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Commercial Seaweed Market Report 2024 - Commercial Seaweed Market Size, Growth And Opportunities
Commercial Seaweed Market
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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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• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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.
Commercial Seaweed Market 2024 Key Insights:
• 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%.
• Surging Demand For Plant-Based Products Fueling Growth In The Commercial Seaweed Market
• Technological Advancements Propel Commercial Seaweed Market
• Asia-Pacific was the largest region in the commercial seaweed market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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