Growth in awareness about the benefits and medicinal uses of seaweeds, nutritive values of seaweeds, increase in use of seaweed across a range of end-use industries, and changing consumer tastes and lifestyles drive the growth of the global commercial seaweeds market. Based on region, Asia-Pacific accounted for the highest market share in 2021 and would rule the roost through 2031.
According to the report published by Allied Market Research, the global commercial seaweeds market generated $17.9 billion in 2021, and is projected to reach $45.6 billion by 2031, witnessing a CAGR of 9.8% from 2022 to 2031. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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COVID-19 scenario:
· The Covid-19 outbreak had a negative impact on the growth of the global commercial seaweeds market. The implementation of lockdown and curfew procedures on a global scale had an impact on both domestic and foreign manufacture of commercial seaweeds, which hampered the market growth.
· Exporters in both developed and developing nations faced several difficulties due to the closure of international trade and borders, resulting in decreased company sales and suspension of operations.
· However, the market is recovering as the demand for healthy and safe food is increasing and the trend is expected to continue in the forthcoming years.
The report offers a detailed segmentation of the global commercial seaweeds market based on product, form, application, and region.
Based on product, the red seaweeds segment accounted for nearly 90% of the overall commercial seaweeds market in 2021, and is projected to lead the trail by the end of 2031. However, the green seaweeds segment would cite the fastest CAGR of 11.4% throughout the forecast period.
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Based on form, the seaweed powder segment contributed to nearly half of the global commercial seaweeds market in 2021, and is expected to maintain its dominance through 2031. However, the seaweed liquid segment is likely to garner the fastest CAGR of 9.9% during the forecast period.
Based on region, the market across Asia-Pacific contributed to around half of the total commercial seaweeds market in 2021, and is expected to maintain its dominance during the forecast period. North America, on the other hand, would grow at the fastest CAGR of 10.5% from 2022 to 2031. The other two provinces discussed in the report include Europe and LAMEA.
The key market players analyzed in the global commercial seaweeds market report include 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.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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