The global commercial seaweed market size was valued at USD 10.31 billion in 2015. Increasing demand for seaweeds in the food & pharmaceutical industry and for the production of animal feed is anticipated to boost market growth over the forecast period.
Growing awareness of the medical benefits that seaweed provide coupled with increasing demand for seaweed derived snacks and food are expected to boost human consumption.
U.S. commercial seaweed market revenue by product, 2014 - 2024 (USD Million)
The increasing demand for aquatic plant extracts, used as thickening & gelling agents in the food and cosmetic industry is projected to boost market growth in the European and North American region. Other uses of commercial seaweed in wastewater management and the derivation of biomass & biofuel are further anticipated to boost the demand for this market over the coming years.
Asia Pacific dominated the global commercial seaweed market in 2015 and is expected to grow at a brisk rate over the forecast period on account of increasing production and demand from countries such as China, Indonesia, Japan, and South Korea. The demand for this product in the food sector is expected to augment the market growth in this region.
The demand for red seaweed is expected to grow at the highest CAGR, in terms of value, from 2016 to 2024. The growing consumption of this product in the form of Nori and Dulse in the Asia Pacific region coupled with its increasing application in the pharmaceutical industry is anticipated to spur market growth over the forecast period.
The growing preference for red seaweeds is due to its functional qualities, easy accessibility, and its growing application in almost all industrial sectors. Brown seaweed is projected to grow at the second-highest CAGR, from 2016 to 2024. The increasing demand for alginate which is derived from brown seaweeds is expected to boost market growth. Alginate is used widely as a thickening & gelling agent in food & cosmetic products and other medical applications.
Commercial seaweed sold in the form of liquid is expected to gain wide acceptance in the market on account of the ease of application and usage. Seaweed extracts in liquid form are anticipated to gain broad acceptance in the agriculture & fertilizer and pharmaceutical industry.
Commercial seaweed used in the manufacture of edible food products, cosmetics, and medicines for human consumption accounts for the highest market share, followed by the animal feed and agricultural segment. Rising demand for commercial seaweed in the pharmaceutical sector is projected to drive the industry over the forecast period.
Seaweed processed as animal feed is known to improve health conditions of livestock, maximize milk productions, fertility, and feed conversion. Increase in the adoption of this product in meals as an animal feed is expected to boost market demand over the coming years. The agriculture segment is projected to grow at a considerable CAGR on account of the growing usage of seaweeds in fertilizers for plants and crops.
Asia Pacific commercial seaweed market led the global industry with the demand share exceeding 80% in 2015. The growth in this region is driven by growing human consumption and increasing usage in the agriculture industry. Indonesia and China are projected to experience vigorous growth followed by Japan.
Europe is anticipated to grow at the second highest CAGR over the forecast period on account of the increasing use of seaweeds in the medical & healthcare industry. North America and Europe are also expected to experience high demand for this in the food sector owing to its high nutritional and protein content.
Companies operating in the commercial seaweed market are involved in constant product innovation and research activities to increase application avenues in the seaweed market. Key companies operating in the commercial seaweed industry include E.I. Dupont De Nemours and Company, Cargill, Roullier Group, Compo Gmbh & Co. Kg, Biostadt India Limited, Acadian Seaplants Limited, Brandt, CP Kelco, Gelymar and Seasol International Pty. Ltd.
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