The global seaweed market is predicted to surpass US$ 15 Bn by the end of the 2021-2031 forecast period, expanding at a CAGR of 4.1%, concludes a recently published report by Fact.MR. The usage of seaweed in pharmaceuticals, nutraceuticals, antimicrobial goods, and biotechnological applications is fast growing, contributing to the elevated growth prospects.
From 2016 to 2020, sales of commercial seaweed grew at approximately 4% CAGR, reaching a revenue threshold of over US$ 10 Bn by the end of the historical period. Manufacturers are inclined towards producing red seaweed, amid high concentrations of carrageenan. Carrageenan is a hydrocolloid utilized as a stiffening and stabilizing ingredient in food, cosmetics, pharmaceuticals, and other products.
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Key Takeaways from the Market Study
- By product, red commercial seaweed is likely to yield over 50% demand until 2031
- By end user, animal feed to emerge as an important commercial seaweed consumer, generating 2 out of 5 sales
- Demand as food additives to surpass 20.6 kilo tons by the end of 202
- Asia commercial seaweed market likely to account for 70% of global market demand
- U.S likely to be a lucrative market, with sales expected to top US$ 9.6 Bn
- Australia likely to register a growth rate of 4% in value CAGR terms
“Seaweed market manufacturers’ ability to make seaweed market steps more efficient and predictable is expected to maintain demand in forthcoming years,” says the Fact.MR analyst.
Competitive Landscape
In the following decade, manufacturers in the Commercial Seaweed market will focus on strategic acquisitions, collaborations, and product launches.
- In February 2021, Cargill Foods introduced a new seaweed powder food ingredient for food producers, increasing its line of label-friendly goods. The company claims to be the first in Europe to offer commercial-scale doses of the substance.
- Similarly, the National Algae Research Centre in New Zealand intends to jumpstart the country’s commercial seaweed aquaculture industry.
Key Segments Covered
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Product
- Red Commercial Seaweed
- Green Commercial Seaweed
- Brown Commercial Seaweed
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Form
- Liquid Commercial Seaweed
- Powdered Commercial Seaweed
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End User
- Commercial Seaweed for Direct Consumption
- Commercial Seaweed for Textiles
- Commercial Seaweed for Food Additives
- Commercial Seaweed for Pharma & Personal Care
- Commercial Seaweed for Paper Manufacturing
- Commercial Seaweed for Animal Feed
- Commercial Seaweed for Fertilizers
