Press release
Commercial Seaweed Market Size, Share, Growth, Latest Trends, Industry Analysis By 2033
Commercial Seaweed Market
The Business Research Company presents an extensive market research report on the Commercial Seaweed Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The commercial seaweed market size has grown rapidly in recent years. It will grow from $19.42 billion in 2023 to $21.88 billion in 2024 at a compound annual growth rate (CAGR) of 12.7%. The growth in the historic period can be attributed to demand in food industry, increased cosmetic and personal care applications, biofuel production, increased textile industry, carrageenan production.
The commercial seaweed market size is expected to see rapid growth in the next few years. It will grow to $34.79 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%. The growth in the forecast period can be attributed to sustainable agriculture practices, functional food ingredients, climate change resilience, expansion of seaweed farms, mariculture practices, government support. Major trends in the forecast period include seaweed-based biostimulants, innovation in seaweed-based food products, seaweed-based packaging materials, collaborations for sustainable seaweed sourcing, carbon sequestration.
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Key Market Players:
Major companies operating in the commercial seaweed market report are Cargill Inc., E.I. du Pont de Nemours Inc., CP Kelco U.S. Inc., BrandT Consolidated Inc., Acadian Seaplants Limited, Gelymar SA, Extractos Naturales Gelymar S.A., Seasol International, Indigrow Ltd., Ocean Harvest Technology Limited, AquAgri Processing Pvt. Ltd., West Coast Marine Bio-Processing Corp., The Seaweed Company B.V., Pacific Harvest, The Irish Seaweed Company, AtSeaNova, Seaweed Solutions AS, Shore Seaweed Co., Dalian Ocean University Seaweed Industry Group, Algaia SA, Rhodomaxx Sdn. Bhd., Qingdao Gather Great Ocean Industry Group (GGOG), Kelp Industries PTY. Ltd., Nantong Xinlang Seaweed & Foods Co. Ltd., Mara Seaweed Ltd., Leili Group, Dycolor Seaweed Industries, Shandong Qingdao Lihua Seaweed Industry Group Co. Ltd., Travena Organic Solutions Ltd.
Market Drivers:
The increasing consumption of plant-based products will propel the growth of the commercial seaweed market going forward. Plant-based food refers to a finished product consisting of ingredients derived from plants that include vegetables, fruits, and whole grains. Commercial seaweed is used in the manufacture of plant-based foods. These seaweeds help to increase protein content in plant-based products. For instance, in 2023, according to the Good Food Institute, a US-based non-profit organization, the U.S. retail market for plant-based foods reached a value of $8 billion in 2022, reflecting a 7% increase in dollar sales compared to the previous year. Therefore, increasing consumer consumption of plant-based products is driving the commercial seaweed market growth.
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The commercial seaweed market covered in this report is segmented -
1) By Product: Brown Seaweeds, Red Seaweeds, Green Seaweeds
2) By Type: Liquid, Powdered, Flakes
3) By End User: Food and Beverages, Agricultural Products, Animal Feed Additives, Pharmaceuticals, Other End Users
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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