According to Future Market Insights (FMI), the worldwide macroalgae market is valued at USD 9,302.6 million in 2023 and it is anticipated to reach USD 18,305.1 million by 2033. Over the next decade, global macroalgae demand is likely to increase at a CAGR of 7.8%.
Increasing applications of macroalgae across food & beverage, pharmaceutical, agriculture, and other sectors is expected to boost the global market.
Due to the growing use of macroalgae ingredients and proteins in the production of aquaculture, pharmaceutical, and nutraceutical products, market sales are anticipated to rise.
The government’s expanding efforts to standardize macroalgae cultivation and support macroalgae farmers will help open up new opportunities for manufacturers.
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Market expansion is anticipated to be fueled by the rising use of algae photobioreactors. Advancements in technology are allowing companies to easily cultivate micro and macroalgae on large scales.
Growing awareness about the potential health benefits of macroalgae and rising preference for seaweed proteins will further boost the market. Seaweed proteins are crucial to meeting the world’s needs because they have many advantages over other protein sources.
The market is also anticipated to expand as a result of the quick development of novel strains and scientific developments that can withstand high salinity and boost energy effectiveness.
Key Takeaways from this Market Report:
- The global macroalgae market is expected to reach a valuation of US$ 18,305.12 million by 2033.
- Global demand for macroalgae is likely to soar at 7.8% CAGR over the forecast period.
- Based on type, demand is likely to remain high for red macroalgae globally.
- By application, food & beverages segment is projected to hold a dominant market share.
- The United States macroalgae market size is anticipated to reach US$ 2,697.7 million by 2033.
- Macroalgae demand in China is forecast to increase at 9.5% CAGR through 2033.
- India macroalgae industry is poised to exhibit a CAGR of 10.8% during the assessment period.
Who is Winning?
- Cargill, Incorporated
- Acadian Seaplants Limited
- CP Kelco
- Dow Chemical Company
- E. I. du Pont de Nemours and Company
- Gelymar SA
- Irish Seaweeds
- Marcel Trading Corporation
- Qingdao Gather Great Ocean Algae Industry Group (GGOG)
- Seasol International Pty Ltd
- Yan Cheng Hairui Food Co., Ltd.
- Ocean Harvest Technology Limited
- Mara Seaweed
- Algatechnologies
For instance,
- As a pioneer in the macroalgae industry, Ocean Rainforest is working to produce macroalgae sustainably for a range of uses, including food, animal feed, and biofuel. It runs extensive macroalgae farms in Iceland and has been steadily increasing its output.
- In 2020, Algaia French company launched a new line of organic seaweed-based products for the food industry, including vegan gelling agents and texture enhancers.
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Macroalgae Market Segmentation
By Type:
- Red Macroalgae
- Green Macroalgae
- Brown Macroalgae
By Application:
- Food & Beverages
- Agriculture
- Pharmaceuticals
- Cosmetics & Personal Care
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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