According to the latest report by IMARC Group, titled "Seaweed Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global seaweed market size reached US$ 6.73 Billion in 2021. Seaweed or macroalgae are different species of algae and marine plants that grow in oceans, rivers, lakes, and other water bodies. They include both flowering plants and larger algae and are characterized by red, green, and brown colors. Seaweed can be obtained from aquaculture and through wild harvest techniques. It is rich in vitamins, minerals, fibers, and hydrocolloids that help in the proper functioning of the thyroid, protect the body from cell damage, and nourish gut health. The versatile nature and anti-oxidant properties of seaweeds make them an ideal and common ingredient in Asian cuisines.
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Global Seaweed Market Trends:
Seaweeds exhibit anti-inflammatory, anti-microbial, and emulsion properties due to which they are being increasingly utilized in numerous industrial and commercial goods, such as toothpaste, fertilizers, and jellies. This represents one of the key factors driving the market growth. Moreover, the bioactive compound in seaweeds makes them suitable for various medicinal applications in the pharmaceutical industry, which is driving the growth of the global seaweed market. Increasing awareness among consumers regarding the health benefits of the seaweed consumption is catalyzing the demand for commercial seaweed in the production of food products, which is creating a positive outlook for the market. Other factors, such as extensive research and development (R&D) activities and newer applications of seaweed in the agricultural industry to yield and soil health, are contributing to the market growth further. Looking forward, the market is expected to grow at a CAGR of 11.5% during 2022-2027.
- Based on the environment, the market has been bifurcated 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, Malaysia, Vietnam and others), Europe (France, Italy, Spain, 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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