Seaweed Cultivation Global Market Report 2024

Seaweed cultivation involves the cultivation of algae and other marine species. Seaweed farms utilize nutrients and carbon dioxide to foster growth, contributing to improved water quality and helping mitigate the effects of ocean acidification in their vicinity.

The main types of seaweed cultivation are red seaweeds, brown seaweeds, and green seaweeds. Red seaweeds, the oldest and largest group of algae, predominantly thrive in protected shallow waters, often attaching themselves to stones, shells, and eelgrass through their holdfast. Seaweed is available in various forms, including flakes, powder, liquid, and sheets. Harvesting methods encompass aquaculture and wild harvesting. Seaweed finds applications in diverse sectors such as the animal feed industry, agriculture, pharmaceuticals, and other industries.

The seaweed cultivation market research report is one of a series of new reports that provides seaweed cultivation market statistics, including seaweed cultivation industry global market size, regional shares, competitors with a seaweed cultivation market share, detailed seaweed cultivation market segments, market trends and opportunities, and any further data you may need to thrive in the seaweed cultivation industry. This seaweed cultivation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The seaweed cultivation market size has grown rapidly in recent years. It will grow from $20.02 billion in 2023 to $22.62 billion in 2024 at a compound annual growth rate (CAGR) of 13.0%. The growth observed in the historical period can be attributed to an increasing demand for healthy food, a focus on nutritional value, a growing emphasis on environmental sustainability, and a cultural shift towards mindful consumption.

The seaweed cultivation market size is expected to see rapid growth in the next few years. It will grow to $36.25 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. The anticipated growth in the forecast period can be attributed to expanding applications, increased awareness of climate change, global culinary trends, and government support. Key trends expected in the forecast period include the diversification of products, technological advancements, heightened collaboration, a growing popularity of seaweed farming, and the adoption of innovative marketing strategies.

The surge in seaweed farming practices is poised to drive the growth of the seaweed cultivation market in the foreseeable future. Seaweed farming, characterized by its cost-effectiveness, ease of handling, and technological advancements, is gaining global recognition as a viable career option. This method not only elevates the standard of living for coastal residents but also promotes the sustainable utilization of marine and coastal resources in daily life. For example, a report by the U. S. Department of Agriculture (USDA) in February 2022 projects a total fish production of approximately 2.2 million metric tons in 2021, with aquaculture contributing 1.7 million metric tons. Egypt's ambitious strategy aims to increase fish production to 3 million metric tons by 2025, leading to a surge in demand for fish feed. Hence, the increasing adoption of seaweed farming practices is a significant driver for the seaweed cultivation market.

The increasing consumption of nutraceuticals and functional foods is expected to propel the seaweed cultivation market's growth. Nutraceuticals and functional foods, derived from food sources, offer health benefits beyond basic nutrition. Seaweed, rich in bioactive compounds, vitamins, minerals, and antioxidants, is a valuable ingredient for producing health-promoting nutraceuticals and functional foods. According to a report by Agriculture and Agri-Food Canada in February 2022, the retail sales value of fortified or functional foods and beverages in the United States increased to $68.9 billion in 2021, with projections to reach $79.1 billion in 2025. This growth underscores the significant role of seaweed in catering to the rising demand for nutraceuticals and functional foods, driving the seaweed cultivation market.

Technological advancements emerge as a key trend in the seaweed cultivation market. The labor-intensive nature of seaweed farming necessitates increased operational costs, prompting companies to invest in technologies like robot harvesters and direct seeding. To enhance seaweed farming efficiency and monitor seaweed biomass, companies are embracing cutting-edge technologies such as machine learning, Internet of Things (IoT), and artificial intelligence. For example, Sea6 Energy, an India-based seaweed company, developed an automated technology called a sea combine to reduce the labor-intensiveness of seaweed production. This technology aims to facilitate the expansion of seaweed farming, a crucial step for widespread utilization of seaweed, including as a biofuel.

Major companies in the seaweed cultivation industry are adopting a strategic partnership approach to enhance market presence and foster growth. Strategic partnerships involve leveraging each other's strengths and resources for mutual benefits and success. In May 2023, Oceanfarmr, an Australia-based provider of ocean farm operations management solutions, partnered with Coast 4C, an Australia-based provider of technical assistance for seaweed production. The collaboration focuses on developing mobile technologies to expedite advancements in farm operations performance, financial aspects, and the monetization of Environmental, Social, and Governance (ESG) for seaweed farmers. This collaboration aims to capture and validate seaweed conditions using scoring methods based on photographs and assessments by managers, paving the way for using sensor data for quantity and quality analysis.

In April 2022, The Seaweed Company, a Netherlands-based manufacturer of seaweed products, acquired Zeewaar for an undisclosed amount. Through this acquisition, The Seaweed Company aims to strengthen its presence in the 'Blue Food' market by introducing seaweed applications and ingredients to European consumers and companies. Zeewaar, a Netherlands-based organically certified seaweed farm, aligns with this objective.

Major companies operating in the in the seaweed cultivation market report are Acadian Seaplants Limited, Cargill Incorporated, E. I. du Pont de Nemours and Company, Irish Seaweeds, Beijing Leili Marine Bioindustry Inc., Roullier Group, Seasol International Pty Ltd, CP Kelco US Inc., Gelymar SA, Qingdao Gather Great Ocean Algae Industry Group Co. Ltd., Ocean Harvest Technology Limited, Mara Seaweed, Algaia S. A., Compo Expert GmbH, Seasol International, CEAMSA, Atseanova, Ocean Rainforest, Seaweed Energy Solutions AS, Blue Ocean Mariculture, Ocean Approved LLC, Maine Fresh Sea Farms, Atlantic Sea Farms, Cascadia Seaweed, GreenWave, Oceanium, Sea6 Energy, Sea Forest, The Cornish Seaweed Company, The Scottish Seaweed Company

Asia-Pacific was the largest region in the seaweed cultivation market in 2023. The regions covered in the seaweed cultivation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the seaweed cultivation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The seaweed cultivation market revenues earned by entities by the floating bamboo method, the mangrove stakes and net method and tubular net method. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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