Seaweed Market Growth & Key Business Strategies by Leading Industry Players - Cargill Inc., DuPont, Groupe Roullier, Irish Seaweeds, Qingdao Gather Great Ocean Algae Industry Group (GGOG)

Increase awareness towards health benefits of seaweeds and changes in lifestyle patterns and taste preferences among consumer have fueled the demand for seaweed products. Moreover, as inhabitants from Asia-Pacific countries have migrated to other parts of the world, the demand for seaweed as food has increased, thus driving the seaweed industry growth.

The global seaweed market size was valued at $4,097.93 million in 2017, and is projected to reach $9,075.65 million by 2024, registering a CAGR of 12.0% from 2018 to 2024. In 2017, the red seaweed accounted for more than eight-ninths share of the global seaweed market, in terms of value.

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Seaweed, also called as macro-algae, belongs to several species of macroscopic, multicellular, marine algae. It is classified into three broad groups based on pigmentation, which include red, brown, and green seaweed. The major utilization of these seaweeds as food and food ingredients is in Asia-Pacific, particularly in China, Indonesia, Philippines, Korea, and Japan where seaweed cultivation has developed into a huge industry. Seaweed farming is becoming an increasingly competitive market for food and related products across the globe.

Growing application of seaweed in various end-use industries is anticipated to drive the seaweed market growth. The rise in pharmaceuticals industry is expected to rise the product application scope in the industry. This in turn, is also expected to boost the growth of global seaweed market over the forecast period. The human food segment accounts for the highest share in seaweed market, owing to increase in utilization of seaweed for human consumption.

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Major Market Players Included in This Report:

• Cargill Inc.,
• DuPont,
• Groupe Roullier
• Irish Seaweeds
• Qingdao Gather Great Ocean Algae Industry Group (GGOG),
• Annie Chun’s Inc.
• Chase Organics
• GimMe Health Foods
• Maine Coast Sea Vegetables
• Mara Seaweed.

Companies worldwide are focusing their R&D efforts on technological innovations to expand the functionalities as well as applications of various types of hydrocolloids across several end-user industries. For instance, in 2017, Cargill Inc. launched Seabrid, a new and innovative type of carrageenan extract of seaweed as thickening agent to give firmness, creaminess, and body to wide range of gelled dairy dessert formulation such as flan, custard, and crme caramel.

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Seaweeds are being extensively explored as a fuel, due to their high photosynthetic efficiency and their ability to produce lipids, a biodiesel feedstock which is anticipated to open new avenues for the seaweed manufacturers. Moreover, high untapped market potential in North America and Europe is expected to boost the seaweed market during the forecast period. However, unfavorable climatic conditions and fluctuation in the prices is expected to hamper the seaweed market growth. The seaweed farming industry has developed in some countries of In North America and Europe, unlike Asia-Pacific, where it is still in its nascent stage.

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