Commercial Seaweed Market

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Seaweeds are often considered one of the underused resources on the planet. The coastal communities cultivate them. They represent one of the last sustainable and renewable biomass resources that can meet the demand of a growing population. One primary driver of the global Commercial Seaweed market is the rising demand for nutritional value and increasing health benefits. Additionally, the rising adoption of seaweed for hydrocolloids and increasing utilization of seaweed within end-use industries, including personal care products, pharmaceuticals, and the food & beverages sector, will enable a healthier growth rate during the forecast period.

Integration of seaweed has increased in the agricultural sector as various farmers have discovered the property of seaweed as an excellent fertilizer. Seaweed in the form of a leaf has shown good indications that it can produce crops of higher productivity. Additionally, farmers have reported indicated benefits of utilizing seaweed as a fertilizer, including improved root structure in the plant. The rising integration of seaweed within the farming sector has also shown an increased yield of crops from the same portion of land. Seaweeds also help improve soil microbiology and structure and water retention properties. These properties are expected to increase the footprint of the global Commercial Seaweed market during the forecast period.

The increasing population inclining towards a healthier outlook in their staple diets will further enable a healthier growth rate during the forecast period. Studies have indicated that seaweeds are a great source of protein, which is often a rare quality to have in food sources. It is also shown that it is extremely critical to regulate the amount of estradiol and estrogen within the human weed to avoid complications. Increased consumption of seaweed in a controlled manner have shown to reduce postprandial glucose and increase lipid absorption rates within humans. This leads to anti-obesity traits. These factors will contribute to the growth of the global Commercial Seaweed market during the forecast period.

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Growing consciousness regarding the degrading environment has resulted in a significant preference and rising demand for sustainable products. Macroalgae cultivation is considered one of the sustainable production methods since the algae are fast-growing and contain a wide range of nutrients. They further help absorb carbon dioxide. However, a higher seaweed cost is expected to constrain the global Commercial Seaweed market growth during the forecast period. Additionally, a higher cost of cultivation might impede the market's growth to a certain extent.

Top Market Trends

1. Rising Environmental Sustainability to Propel Growth: A major portion of the population aims for environmentally sustainable products. Growing awareness about environmental degradation is expected to propel the market for sustainable products, fuelling the Commercial Seaweed market during the forecast.

2. Increasing Utilization on a Global Scale: Seaweeds were primarily consumed in Asian Countries. However, the rising popularity has surged export volumes. Countries such as the U.S., France, and Canada are indicating a preference for seaweeds due to their distinctive taste.

3. Widening Applications: Seaweeds can increase the thickness and stability of many food products. Additionally, it can be used to strengthen gels and water-soluble films. Alginate, agar, and carrageenan are seaweed’s most common macroalgae extracts. They can be used as gelling, stabilizing, emulsifying, and thickening agents in various sectors of the food & beverage industry. Products such as ice creams, jams, confectionery, and bakeries utilize them at a higher rate.

4. Rising Consumption of Plant-Based Products: Increasing concerns regarding animal welfare are expected to accelerate the growth of the global Commercial Seaweed market during the forecast period. An ongoing trend of shifting towards veganism and a total vegetarian diet is expected to fuel the growth of the global seaweed commercial market during the forecast period.

5. Health Benefits to Widen Demand: Seaweeds contain many health properties, such as anti-microbial, anti-inflammatory, and anti-cancer qualities. This has enabled manufacturers to utilize seaweed within the pharmaceutical and food & beverage sectors.

6. Increasing Prevalence of Cardio Vascular Disorders: Recent studies have indicated that on a global scale, the rising cases of deaths can be attributed to CVDs. A recent survey indicated that it affects more than 420 million people globally, wherein diabetes affects 463 million people. A unique use case of seaweed indicates that it is a good substitute for controlling blood sugar levels and lowering the risk of diabetes.

Market Segmentation

The global Commercial Seaweed market can be categorized as Products, Applications, Forms, and Regions. Based on Product, the market can be categorized into brown seaweed, red seaweed, and green seaweed. The market can be segmented by Application into Agriculture, Animal Feed, Human Consumption, and Other Applications. In terms of form, the market can be fragmented across Leaf, Powdered, and Flakes. Likewise, based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Products

Green Seaweed to Dominate Market Owing to Rising Demand in the Form of Supplements

The green seaweed segment is expected to occupy the largest market share during the forecast period owing to containing a higher level of beta-carotene. This has led to be an effective tool in cancer prevention. Additionally, rising demand for green algae from dietary supplements such as capsules and tablets is expected to propel the segmental growth during the forecast period. Brown seaweed is expected to grow with the fastest growing CAGR owing to widening utilization in industries including agriculture, animal feed, and food & beverage. Additionally, brown seaweeds are primarily used as a raw material for extracting hydrocolloid alginate.

Based on Applications

Human Consumption to Lead Market Share while Other Segment to Grow with the Fastest CAGR

Human consumption products are expected to register the largest share in the revenue. The segment's growth can be attributed to rising awareness of seaweed's nutrient enrichment and increasing health benefits. Additionally, these products are in demand due to an ongoing trend of consuming organic and natural food & beverage products. Rising demand has been witnessed from the Asia Pacific regions, including China, Indonesia, South Korea, Malaysia, Japan, and the Philippines. The other segment is expected to grow with the fastest-growing CAGR owing to a wider list of applications, including coloring additives, biofuel, flavor/perfume enhancers, chemical research/production, and botanical research, among others.

Based on Forms

Leaf to Lead Market in Terms of Revenue Owing to Utilization in Local Cuisines

The segment about lead form is expected to lead the market share in terms of consumption owing to the integration of lead-based seaweeds within local cuisines. Countries such as Japan & Indonesia have seen an increase in seaweeds within their staple dishes such as Sushi, Nori, Onigiri, and Pandan. Additionally, countries such as Iceland and Norway have a long history of using seaweed for various applications. Salads, pickles, and vegetable additives have begun appearing on the market, fueling an increased footprint for the global Commercial Seaweed market. The powdered segment will grow with the fastest growing segment due to rising utilization within cosmetics and the food industry.

Based on Region

Asia Pacific to Reign Market Dominance Owing to an Extended Traditional Usage

The Commercial Seaweed market in Asia Pacific is expected to occupy the largest market share during the forecast period owing to rising consumption in emerging economies, including Japan, China, and South Korea. China is the largest producer of seaweed in the region. Commercial Seaweed is being heavily utilized in the region and is recognized as one of the most prevalent marine foods. Traditional uses for seaweed are found in the food & medicine industry. Additionally, product demand is expected to be high from the regional and local food industry due to an ongoing trend of veganism and increased focus on health. These factors will bolster market growth.

North America will grow with the fastest growing CAGR during the forecast period owing to the increasing demand for plant-based products, with U.S. leading the region. The increasing popularity of veganism and vegetarian diets has surged in the region, leading to an increased demand for food-based products. Functional foods & beverages have increased, fuelling the market's growth in North America.

Competitive Landscape

The leading players in the global Commercial Seaweed market are focused on innovative and expansive outlooks during the forecast period. These measures are taken to ensure long-term sustainable supply chains. The market is further consolidated due to a few major players in the industry. These players have focused on extending their production and distribution capabilities, leading to an increased market value. Furthermore, these key players have distribution channels to cut operational costs and provide high-quality products.

The key players in the global Commercial Seaweed market are Cargill Inc. (US), E.I. Du Pont de Nemo US and Company (US), Roullier Group (France), Biostadt India Limited (India), Compo GmbH & Co. KG (Germany), Acadian Seaplants Limited (Germany), Gelymar SA (Chile), BrandT Consolidated Inc. (US), Seasol International Pty. Ltd (Australia), CP Kelco (India), West Coast Marine Bio-Processing Corp (Canada), Leili Group (China), Chase Organics GB Limited (U.K.), Indigrow Ltd (Berkshire), Travena Organic Solutions Ltd. (US) among others.

Recent Market Developments

· February 2021: Cargill Inc. announced they would launch a new seaweed powder made in Gracilaria red seaweed. It is a traditional ingredient found in Europe. This powder will be launched under the WavePure ADG and named WavePure ADG 8250.

· November 2019: Nippon Steel Corporation announced a new partnership with Furuu District Fisheries Cooperative Association. This partnership will lead to the launch of a new seaweed regeneration project to promote the fisheries industry in Japan.

· July 2019: Univar Solutions, a global chemical and ingredient leader, announced that they signed an agreement with Seaweed & Co., a Scotland-based company. This agreement is expected to increase the portfolio of Univar Solutions in the form of novel seaweeds that will fulfill the modern consumer demand in terms of health, taste, and sustainability.

Segmentation of the Global Commercial Seaweed Market