The global seaweeds market is riding a wave of growth, anticipating a valuation of US$ 7.79 billion in 2023 and poised to reach an impressive US$ 19.66 billion by 2033, exhibiting a substantial CAGR of 9.7% during the period. Seaweeds, a type of macroalgae, have witnessed significant demand across diverse industries, including food, animal feed, and pharmaceuticals. With distinct types like red seaweed, brown seaweed, white seaweed, and green seaweed, each contributing unique characteristics, the market’s versatility and applications have fueled its substantial growth.
The surge in the seaweeds market is underpinned by a burgeoning demand for seaweed-based food products. Acknowledged for centuries in Asia, seaweed’s popularity has transcended borders, becoming a rich source of vitamins, minerals, and nutrients. As health-conscious consumers increasingly opt for sustainable and plant-based food options, innovative seaweed-based products such as chips, snacks, and beverages gain traction. Additionally, the market experiences a boost with the escalating use of seaweed in animal feed, offering a rich protein source and contributing to healthier and environmentally conscious animal agriculture.
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The market’s growth is propelled by the rising tide of seaweed’s usage in food, particularly as a superfood. Innovative seaweed-based products, from snacks to skincare solutions, cater to a growing consumer base seeking healthier and sustainable alternatives. The expanding seaweed farming industry and the potential application of seaweed in bioplastics and pharmaceuticals further drive market growth. The market’s projected CAGR of 9.7% from 2023 to 2033 underscores the immense potential for investors seeking opportunities in the seaweeds sector.
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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