Market Overview:

The global seaweed market size reached US$ 7.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 14.3 Billion by 2028, exhibiting a growth rate (CAGR) of 11.64% during 2023-2028.

Seaweed is a variety of marine plants and algae that grow in the ocean, rivers, lakes, and other bodies of water. It comprises red, green, brown, and black algae that form dense growth on rocky shores or accumulations in shallow water. It is a rich source of iodine and tyrosine that enhance growth, energy production, and the repair of damaged cells in the body. It offers several antioxidants, such as vitamins A, C, and E, carotenoids, and flavonoids, that protect the body from cell damage. It also assists in losing weight as seaweed contains few calories, filling fiber, and fucoxanthin, which boosts the metabolism. As a result, seaweed is widely used in food and beverages, pharma products, wastewater treatment, bio-refining, and dietary supplements.

Seaweed Market Trends:

At present, the increasing awareness among the masses about the benefits of nutritional food products represents one of the key factors propelling the growth of the market. Besides this, there is a rise in the utilization of seaweeds as food and ingredients due to their anti-microbial properties. This, along with the increasing consumption of seaweeds to regulate the estradiol and estrogen levels in the human body, is contributing to the growth of the market. Additionally, there is an increase in the demand for seaweed as a thickening agent in the textile industry across the globe. This, coupled with the growing employment of seaweeds in the agriculture industry to enhance yield, improve soil quality, and enhance crop protection, is positively influencing the market. Moreover, key market players are extensively investing in research and development (R&D) activities to introduce seaweeds as preservatives and gums, which is strengthening the growth of the market. Apart from this, the rising demand for brown seaweeds to manufacture hydrocolloids, such as agar, alginate, and carrageenan, is bolstering the growth of the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global seaweed market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on environment, product and application.

Breakup by Environment:

• Aquaculture
• Wild Harvest

At present, aquaculture dominates the market due to the growing application of seaweeds in cosmetics, animal feed, and fertilizers.

Breakup by Product:

• Red
• Brown
• Green

Presently, red seaweed products exhibit a clear dominance in the market as they are enriched with vitamins and proteins and used in various food preparations.

Breakup by Application:

• Processed Foods
• Direct Human Consumption
• Hydrocolloids
• Fertilizers
• Animal Feed Additives
• Others

On the basis of application, the market has been segmented into processed foods, direct human consumption, hydrocolloids, fertilizers, animal feed additives, and others.

Breakup by Region:

• Asia Pacific
  • China
  • Indonesia
  • Philippines
  • South Korea
  • Malaysia
  • Vietnam
  • Others
• North America
  • United States
  • Canada
• Europe
  • France
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Chile
  • Peru
  • Others
• Middle East and Africa
  • Saudi Arabia
  • United Arab Emirates
  • South Africa
  • Others

The Asia Pacific holds the majority of market share as seaweed is one of the most popular marine plant foods across the region.

Competitive Landscape:

The competitive landscape of the industry 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, Qingdao Gather Great Ocean Algae Industry Group (GGOG), etc.

Report Coverage: