, Form, and Application. In addition, the report also covers market size and forecasts for the four major regions for the global commercial seaweed market. The revenue used to size and forecast the market for each segment is US$ billion.
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For more information on the research report, refer to the below link:
Global Commercial Seaweed Market
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