According to the latest report by IMARC Group, titled “Seaweed Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global seaweed market size reached US$ 8.8 Billion in 2019. Seaweeds, also known as macro-algae, are versatile species of marine plants and algae that are widely grown in water bodies. They are a rich source of several essential nutrients, including vitamins, minerals, and fibers. Seaweeds come in different sizes and varieties, wherein some of the larger ones have complex structures with specialized tissues that provide support or transport nutrients and others are made up of cells that are all virtually identical. Nowadays, various innovative techniques, such as vertical or 3D farming, are being adopted by seaweed farmers using water columns to grow seaweeds.
Global Seaweed Market Trends:
Seaweeds are anti-inflammatory, anti-microbial and effective binding agents (emulsifiers), which are used in numerous commercial goods, such as toothpaste and fruit jelly. They are also extensively utilized in foods, cosmetics, fertilizers and for the extraction of industrial gums and chemicals. Apart from this, seaweeds consist of bioactive compounds, which make them suitable for various medical applications in the pharmaceutical industry. Other than this, the demand for seaweed is escalating as many farmers are using seaweeds for improving soil quality and protecting crops in the agriculture industry. Moreover, many seaweed companies are engaged in research and development (R&D) activities to advance and improve the energy efficiency and environmental sustainability directives by creating more efficient seaweed processing and manufacturing technologies. For instance, Acadian Seaplants Limited has designed a harvesting tool for manual and sustainable harvesting of indigenous seaweed resources. Looking forward, the market is projected to grow at a CAGR of 7.5% during 2020-2025.
- Based on the environment, the market has been segmented into aquaculture and wild harvest.
- On the basis of the product, the market has been segregated into red, brown and green.
- The market has been categorized based on the application into processed foods, direct human consumption, hydrocolloids, fertilizers, animal feed additives and others.
- Region-wise, the market has been segmented into North America (the United States and Canada), Asia Pacific (China, Indonesia, Philippines, South Korea, North Korea, Malaysia, Vietnam and others), Europe (France, Italy, Russia and others), Middle East and Africa (Saudi Arabia, the United Arab Emirates, South Africa and others), and Latin America (Brazil, Mexico, Argentina, Chile, Peru and others).
- The competitive landscape of the market has been examined, with some of the key players being Acadian Seaplants Limited, Cargill Incorporated, DuPont de Nemours, Inc., Irish Seaweeds, Leili, Mara Seaweeds and Qingdao Gather Great Ocean Algae Industry Group (GGOG).
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