The global seaweeds market is riding a wave of growth, anticipating a valuation of US$ 7.79 billion in 2023 and poised to reach an impressive US$ 19.66 billion by 2033, exhibiting a substantial CAGR of 9.7% during the period. Seaweeds, a type of macroalgae, have witnessed significant demand across diverse industries, including food, animal feed, and pharmaceuticals. With distinct types like red seaweed, brown seaweed, white seaweed, and green seaweed, each contributing unique characteristics, the market’s versatility and applications have fueled its substantial growth.
The growth in the seaweeds market is driven by rising demand for seaweed-based culinary items. Seaweed has been recognised for generations in Asia, and its popularity has spread beyond boundaries, making it a valuable source of vitamins, minerals, and nutrients. As health-conscious consumers choose more sustainable and plant-based food options, new seaweed-based items including chips, snacks, and beverages gain popularity. Furthermore, the industry is benefiting from the increasing usage of seaweed in animal feed, which provides a high-quality protein source while also contributing to healthier and more environmentally conscious animal husbandry.
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The market’s growth is being driven by the increasing use of seaweed in cuisine, particularly as a superfood. Innovative seaweed-based goods, ranging from snacks to beauty solutions, appeal to a growing customer need for healthier and more sustainable options. The rising seaweed farming business, as well as the potential for seaweed use in bioplastics and pharmaceuticals, are driving market expansion. The market’s expected CAGR of 9.7% between 2023 and 2033 highlights the enormous potential for investors seeking opportunities in the seaweeds sector.
The market is dominated by the Asia Pacific region. Over the past several years, the demand for algae has increased due to its increasing use in numerous traditional cuisines, including those of China, Japan, and South Korea. The region’s microalgae market is expanding as a result of rising food service demand. During the forecast period, market growth is also anticipated to be fueled by consumers’ growing preference for plant-based cosmetics and personal care products.
KEY TAKEAWAYS
- During the projection period, a CAGR of 7.7% is anticipated for the market in Germany.
- In China, the market is expected to reach a value of US$ 4.87 billion by 2033, growing at a CAGR of 13.3% during the forecast period.
- During the projection period, a CAGR of 7.3% is predicted for the market in Japan.
- The red seaweed segment is anticipated to proliferate at a 10.1% CAGR to reach US$ 17.63 billion by 2033.
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COMPETITIVE LANDSCAPE
The key competitors of the seaweeds market are Cargill, Incorporated, DowDuPont Inc., Seaweed & Co., Chase Organics, Irish Seaweeds, Sar Agrochemicals & Fertilizers Pvt. Ltd., Maine Coast Sea Vegetables, Inc., Shore Seaweed, Mara Seaweed, Qingdao Gather Great Ocean Algae Industry Group Co Ltd. and others.
RECENT DEVELOPMENTS
- In January 2022, Pacific Harvest created Raw Nori Seaweed Snack Packs, a “nutrient-packed” seaweed snack. The new product, which experts describe as celebrating the “future’s top sustainable plant-based gourmet,” honors all facets of the brand.
- In February 2021, using Gracilaria red seaweed, a common product in Europe, Cargill Inc. developed a brand-new seaweed powder. WavePure ADG 8250 is the name given to the new powder, which is introduced under the WavePure ADG range. In dairy industries, the product’s thickening and gelling capabilities are employed to create a creamy and smooth texture.
Seaweeds Market Segmentation
By Type:
- Red Seaweed
- Brown Seaweed
- Green Seaweed
By Form:
- Flakes
- Powder
- Liquid
By End-use:
- Food & Beverages
- Agricultural Fertilizers
- Animal Feed Additives
- Pharmaceuticals
- Cosmetics & Personal Care
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa (MEA)
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