Commercial Seaweed Market 2024 Industry Insights, Business Growth, Trends And Forecast To 2033

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.

Market Overview -
The commercial seaweed are used as food ingredients, agricultural fertilizers, animal feed additives, and pharmaceutical ingredients. Commercial seaweed refers to microalgae that grow in the sea. It can be grown in both marine water and fresh water and can be used as a source of long- and short-chain chemicals.

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Surging Demand For Plant-Based Products Fueling Growth In The Commercial Seaweed Market
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.

Competitive Landscape -
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.

Technological Advancements Propel Commercial Seaweed Market
Technological advancement is a key trend gaining popularity in the commercial seaweed market. Major companies operating in the commercial seaweed sector are focused on developing technological innovations to sustain their position. For instance, in May 2021, Panorama, a Germany-based organization that focuses on innovative solutions for conservation and sustainable development, launched new innovations in tubular nets, which work on 'off-bottom' peg and rope technology. This helps in improving seaweed productivity and local ecological conditions. Also, these prevent the growth of the high-value Cottonii seaweed species, which helps to get good quality seaweed.

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Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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