Rockville Pike, Oct. 01, 2024 (GLOBE NEWSWIRE) -- As stated in the updated report by Fact.MR, a market research and competitive intelligence provider, the global commercial seaweed market is estimated to reach US$ 12.7 billion in 2024 and escalate at a CAGR of 6% between 2024 and 2034.
Due to its several uses and health advantages, commercial seaweed is seeing a sharp increase in demand worldwide. This adaptable marine resource has drawn interest from the food, cosmetics, pharmaceutical, and agricultural industries, among other sectors. The remarkable nutritional profile of seaweed, which includes vital vitamins, minerals, and antioxidants, is the reason for its widespread appeal. Seaweed-based meals and supplements are becoming increasingly popular in marketplaces throughout the globe, as customers grow more health-conscious. Seaweed is finding its way into creative items in the culinary business, and the cosmetics industry is utilizing its skin-nourishing qualities.
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Beyond consumer items, eco-aware companies are taking an interest in seaweed due to its potential in sustainable agriculture and biofuel generation. It is a desirable alternative for solving environmental issues because of its capacity to enhance soil quality and trap carbon. The commercial seaweed business is well-positioned to develop further as research continues to unearth new applications and advantages. This bodes well for the future, as seaweed is playing an increasingly important part in global markets and sustainability initiatives.
Key Takeaways from Commercial Seaweed Market Study
- The global commercial seaweed market is forecasted to reach a valuation of US$ 22.82 billion by the end of 2034.
- Among several sources of commercial seaweed, red seaweed segment is estimated to hold a share of 44.4% in 2024.
- In North America, the market in Mexico is projected to progress at a CAGR of 5.2% between 2024 and 2034.
- The East Asia market is analyzed to hold a share of 22.4% in 2024, with an estimated revenue of US$ 2.84 billion for the same year.
- The market in Japan is projected to reach US$ 1.55 billion by the year 2034.
- The market in the United States is approximated to capture a share of 45.6% by the end of 2034.
“Rising consumption of commercial seaweed by health-conscious customers is attributed to their features in supporting gut health,” says a Fact.MR analyst.
Growing Focus by Market Players on Promoting Commercial Seaweed for Nutritional Value
Suppliers of commercial seaweed use a variety of tactics to increase their brand recognition and sales across the world. One important strategy is to inform customers about the nutritional value and adaptability of seaweed through collaborations with health influencers, kitchen demos, and social media campaigns. To cater to busy consumers, several providers are making investments in product innovation by producing easy-to-eat seaweed snacks and spices. Working together with food producers to add seaweed to mainstream goods is increasing market penetration. Additionally, suppliers are advertising seaweed-based skincare products and supplements to the health and beauty sectors.
Companies are drawing attention to their ecologically friendly farming methods and the potential of seaweed to combat climate change to address sustainability issues. Some are looking at cutting-edge uses in textiles and packaging to expand their market reach. Geographically, suppliers are bringing traditional Asian seaweed goods to Western markets while simultaneously tailoring items to local tastes and cuisines. Through their participation in international food expos and strategic alliances, these enterprises are gradually expanding the worldwide reach and consumer acceptance of seaweed.
Key Market Players Driving the Commercial Seaweed Market
Some of the leading market players in the commercial seaweed industry include Cargill, Incorporated; Wild Irish Seaweeds; Irish Seaweeds; Acadian SeaPlus; The Seaweed Company; Organic Irish Seaweed-Emerald Isle; Seaweed Solutions AS; KwangcheonKIm; Pacific Harvest; Cascadia Seaweed; Ocean Rainforest; Marcel Carrageenan; Springtide Seaweed, LLC; BLUE EVOLUTION; Raw Seaweeds; MARA SEAWEED; Earaybio.
Commercial Seaweed Industry News, Trends & Future Aspects
Key players in the commercial seaweed market are ramping up their marketing strategies and expanding their product offerings to include innovative solutions like seaweed algae and biofertilizers. This shift reflects a growing recognition of the diverse applications of seaweed, not only in food and cosmetics but also in agriculture. Companies are leveraging these advancements to enhance sustainability and meet increasing consumer demand for eco-friendly products.
In a significant move towards sustainability, Belize launched a trial program in October 2023 aimed at converting large quantities of sargassum seaweed—often seen as a nuisance that damages its picturesque beaches—into biodiesel. This initiative highlights the potential for transforming waste into valuable resources.
Meanwhile, Seaweed Enterprises established itself as a leader in sustainable seaweed farming in the United Kingdom in August 2023, signaling a commitment to environmentally responsible practices and the industry's potential for extensive growth.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the commercial seaweed market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on source (red seaweed, brown seaweed, green seaweed), and form (powder, liquid, flakes), across seven major regions of the world (North America, Latin America, Eastern Europe, Western Europe, East Asia, South Asia & Pacific, and MEA).
Discover Additional Market Insights from Fact.MR Research:
The global seaweed algae sales are estimated to expand from US$ 15,000.0 million in 2023 to US$ 20,345.0 million by 2033.
Global seaweed derivative market is calculated at US$ 1.84 billion for 2024 and is forecast to increase at a steady CAGR of 4% to reach US$ 2.72 billion by 2034.
According to the Fact.MR analysis, global marine seaweed sales grew at a CAGR of 2.2% from 2018 to 2022. The global market for marine seaweed is projected to grow at a compound annual growth rate (CAGR) of 5.8% over the next ten years.
Fact.MR projects the red seaweed extract market to witness exhibiting growth at 4.6% CAGR during 2022-2032 in comparison to a CAGR of 3.1% with which it grew from 2017 and 2021.
The seaweed biomass waste market size is anticipated to grow from US$ 14,837.8 million in 2023 to US$ 38,918.1 million in 2033.
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