Commercial Seaweed Market Size By Product (Red, Green, Brown), By Form (Liquid, Powder), By End User (Direct Consumption, Textile, Food Additive, Pharma & Medical, Paper, Animal Feed, Fertilizer), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Norway, Russia, China, India, Japan, South Korea, Thailand, Indonesia, Malaysia, Brazil, Chile, South Africa, Saudi Arabia, UAE), Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 - 2024
Latest Update: Aug 2019 | Published Date: Feb 2018 | Report ID: GMI1658 | Authors: Kiran Pulidindi, Tejas Rajpathak Report Format: PDF
Commercial Seaweed Market size was estimated over USD 45 billion in 2016 and the industry will grow by a CAGR of more than 8% up to 2024.
U.S. Commercial Seaweed Market Size, By End-user, 2013 – 2024 (USD Million)
Get more details on this report - Request Free Sample PDF
Rising demand for seaweed in food applications would be a major growth driver in the market. This is owing to the product being used for direct consumption. Commercial seaweed is a natural derivative with diverse health benefits. The product is majorly grown in regions with ample amount of sea water. They are available in three various pigmentations including brown, red and green. The global population was recorded at 6.9 billion in 2010 and reached over 7.4 billion in 2016. To feed such a rising population, it is necessary to have more food sources available commercially. Hence, production in the commercial seaweed market is likely to grow. As the consumers are shifting towards healthy food intake in recent years, this would also result in rising demand for the product. Rising awareness about the products health benefits in the other regions like North America & Europe are likely to influence the product demand in the forecast period.
The product demand is likely to grow over the coming years due to its rising usage as food additives. These additives are used in various food items such as in curry, soups & sauces, etc. It is used in the production of hydrocolloids which is used in various food applications like dairy products, desserts, meat, poultry, canned fish, etc. Alginates, agars & carrageenan are certain compounds extracted from commercial seaweed. For instance, agar is used as a gelatin in food items like marshmallows and fruit jelly. Carrageenan is used as a thickening agent in various dairy products. They are widely used in dairy products at low concentrations to prevent milk fractionation. They are also used in various other applications as well. For instance, alginates are used in dentistry for making molds of teeth. Such rising use of commercial seaweeds would in turn increase its demand in the coming years.
Commercial Seaweed Market, By Product
The various products in the market are red, green and brown seaweeds. Brown product segment attained a significant market share as it is used as an important food source in Asian countries. They are rich in minerals, fiber and proteins which makes it ideal for edible usage. Red commercial seaweed is another significant segment which is likely to portray a growth rate of more than 7%.
Commercial Seaweed Market, By Form
The growth rate of powder form is likely to be higher than the other forms. This is owing to its extensive usage in various end-use segments like pharma & medical, direct food, animal feed, textiles, etc. This segment will portray a CAGR of more than 8% over the coming years. The liquid form is majorly used in the agriculture industry to manufacture fertilizer spray. Hence, the growth rate in this segment will be comparatively lower.
Commercial Seaweed Market, By End-user
Direct food consumption segment attained the maximum share of the market which was followed by food additive and textiles sector. Rising demand for hydrocolloids in the food industry would significantly affect the demand for the product. This is owing to the product usage in synthesis of hydrocolloids which are used as a stabilizing & gelling agents in the food industry.
Commercial seaweed is directly consumed in various countries like China, Japan, Indonesia, Scandinavia, Scotland & South Korea which will further increase their demand in the future. The product is also good for animal consumption as it increases fertility and makes the livestock healthy.
Commercial Seaweed Market, By Region
The commercial seaweed market is concentrated in the Asia Pacific region, occupying a share of more than 70% in 2016. This is owing to the rising production of alginates & carrageenan in the region. Rising demand for the product from various countries like Japan, South Korea and China has resulted in its rapidly growing CAGR in the study period. Escalating demand for direct consumption of the product would further increase its market penetration in this region in the coming years.
Europe is another significant market which is likely to grow at an annual growth rate of more than 8% during the study period. This is owing to the increasing use of the product as a food additive in European countries. Rising consumer awareness regarding the benefits of seaweed will also result in its demand growth. North America product market is also likely to grow due to rising product demand in textile and food industry.
Competitive Market Share
Some of the participants in this market include Aquatic Chemicals, Algea, Pacific Harvest, CP Kelco, Mara Seaweed, Seasol International, Yan Cheng Hairui Food Food Co., Ltd., Chase Organics GB Ltd., Acadian Seaplants Ltd., Indigrow Ltd., etc. New product developments and capacity expansions are key strategies being used by industry participants in the last few years. FMC BioPolymer AS invested in innovation of new products to meet specific consumer requirements. On the other hand, Acadian Chase Organics increased its production capacity to meet the rising global demand.
Get more details on this report - Request Free Sample PDF
The various benefits of seaweed increased its commercial usage and the demand for the same started rising above supply. This led to sharp increase in production, especially in Asian countries. Initially, it was used as a fertilizer, food additive or for direct consumption. Recently, various innovations have proved that it can also be converted into biofuels. This is a major field that is being explored by industry participants which could become an energy source in the future. Factors like stringent regulations, supply demand gap, environmental concerns, etc. have led to escalating prices of the product in recent times.
What Information does this report contain?