According to a new report published by Allied Market Research, titled, “Commercial Seaweeds Market,” The commercial seaweeds market size was valued at $17.9 billion in 2021, and is estimated to reach $45.6 billion by 2031, growing at a CAGR of 9.8% from 2022 to 2031.
Seaweed, often known as macro-algae, is a group of marine macroscopic, multicellular algae that includes numerous species. Based on color, it can be divided into three major categories: red, brown, and green seaweed. The Asia-Pacific region, specifically China, Indonesia, the Philippines, Korea, and Japan, where seaweed cultivation has grown into a massive industry, is where these seaweeds are primarily used as food and culinary components. The global market for food and related items is becoming more and more competitive due to the growing popularity of seaweed farming.
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The increasing use of seaweed across a range of end-use industries is predicted to fuel market expansion. The industry’s product application scope is anticipated to increase as the pharmaceutical sector grows. This is also anticipated to positively impact the global commercial seaweeds market growth during the forecast period. Due to an increase in the consumption of seaweed by humans, the food and beverage industry segment dominates the market.
According to commercial seaweeds market analysis, the market is analyzed on the basis of product, form, application, and region. By product, the market is divided into red, brown, and green. Among these, the red segment occupied the major share of the market in 2021, and is projected to maintain its dominance during the forecast period. Red seaweeds dominate the global market because they are the biggest and most plentiful of all seaweeds. Furthermore, because phycocolloids like carrageenan are present, they play a significant economic role across the Asia-Pacific region. As a thickening and stabilizer in food processing, carrageenan made from seaweed has many uses. Therefore, it is projected that increased red seaweed consumption in the food industry will propel the commercial seaweeds market’s expansion.
By form, the market is divided into flakes, powder, and liquid. The powder segment is growing at a moderate rate during the commercial seaweeds market forecast period. A small number of marine microalgae is added to the natural seaweed used to make seaweed powder. Seaweed polysaccharides, mannitol, amino acids, proteins, vitamins, potassium, iron, calcium, phosphorus, iodine, selenium, cobalt, and other trace elements are all abundant in natural seaweed powder.
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By application, it is classified into food & beverage industry, cosmetics & personal care, agricultural fertilizers, animal feed additives, and others. The food & beverage industry segment dominates the global market during the forecast period. The Asia-Pacific region, specifically China, Indonesia, the Philippines, Korea, and Japan, where seaweed production has grown into a massive industry, is where seaweeds are most commonly used as food and culinary components.
The region that dominated the global commercial seaweeds market in 2021 was Asia-Pacific with the highest commercial seaweeds market share and this dominance is anticipated to continue during the forecast period. The main producers of seaweed include China, South Korea, Japan, and Indonesia. In this location, there is a huge market demand for seaweed for use in animal feed and other pharmaceutical applications. The region’s market is expanding due to the rising use of commercial seaweeds, particularly in nutraceuticals, food, medications, personal care products, gels, and adhesives. All these commercial seaweeds market trends are creating commercial seaweeds market opportunities.
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Exporters in both developed and developing nations faced a number of difficulties as a result of the COVID-19 epidemic. The implementation of lockdown and curfew procedures on a global scale had an impact on both domestic and foreign manufacture of Commercial seaweed, which in turn hindered market expansion. As a result, the COVID-19 epidemic had a negative influence on the commercial seaweeds market in 2020 as a result of decreased company sales and operations being suspended.
The major players analyzed for global commercial seaweeds industry are Cargill Incorporated, CJ Cheiljedang Corporation, Corbion NV, Gimme Health Foods Inc., Irish Seaweeds, J.M. Huber Corporation, Mara Seaweed, Ocean Harvest Technology Limited, Qingdao Gather Great Ocean Algae Industry Group Co., Ltd (GGOG), Roland Foods, LLC, SeaSnax, Seasol, Seaweed & Co., Singha Corporation Co. Ltd., and Taokaenoi Food & Marketing PCL.
KEY FINDINGS OF STUDY
By product, the red segment was the highest revenue contributor to the market, with $15,683.7 million in 2021, and is estimated to reach $40,729.2 million by 2031, with a CAGR of 10.0%.
By form, the powder segment was the highest revenue contributor to the market, with $8,795.8 million in 2021, and is estimated to reach $22,373.7 million by 2031, with a CAGR of 9.8%.
Depending on the application, the food and beverage industry segment was the highest revenue contributor to the market, with $14,375.4 million in 2021, and is estimated to reach $36,124.9 million by 2031, with a CAGR of 9.7%.
Region wise, Asia-Pacific was the highest revenue contributor, accounting for $8,972.4 million in 2021, and is estimated to reach $22,023.1 million by 2031, with a CAGR of 9.4%.
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