According to the report, the global seaweed industry generated $4.09 billion in 2017, and is anticipated to generate $9.07 billion by 2024, witnessing a CAGR of 12.0% from 2018 to 2024.
Prime determinants of growth
Rise in demand for seaweeds in the manufacture of hydrocolloids and surge in applications of seaweed drive the growth of the global seaweed market. However, volatility in the prices of seaweed hinders the market growth. On the other hand, growing application of seaweed in biofuel and untapped market in North America & Europe present new opportunities in the coming years.
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Covid-19 Scenario
- The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global seaweed market.
- The epidemic directly affected the seaweed farmers as demand for raw materials had decreased and prices had fallen, especially during the initial phase.
- Supply of raw materials were interrupted due to disruptions in the supply chain, which in turn, hampered the market growth.
The red segment to maintain its leadership status throughout the forecast period
Based on product, the red segment held the highest market share in 2017, accounting for more than 90% of the global seaweed market, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to its wide application in healthcare and food industry. Moreover, the green segment is projected to manifest the highest CAGR of 16.5% from 2018 to 2024, owing to growing adoption of green seaweed in making pasta and cookies as well as its ability to prevent diseases such as lung cancer and more among others.
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The human food segment to maintain its lead position during the forecast period
Based on applications, the human food segment accounted for the largest share in 2017, contributing to nearly four-fifths of the global seaweed market, and is projected to maintain its lead position during the forecast period. This is due to high micronutrient profile which ensure optimal human body functions. However, the hydrocolloids segment is expected to portray the largest CAGR of 13.5% from 2018 to 2024, owing to its wide application in the production of chocolate milk, yoghurts, and puddings.
Asia-Pacific, followed by Europe & North America to maintain its fastest growth by 2030
Based on region, Asia-Pacific, followed by Europe & North America held the highest market share in terms of revenue 2017, accounting for half of the global seaweed market. The growth can be attributed to improvements in business environment and growing consumption of protein rich diet due to the influence of western dietary habits. Moreover, the North America is expected to witness the fastest CAGR of 13.0% during the forecast period. Interest in seaweed cultivation has been growing in recent years in the U.S., due to its nutritional value and richness in iron & protein content.
Leading Market Players
- Cargill, Incorporated
- Chase Organics
- CJ CheilJedang Corp.(Annie Chuns Inc.)
- DowDuPont Inc.
- GimMe Health Foods LLC
- Groupe Roullier
- Irish Seaweeds
- Maine Coast Sea Vegetables, Inc.
- Mara Seaweed
- Qingdao Gather Great Ocean Algae Industry Group Co Ltd.
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