The global seaweeds market is projected to be valued at US$ 7.79 billion in 2023. A CAGR of 9.7% is anticipated for the seaweeds market between 2023 and 2033, bringing the market value to US$ 19.66 billion by 2033.
In food, animal feed, pharmaceutical, and other industries, the use of hydrocolloids such as carrageenan, alginate, and agar has expanded in recent years. As a result, both the production of algae and the demand for seaweed have increased. People are also encouraged to use seaweed in their everyday diets by the health advantages linked to the intake of macroalgal products.
One of the main reasons driving the market’s growth at the moment is the growing public awareness of the advantages of nutrient-dense food items. In addition, seaweeds are being utilized more frequently as food and additives because of their anti-microbial properties. This is assisting in the market’s expansion, as is the rising intake of seaweeds for balancing the body’s levels of estradiol and estrogen.
Consumer tastes have significantly changed as a result of rising environmental awareness, fueling the requirement for sustainable products. The rising demand for seaweed cultivation is also being fueled by the rise of veganism and plant-based foods.
Seaweed extract is used by farmers because it makes a great fertilizer for growing crops. Seaweeds also enhance soil structure, microbial composition, and water-retention capabilities. During the forecast period, these elements are anticipated to fuel product demand.
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The market is dominated by the Asia Pacific region. Over the past several years, the demand for algae has increased due to its increasing use in numerous traditional cuisines, including those of China, Japan, and South Korea. The region’s microalgae market is expanding as a result of rising food service demand. During the forecast period, market growth is also anticipated to be fueled by consumers’ growing preference for plant-based cosmetics and personal care products.
KEY TAKEAWAYS
- During the projection period, a CAGR of 7.7% is anticipated for the market in Germany.
- In China, the market is expected to reach a value of US$ 4.87 billion by 2033, growing at a CAGR of 13.3% during the forecast period.
- During the projection period, a CAGR of 7.3% is predicted for the market in Japan.
- The red seaweed segment is anticipated to proliferate at a 10.1% CAGR to reach US$ 17.63 billion by 2033.
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COMPETITIVE LANDSCAPE
The key competitors of the seaweeds market are Cargill, Incorporated, DowDuPont Inc., Seaweed & Co., Chase Organics, Irish Seaweeds, Sar Agrochemicals & Fertilizers Pvt. Ltd., Maine Coast Sea Vegetables, Inc., Shore Seaweed, Mara Seaweed, Qingdao Gather Great Ocean Algae Industry Group Co Ltd. and others.
RECENT DEVELOPMENTS
- In January 2022, Pacific Harvest created Raw Nori Seaweed Snack Packs, a “nutrient-packed” seaweed snack. The new product, which experts describe as celebrating the “future’s top sustainable plant-based gourmet,” honors all facets of the brand.
- In February 2021, using Gracilaria red seaweed, a common product in Europe, Cargill Inc. developed a brand-new seaweed powder. WavePure ADG 8250 is the name given to the new powder, which is introduced under the WavePure ADG range. In dairy industries, the product’s thickening and gelling capabilities are employed to create a creamy and smooth texture.
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Seaweeds Market Segmentation
By Type:
- Red Seaweed
- Brown Seaweed
- Green Seaweed
By Form:
- Flakes
- Powder
- Liquid
By End-use:
- Food & Beverages
- Agricultural Fertilizers
- Animal Feed Additives
- Pharmaceuticals
- Cosmetics & Personal Care
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa (MEA)
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