Commercial Seaweed Market to Hit USD 31.1 billion by 2031, at a CAGR 7.0% | Says Transparency Market Research, Inc.
The commercial seaweed market witnesses robust growth driven by increasing demand for natural and sustainable ingredients in various industries like food, agriculture, pharmaceuticals, and cosmetics.
Wilmington, Delaware, United States, Dec. 01, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global commercial seaweed market is estimated to flourish at a CAGR of 7.0% from 2022 to 2031. According to Transparency Market Research, sales of commercial seaweed are slated to total US$ 31.1 billion by the end of the aforementioned period of assessment.
Novel applications in sectors beyond traditional food and phycocolloid industries are igniting market growth. Seaweed’s potential in biomedicine, including drug delivery systems and wound healing, remains largely untapped, offering new avenues for exploration.
Emerging trends in seaweed cultivation techniques, such as integrated multitrophic aquaculture (IMTA) and land-based seaweed farming, enhance efficiency while reducing environmental impact. These methods not only ensure sustainable production but also foster biodiversity conservation.
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Seaweed’s role in climate change mitigation through carbon sequestration is gaining attention, driving research into utilizing seaweed for carbon capture and reducing ocean acidification. The rise of seaweed-based bioplastics as an eco-friendly alternative to conventional plastics displays the market’s potential to address environmental concerns.
Commercial Seaweed Market: Competitive Landscape
The commercial seaweed market boasts a competitive landscape of key players driving innovation and market expansion. Prominent companies like Cargill, CP Kelco, DowDuPont, and Seasol International dominate through extensive product portfolios, technological advancements, and strategic mergers or acquisitions.
Emerging players such as Gelymar, Ocean Harvest Technology, and Aquatic Chemicals contribute to market diversity by focusing on niche segments and fostering innovative seaweed-based solutions.
The intense competition encourages companies to emphasize sustainable practices, introduce novel products, and expand global footprints, shaping a dynamic landscape characterized by innovation and strategic initiatives to meet evolving consumer demands. Some prominent manufacturers are as follows:
- Cargill Corporation
- E.I. Du Pont de Nemours and Company
- CP Kelco
- Acadian Seaplants Ltd.
- Gelymar SA
- Seasol International Pvt. Ltd
- Brandt Agricultural Products Ltd
- The Cornish Seaweed Company
- Leili Group
Key Findings of the Market Report
- Brown seaweed dominates the commercial seaweed market due to its versatile applications in food, cosmetics, pharmaceuticals, and agricultural sectors globally.
- Liquid forms lead the commercial seaweed market due to ease of application in various industries like agriculture, food, and cosmetics.
- The fertilizer application holds the lead in the commercial seaweed market, showing significant growth due to its widespread use in agriculture.
Commercial Seaweed Market Growth Drivers & Trends
- Seaweed extracts are increasingly integrated into functional beverages and health drinks, adding nutritional value and unique functional properties, contributing to the rising popularity of these products globally.
- Government initiatives worldwide foster seaweed farming and utilization through supportive policies, incentives, and funding to bolster sustainable practices and enhance economic growth in coastal regions.
- Seaweed plays a vital role in functional foods and nutraceuticals, providing diverse health benefits due to its rich nutritional content, antioxidants, minerals, and bioactive compounds, promoting overall well-being.
- Incorporating seaweed extracts in animal feed boosts livestock health and productivity, harnessing seaweed’s nutritional benefits and bioactive compounds to improve overall animal well-being and performance.
- Seaweed is utilized in aquaculture to provide feed supplements and promote the health and well-being of aquatic species, enhancing their growth and immune systems sustainably.
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Global Commercial Seaweed Market: Regional Profile
- In North America, the market thrives due to increased consumer awareness of seaweed’s nutritional benefits and its versatile applications in various industries. The region’s focus on sustainable and organic products drives the demand for seaweed-based foods, supplements, and cosmetics, fostering market expansion.
- In Europe, there is a surge in seaweed-based product innovation driven by stringent regulations promoting sustainable practices and eco-friendly solutions. Growing interest in functional foods, bioplastics, and pharmaceuticals utilizing seaweed extracts propels market growth in this region.
- The Asia Pacific remains a significant hub for the commercial seaweed market, owing to its long-standing cultural integration of seaweed in cuisines and traditional medicine. Rapid industrialization, expanding aquaculture, and innovative seaweed farming techniques contribute to substantial market growth, making the region a key player in the global seaweed industry.
- Cargill Corporation offers a diverse product portfolio encompassing seaweed-based food ingredients, hydrocolloids, and agricultural solutions. Their range includes carrageenan extracts, alginate, and innovative seaweed-based additives catering to various industries like food, pharmaceuticals, and agriculture.
- DuPont provides a comprehensive portfolio featuring high-quality alginate, carrageenan, and specialty seaweed extracts. Their offerings serve food, pharmaceutical, and personal care industries, emphasizing innovation and sustainability in their seaweed-derived solutions.
- CP Kelco specializes in a wide-ranging product portfolio comprising carrageenan, alginate, and pectin derived from seaweed. Their offerings cater to food, beverage, pharmaceutical, and industrial applications, delivering versatile, high-performance ingredients that meet diverse market needs.
Commercial Seaweed Market: Key Segments
By Product Type
- Red seaweed
- Brown seaweed
- Green seaweed
- Animal Feed
- Others (Textile, Waste and Water Waste Treatment, etc.)
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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About Transparency Market Research
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