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Commercial Seaweed Market |
Commercial seaweed refers to varieties of macroalgae or aquatic plants that are farmed and harvested for commercial purposes. They are a source of nutrition and versatile biomaterials with wideapplications in food, pharmaceuticals, agriculture, and many other industries. The rising awareness about the health benefits of seaweed and its commercial role as a natural hydrocolloid is stimulating the demand for commercial seaweed. It is used as food additives, thickeners and stabilizers in the food processing industry. In the pharmaceutical industry, it is employed for extracts with medicinal properties. It also finds uses as a fertilizer and feed in agriculture.
The global commercial seaweed market is estimated to
be valued at US$ 12.67 Bn in 2024 and is expected to exhibit a CAGR of 2.5%
over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Commercial
Seaweed Market Size are E.I. Du Pont de Nemours and Company, Travena
Organic Solutions Ltd., Cargill Inc., Roullier Group, Leili Group, Biostadt
India Limited, Compo GmbH & Co. KG, Acadian Seaplants Limited, Gelymar SA,
BrandT Consolidated, Inc., Seasol International Pty. Ltd., CP Kelco., West
Coast Marine Bio-Processing Corp., Chase Organics GB Limited, Indigrow Ltd.,
Acadian Seaplants, Algaia SA, and The Seaweed Company. These players are
focusing on R&D activities to develop new product formulations and
applications of seaweed.
The commercial seaweed market offers opportunities for players in the form of
rising adoption of seaweed as food ingredients, supplements and fertilizers.
The increasing global population and demand for organic and natural food
products is driving its importance as a food additive. Furthermore, seaweed
extracts find widespread application as thickening and gelling agents in
various industries like food processing, textiles, pharmaceuticals, etc.
The major seaweed producing regions like Asia Pacific and Europe are poised to
witness high growth in commercial seaweed cultivation and processing. Emerging
economies like India and China offer lucrative prospects for market expansion
owing to the growing domestic demand for seaweed products. Players are
investing in production facilities and tie-ups with local farmers to cash in on
opportunities in developing Asian and Latin American markets.
Market Drivers
The wide range of health benefits associated with seaweed such as high fiber
content, vitamin, mineral and protein richness is a major market driver. The
general awareness about seaweed nutrition and its role in overall well-being
has been rising significantly of late, boosting commercial cultivation.
Furthermore, increased demand for natural, organic and plant-based ingredients
from food processing and other industries is also propelling the seaweed market
growth.
Market Restraints
High dependence on weather conditions for seaweed cultivation and uncertainties
associated with climate change pose a challenge for stable supply. Furthermore,
limited availability of technology and infrastructure in developing markets
acts as a restraint. Lack of standardized cultivation and harvesting practices
also affect the quality and consistency of seaweed production.
Segment Analysis
The commercial seaweed market is dominated by the red seaweed sub segment. Red
seaweed is majorly utilized in food applications such as snacks and thickeners.
It has high demand due to nutritional properties and texturizing abilities.
Within red seaweed, gracilaria and gigartina account for over 50% of market
share. The demand for gracilaria is high owing to multi-purpose usage in
cosmetics, pharmaceuticals and food products.
Global Analysis
Asia Pacific is the largest and fastest growing region in the commercial
seaweed market. Countries like China, South Korea and Japan are major producers
and consumers of seaweed. Asia Pacific accounts for over 60% of global seaweed
production owing to suitable coastal climatic conditions and high cultivation.
Europe is another prominent region due to increasing use of seaweed extracts in
food applications and personal care products. Countries like Ireland, Norway
and France are leading seaweed cultivators in Europe. North America is also
exhibiting steady growth due to growing health awareness and expanding
application scope in the region.
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Seaweed Market
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