According to the latest report by IMARC Group, titled “Seaweed Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global seaweed market size reached US$ 7.5 Billion in 2022. Seaweed, or macroalgae, is a diverse group of marine plants that thrives in aquatic environments, ranging from coastal areas to deep ocean waters. It is rich in essential nutrients, such as vitamins, minerals, and proteins, making it a significant component in the food and nutrition sector. Seaweed is also vital in producing various commercial products, such as cosmetics, pharmaceuticals, and fertilizers. It is also utilized as a nutritious and flavorful ingredient in many cuisines, enriching dishes with essential vitamins, minerals, and umami taste, and in the agricultural sector, as a natural fertilizer and growth stimulant, enhancing crop yields and resilience to stress. The gel-forming properties of seaweed find applications in the food and pharmaceutical industries, while its alginate compounds serve as thickening agents and stabilizers.
Global Seaweed Market Trends:
The growing awareness of seaweed's nutritional benefits and its positive impact on human health as consumers become increasingly health-conscious is one of the major factors contributing to the market growth. Additionally, the widespread utilization of seaweed in various food products, such as salads, soups, snacks, and sushi, due to its high content of vitamins, minerals, and antioxidants, is strengthening the market growth. Moreover, the increasing product adoption as its cultivation requires minimal freshwater, fertilizers, and pesticides, making it a highly sustainable crop with a low environmental footprint is supporting the market growth. In line with this, the growing focus of governments and industries on prioritizing ecological conservation and sustainability and the adoption of seaweed-based products to reduce carbon footprint and environmental impact is creating a positive outlook for the market growth. Furthermore, the increasing product application in the cosmetics and personal care industry in various products, such as creams, lotions, and masks due to its hydration, anti-inflammatory effects, is positively impacting the market growth. In addition to this, the growing adoption of seaweed in the pharmaceutical industry for its medicinal properties, such as bioactive compounds with antimicrobial, antiviral, and anti-inflammatory properties, is providing a considerable boost to the market growth. Besides this, the increasing demand for seaweed-based feeds that offer various benefits, including enhanced growth rates, improved immune systems, and reduced environmental impact, is favoring the market growth. Looking forward, the market value is projected to reach US$ 14.3 Billion by 2028, expanding at a CAGR of 11.64% during 2023-2028.
- Based on the environment, the market has been bifurcated into aquaculture and wild harvest. According to the report, aquaculture represents the largest segment.
- On the basis of the product, the market has been divided into red, brown, and green. According to the report, red seaweed accounts for the largest market share.
- Based on the application, the market has been categorized into processed foods, direct human consumption, hydrocolloids, fertilizers, animal feed additives, and others.
- Region-wise, the market has been segmented into Asia Pacific (China, Indonesia, Philippines, South Korea, Malaysia, Vietnam and Others), North America (United States and Canada), Europe (France, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, Argentina, Chile, Peru and Others), and Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, and Others). According to the report, Asia Pacific is the largest market for seaweed.
- The competitive landscape of the market has also 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).
|Base Year of the Analysis
||US$ Billion, Million Tons
|Scope of the Report
||Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
||Aquaculture, Wild Harvest
||Red, Brown, Green
||Processed Food, Direct Human Consumption, Hydrocolloids, Fertilizers, Animal Feed Fertilizers, Others
||Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||China, Indonesia, Philippines, South Korea, Malaysia, Vietnam, United States, Canada, France, Italy, Spain, Russia, Brazil, Mexico, Argentina, Chile, Peru, Saudi Arabia, United Arab Emirates, South Africa
||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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