Commercial Seaweed Market Update, Analysis, Forecast, 2017 – 2024

Commercial Seaweed Market size is expected to witness growth at a remarkable pace in the forecast period. The increasing demand and rising awareness about the medicinal benefits of the product will propel the market.

The diverse applications of seaweed in agriculture, personal care products, pharmaceutical products, animal feed, etc. have ramped up the demand of the product. Seaweeds have numerous industrial applications which will create business avenues for many end-use industries. Many international players have engaged in the production of several types of seaweeds. The usage of the product in agricultural based segments and cosmetics will augment the growth prospects of the product market. The use of plant extracts used as gelling and thickening agents in cosmetic and food industries will boost the market.

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Research and development going on in different sectors of the industry has fueled the demand of the product in recent years. Awareness about the prices of chemical fertilizers along with protection of environment are some of the factors that have led to an upsurge in demand for the product. People have become aware of the nutritive values of the product and demand healthy standard of living. This will drive the growth of the product in the future. The product has the potential to prevent some forms of cancer such as lung cancer which will create opportunities for pharmaceutical companies to explore the market.

Seaweeds are plant-like organisms attached to hard substrate in coastal regions. They have three distinct species distinguished on the basis of thallus color. They also differ in biochemical characteristics such as photosynthetic pigments, composition of cell walls, connections between adjacent cells, storage compounds, etc. Brown and red algae grow in marine water while green algae are common in freshwater bodies such as lakes and rivers. The red color of the algae is due to the presence of phycocyanin and phycoerythrin. Popular in Japan, nori is a valuable marine crop cultivated by aquaculture. Agar is an important product obtained from red seaweed. Brown color of the algae is due to the dominant xanthophyll pigment fucoxanthin.

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The commercial seaweed market can be segmented on the basis of type, form, application and region. Based on form, the market can be divided into liquid, powder and flakes. The demand for the product in the form of liquid is anticipated to be high due to the ease of its application. Based on type, the product market can be segmented into red seaweed, brown seaweed and green seaweed. Many varieties of red algae are consumed such as dulse and carrageen moss. The red seaweed has captured the market owing to its application to produce carrageenan hydrocolloid. Based on application, the market can be segmented into food & beverage, cosmetics, agriculture, animal feed, pharmaceuticals and bio-based applications. In food & beverage sector, the product is used in yoghurt, ice creams, puddings, chocolate milk and others such as tinned meat. In cosmetics, the product is used in soaps, toothpastes, etc. In agriculture, the product is being widely used in agricultural sprays. Biofuel and biomass from seaweed are going to set a growing trend over the coming years.

Based on geographic regions, the market can be divided into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Asia Pacific dominates the market owing to the health benefits and initiatives of the government to increase awareness about the product. Research and development in the region will significantly affect the market. North America

The prominent market players in the commercial seaweed industry include Seasol International, Indigrow Ltd., CP Kelco, Chase Organics GB Ltd., Yan Cheng Hairui Food Co., Ltd., Acadian Seaplants Ltd., Mara Seaweed, Pacific Harvest, Irish Seaweeds, Aquatic Chemicals, etc.

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