Wilmington, Delaware, Aug. 28, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Seaweed Market by Product Type (Red, Brown and Green), and Application (Food, Medicines, Chemical & Fertilizers, Animal Feed Additives, Building Materials and Energy Sources): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the seaweed market was valued at $7.0 billion in 2023, and is estimated to reach $16.1 billion by 2033, growing at a CAGR of 8.7% from 2024 to 2033.
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Prime determinants of growth
The prime determinants of growth in the seaweed market include rising consumer awareness of health benefits, increasing demand for plant-based foods, and expanding applications across various industries. The growing interest in sustainable and natural ingredients has led to a surge in the use of seaweed in food, cosmetics, and pharmaceuticals. In addition, advancements in aquaculture and cultivation techniques have improved the efficiency and scalability of seaweed production. Government initiatives promoting sustainable practices and the environmental benefits of seaweed farming further support market growth. Moreover, the globalization of food trends has introduced seaweed to new markets, enhancing its popularity and accessibility, thereby driving continuous expansion in the sector.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2033 |
| Base Year | 2023 |
| Market Size in 2023 | $7.0 Billion |
| Market Size in 2033 | $16.1 Billion |
| CAGR | 8.7% |
| No. of Pages in Report | 200 |
| Segments Covered | Product Type, Application, and Region. |
| Drivers | Expansion of Food and Beverage Industry |
| Rising Demand for Plant-Based Products | |
| Sustainable and Eco-Friendly | |
| Opportunities | Innovation in Product Development |
| Integration into Animal Feed | |
| Restraints | Seasonal and Environmental Dependence |
| Limited Consumer Awareness |
Segment Highlights
By product type, the red seaweed was the dominating segment owing to its diverse applications and nutritional benefits. Rich in essential nutrients, antioxidants, and dietary fibers, red seaweed is increasingly sought after for its health benefits, including its potential to support gut health and immune function. Its versatility allows for use in various industries, including food, cosmetics, and pharmaceuticals. In the culinary sector, red seaweed is a key ingredient in popular products like sushi and snacks, driving consumer demand. In addition, the rising popularity of plant-based diets has further propelled the demand for red seaweed as a natural, sustainable source of nutrition.
By application, the food segment emerged as the dominant segment owing to its increasing popularity as a nutritious ingredient in various cuisines. Rich in vitamins, minerals, and dietary fibers, seaweed is favored for its health benefits and is widely used in products like sushi, snacks, and supplements. The rising demand for plant-based and organic foods has further boosted the use of seaweed in the food industry. In addition, its unique flavors and textures enhance culinary creativity, making it a staple in both traditional and modern dishes, thereby solidifying its position as a leading application in the seaweed market.
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Regional outlook
The Asia-Pacific region dominates the seaweed market owing to several key factors. Favorable climatic conditions and extensive coastlines provide ideal environments for large-scale seaweed cultivation. Countries like China, Indonesia, and South Korea boast long-established aquaculture industries and advanced farming techniques, resulting in high production volumes. In addition, seaweed is deeply rooted in the culinary traditions and dietary habits of the region, driving strong domestic demand. Significant investments in research and development further enhance cultivation methods and expand the range of seaweed-based products. Government support and favorable policies promote sustainable seaweed farming practices. These factors, coupled with growing awareness of seaweed's health benefits and its applications in various industries such as food, cosmetics, and biofuels, solidify the Asia-Pacific region's leading position in the global seaweed market.
Players:
- COMPO EXPERT GmbH
- GimMe Health Foods LLC
- Cargill, Incorporated
- Irish Seaweeds
- Mara Seaweed Ltd.
- Brandt, Inc.
- Groupe Roullier
- Maine Coast Sea Vegetables, Inc.
- Annie Chun's, Inc.
- Qingdao Gather Great Ocean Algae Industry Group Co., Ltd.
The report provides a detailed analysis of these key players in the global seaweed market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Recent Development
- In September 2022, CadalminTM LivCure extract, a patent-protected nutraceutical product developed by the ICAR-Central Marine Fisheries Research Institute (CMFRI) from seaweeds to combat non-alcoholic fatty liver disease. The product contains 100% natural bioactive ingredients extracted from select seaweeds. The product is made using eco-friendly green technology to improve liver health and is the 9th nutraceutical developed by CMFRI.
- In February 2021, WavePure is a seaweed powder range based on native seaweed obtained without any chemical modification. Cargill's first series under this innovative range is WavePure ADG which is recognized as a traditional food ingredient in the EU. It includes WavePure ADG 8250, which is based on a blend of Gracilaria seaweeds, and which contributes to the mouthfeel and maintains stability in gelled dairy desserts, with limited impact on sensorial profile.
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