NEW YORK, May 29, 2019 (GLOBE NEWSWIRE) -- The global commercial seaweeds market is projected to reach USD 23.8 billion by 2025, at a CAGR of 7.9% over the next seven years. Expanding applications of seaweeds coupled with high demand from the hydrocolloid industry is projected to augment the market demand over the forecast period. Moreover, favorable government policies are likely to drive the market for commercial seaweeds. However, the threat posed by diseases and pest infestations may hamper the market growth to some extent.
Seaweeds or microalgae are species of marine algae, which are of different types, namely red (Rhodophyta), brown(Phaeophyceae), and green(Chlorophyta). Brown seaweeds are generally large, ranging from giant kelp which can be as long as 20m, to smaller seaweeds about 30-60 cm long. Red and green seaweeds are generally smaller compared to the brown seaweeds.
Key findings from the report:
- The global commercial seaweeds market is expected to reach USD 23.8 billion by 2025 at a CAGR of 7.9% over the forecast period
- Based on application, the food segment is expected to account for the largest segment of the global commercial seaweeds market over the forecast period
- Asia-Pacific dominated the global market in 2018. However, North America is expected to grow at a highest CAGR over the forecast period
- Some of the key companies operating in the industry include Cargill; DowDuPont; CP Kelco; Roullier Group; Commercial Seaweeds Corporation; Algea; CEAMSA; Acadian Seaplants Limited; and Chase Organics; among others
Rising demand for seaweeds from food industry
Seaweeds are widely used in various food products across the globe. Traditionally, seaweed has been used as food in China, Japan and the Korea. Horeover, they are also becoming popular in the western countries due to their health benefits. Seaweeds contain vitamins, minerals, and fibres, which has increased their popularity among the consumers. Major palyers in the western countries are focussing on innovative food products to cater to various demographics. Seaweed containing food products such as seaweed snacks, noodles, and health drinks are witnessing increased demand across the globe.
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Commercial Seaweeds market - Regional insight
Asia-Pacific dominated the global market in 2018. The growth can be primarily attributed to traditional use of seaweeds as human food in countries such as Japan, Korea, and China. Moreover high production of seaweeds in the region is also expected to drive the market growth in the region. North- America commercial seaweeds market is projected to grow at the higheast rate during the forecast period. The gowth in the region is primarily due to increasing applications of seaweed across various end-use industries.
The report segments commercial seaweeds market on the basis of pigmentation, form, application, and region.
By Pigmentation
- Brown Seaweeds
- Red Seaweeds
- Green Seaweeds
By Form
- Liquid
- Powdered
- Flakes
By Application
- Agriculture
- Food
- Animal Feed
- Others
By Region
- North America
- Europe
- Asia-Pacific
- Central and South America
- Middle East & Africa
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