The seaweed market size was valued at $6.47 Billion in 2021 and is estimated to reach $14.61 Billion by 2031, registering a CAGR of 8.7% from 2022 to 2031.
Seaweed is a plant-like organism, which is adhered to rock or other hard substrata in coastal areas. Based on the pigmentation, seaweeds are categorized into three broad groups, red, brown, and green. Botanists refer to these broad groups as phaeophyceae, rhodophyceae, and chlorophyceae, respectively. Seaweeds are macroalgae that differentiate them from microalgae, which are microscopic in size, and are often unicellular. Red and brown seaweeds are mostly found in marine water, whereas green seaweeds grow in freshwater. Seaweeds are used in many maritime countries across the globe as a source of human food, hydrocolloids, fertilizers, animal feed additives, and others, including aquaculture, biomass for fuel, and wastewater treatment. The major utilization of these seaweeds as food and food ingredients is in the Asia-Pacific region, particularly in China, Indonesia, the Philippines, Korea, and Japan where seaweed cultivation has developed into a huge industry.
Hydrocolloid polysaccharides have significant importance, both technologically and economically, since they are used in the food, pharmaceutical, medicinal, and biotechnological industries, due to their distinct physicochemical properties. An increase in demand for seaweeds in the manufacture of hydrocolloids, such as agar, alginate, and carrageenan, is anticipated to boost the adoption of seaweeds during the forecast period. Moreover, they are applicable in human food, hydrocolloids, fertilizers, animal feed additives, aquaculture, biofuel, and wastewater treatment, which increases their consumption. Untapped markets in North American and European countries are anticipated to open new opportunities for seaweed manufacturers, thereby driving market growth. However, volatility in the prices of seaweed due to unstable supply and constant changes in weather patterns hamper the market growth.
For the purpose of analysis, the seaweed market scope covers segmentation based on product, application, and region. The report provides information on various products including red, brown, and green. Furthermore, the major applications covered in the study include human food, hydrocolloids, fertilizers, animal feed additives, and others. In addition, it analyzes the current market trends across different regions such as North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, Spain, Denmark, and the Rest of Europe), Asia-Pacific (China, Indonesia, Philippines, South Korea, Japan, and Rest of Asia-Pacific), and LAMEA (Saudi Arabia, UAE, South Africa, Tanzania, and Rest of LAMEA).
Seaweeds have long been used as animal feed. Seaweed's chemical make-up varies greatly. Compared to brown seaweeds, green and red seaweeds have higher protein content but lower mineral content. Seaweeds can help animals meet their needs for protein and energy.
The major players operating in the seaweed industry are Cargill, Incorporated, Chase Organics, CJ CheilJedang Corp. , DowDupont Inc., GimMe Health Foods LLC, Groupe Roullier, Irish Seaweeds, Maine Coast Sea Vegetables, Inc., Mara Seaweed, and Qingdao Gather Great Ocean Algae Industry Group Co. Ltd.
Seaweed is a plant-like organism, which is adhered to rock or other hard substrata in coastal areas. Based on the pigmentation, seaweeds are categorized into three broad groups, red, brown, and green. Botanists refer to these broad groups as phaeophyceae, rhodophyceae, and chlorophyceae, respectively. Seaweeds are macroalgae that differentiate them from microalgae, which are microscopic in size, and are often unicellular. Red and brown seaweeds are mostly found in marine water, whereas green seaweeds grow in freshwater. Seaweeds are used in many maritime countries across the globe as a source of human food, hydrocolloids, fertilizers, animal feed additives, and others, including aquaculture, biomass for fuel, and wastewater treatment. The major utilization of these seaweeds as food and food ingredients is in the Asia-Pacific region, particularly in China, Indonesia, the Philippines, Korea, and Japan where seaweed cultivation has developed into a huge industry.
Hydrocolloid polysaccharides have significant importance, both technologically and economically, since they are used in the food, pharmaceutical, medicinal, and biotechnological industries, due to their distinct physicochemical properties. An increase in demand for seaweeds in the manufacture of hydrocolloids, such as agar, alginate, and carrageenan, is anticipated to boost the adoption of seaweeds during the forecast period. Moreover, they are applicable in human food, hydrocolloids, fertilizers, animal feed additives, aquaculture, biofuel, and wastewater treatment, which increases their consumption. Untapped markets in North American and European countries are anticipated to open new opportunities for seaweed manufacturers, thereby driving market growth. However, volatility in the prices of seaweed due to unstable supply and constant changes in weather patterns hamper the market growth.
For the purpose of analysis, the seaweed market scope covers segmentation based on product, application, and region. The report provides information on various products including red, brown, and green. Furthermore, the major applications covered in the study include human food, hydrocolloids, fertilizers, animal feed additives, and others. In addition, it analyzes the current market trends across different regions such as North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, Spain, Denmark, and the Rest of Europe), Asia-Pacific (China, Indonesia, Philippines, South Korea, Japan, and Rest of Asia-Pacific), and LAMEA (Saudi Arabia, UAE, South Africa, Tanzania, and Rest of LAMEA).
Seaweeds have long been used as animal feed. Seaweed's chemical make-up varies greatly. Compared to brown seaweeds, green and red seaweeds have higher protein content but lower mineral content. Seaweeds can help animals meet their needs for protein and energy.
The major players operating in the seaweed industry are Cargill, Incorporated, Chase Organics, CJ CheilJedang Corp. , DowDupont Inc., GimMe Health Foods LLC, Groupe Roullier, Irish Seaweeds, Maine Coast Sea Vegetables, Inc., Mara Seaweed, and Qingdao Gather Great Ocean Algae Industry Group Co. Ltd.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the seaweed market analysis from 2021 to 2031 to identify the prevailing seaweed market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the seaweed market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global seaweed market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Product
- Red
- Brown
- Green
By Application
- Fertilizers
- Animal Feed Additives
- Others
- Human Food
- Hydrocolloids
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Denmark
- Rest of Europe
- Asia-Pacific
- China
- Indonesia
- Philippines
- South Korea
- Japan
- Rest of Asia-Pacific
- LAMEA
- Saudi Arabia
- UAE
- Africa
- Tanzania
- Rest of LAMEA
Key Market Players
- Cargill, Incorporated
- Annie Chun's, Inc.
- Qingdao Gather Great Ocean Algae Industry Group Co., Ltd.
- GimMe Health Foods LLC
- Groupe Roullier
- Mara Seaweed Ltd.
- Irish Seaweeds
- COMPO EXPERT GmbH
- Maine Coast Sea Vegetables, Inc.
- Brandt, Inc.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: SEAWEED MARKET, BY PRODUCT
CHAPTER 5: SEAWEED MARKET, BY APPLICATION
CHAPTER 6: SEAWEED MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to a new report titled, Seaweed Market by Product and Application: Global Opportunity Analysis and Industry Forecast, 20182024 the global seaweed market was valued at $4,097.93 million in 2017, and is projected to reach $9,075.65 million by 2024, registering a CAGR of 12.0% from 2018 to 2024. In 2017, the red seaweed accounted for more than eight-ninths share of the global market, in terms of value.Seaweed, also called as macro-algae, belongs to several species of macroscopic, multicellular, marine algae. It is classified into three broad groups based on pigmentation, which include red, brown, and green seaweed. The major utilization of these seaweeds as food and food ingredients is in Asia-Pacific, particularly in China, Indonesia, Philippines, Korea, and Japan where seaweed cultivation has developed into a huge industry. Seaweed farming is becoming an increasingly competitive market for food and related products across the globe.
Growing application of seaweed in various end-use industries is anticipated to drive the market growth. The human food segment accounts for the highest market share, owing to increase in utilization of seaweed for human consumption. Substances that are extracted from seaweeds such as hydrocolloids make up most of the remaining market share, while smaller application such as fertilizers, animal feed additives, aquaculture, biomass for fuel, and wastewater treatment make up the rest. Seaweeds are being extensively explored as a fuel, due to their high photosynthetic efficiency and their ability to produce lipids, a biodiesel feedstock which is anticipated to open new avenues for the seaweed manufacturers. Moreover, high untapped market potential in North America and Europe is expected to boost the consumption of seaweed during the forecast period. However, unfavorable climatic conditions and fluctuation in the prices of seaweed hamper the market growth.
Red seaweeds are the largest and most abundant of the seaweeds, and thus hold a dominant position in the global market. Furthermore, they have an economically important role throughout Asia-Pacific, due to the presence of phycocolloids such as carrageenan. The carrageenan produced from seaweed has a variety of applications in food production as a thickener and stabilizer. Thus, higher consumption of red seaweed in the food industry is anticipated to drive the seaweed market growth.
Key findings of the Seaweed Market:
In 2017, Asia-Pacific accounted for the highest market share, growing at a CAGR of 11.4% from 2018 to 2024.
In 2017, human food application segment accounted for the highest market share, and is expected to growth at a significant CAGR of 11.8%.
Red seaweed was the highest contributor in 2017, and is projected to grow at a CAGR of 12.3%.
In 2017, the China accounted for more than one-fifth market share, and is anticipated to grow at a significant CAGR of 11.6%.
North America is anticipated to grow at the highest CAGR of 13.0% from 2018 to 2024.
In terms of value, Asia-Pacific and LAMEA collectively contributed more than half of the market share in the global seaweed market in 2017.
Some of the major players analyzed in this report are Cargill Inc., DuPont, Groupe Roullier, Irish Seaweeds, Qingdao Gather Great Ocean Algae Industry Group (GGOG), Annie Chuns Inc., Chase Organics, GimMe Health Foods, Maine Coast Sea Vegetables, and Mara Seaweed.
Companies Mentioned
- Cargill, Incorporated
- Annie Chun's, Inc.
- Qingdao Gather Great Ocean Algae Industry Group Co., Ltd.
- GimMe Health Foods LLC
- Groupe Roullier
- Mara Seaweed Ltd.
- Irish Seaweeds
- COMPO EXPERT GmbH
- Maine Coast Sea Vegetables, Inc.
- Brandt, Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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