Commercial Seaweed Market size to exceed $95bn by 2027
Published Date: July 28, 2021 Authors: Kiran Pulidindi, Akshay Prakash
July 28, 2021 – Commercial Seaweed Market size is expected to surpass USD 95 billion by 2027, according to a new research report by Global Market Insights Inc.
The commercial seaweed industry is likely to witness significant growth on account of the ongoing efforts to increase consumption by developing various innovative methods of integrating seaweed into preferable food products. The United Nations has been showing much interest in increasing seaweed production as it promotes global food security. This is likely to expand the global production capacities and support global market expansion in the coming years.
The usage of seaweed in other industrial applications, such as agriculture, biofuels, cosmetics, and pharmaceuticals is significantly contributing to the revenue generation. According to the National Gardening Association, fertilizers derived from seaweeds are effective in enhancing the productivity of several plants, such as potatoes, peppers, apples, cucumbers, oranges, okra, and strawberries. The rising seaweed demand as fertilizer will provide favorable growth opportunities for the commercial seaweed market over the next few years. However, fluctuations in seaweed prices and the COVID-19 pandemic are projected to hamper the industry development during the assessment period.
Browse key industry insights spread across 250 pages with 281 market data tables & 33 figures & charts from the report, “Commercial Seaweed Market Statistics By Product (Brown, Red, Green), Form (Dry, Wet), End User (Animal Feed, Food, Biofuels, Pharma & Personal Care), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Landscape & Forecast, 2021 – 2027” in detail along with the table of contents:
Nutritional values to drive the consumption of dry seaweeds
Dry form dominates the commercial seaweed market revenue and exceeded USD 30 billion in 2020. The product demand is attributable to industrial applications such as fertilizer production, animal feed additives, and industrial wastewater treatment. It is also widely used by durvillaea, agar, Laminaria digitate, and other processed goods producers. These applications are likely to generate substantial demand, thereby propelling the market size.
Red seaweed to emerge as the fastest-growing segment
Red commercial seaweed market is set to register around 10% CAGR between 2021 and 2027. These have a more diverse evolution than green and brown seaweeds and the main biomass of red algae worldwide is provided by Corallinaceae and Gigartinaceae. Red algae such as Gelidium, Gracilaria and Pterocladis are used in the production of agar, used widely as a growth medium for microorganisms and other biotechnological & food applications.
Increasing seafood consumption to augment product demand from the European region
Europe held over 20% revenue share in commercial seaweed market in 2020. The demand in the region is underpinned by the increasing production of alginate and agricultural meals. Some European countries, including France, Spain, and Ireland have small and medium seaweed processing enterprises established close to seaweed landing areas. Growing consumption of nutritious and healthy seafood will augment the regional expansion over the next few years
Major players in the commercial seaweed industry include Indigrow Ltd., Seasol International, Seaweed Energy Solutions AS, Yan Cheng Hairui Food Co., Ltd., Chase Organics GB Ltd., Acadian Seaplants Ltd. (ASL), Pacific Harvest, Mara Seaweed, Algea AS, BIOSTADT INDIA LIMITED, Aquatic Chemicals, W Hydrocolloids, Inc., Marcel Carrageenan, CP Kelco, and Qingdao Seawin Biotech Group Co., Ltd.
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