The global seaweed market reached a production value of US$ 11.5 Billion in 2020. Seaweeds or macroalgae refer to several species of macroscopic, multicellular, and marine algae that grow in oceans, sea, lakes, rivers, and other water bodies. They are either obtained from aquaculture or wild harvest. Based on the high amount of minerals and vitamins in seaweeds, various hydrocolloids such as agar, alginate, gelatinous substances, and carrageenan can be extracted from them. Owing to several functional and health benefits, they find diversified applications in food & beverages, pharma products, wastewater treatment, bio-refining, and dietary supplements.
The rising demand for seaweed is augmented by the increasing consumption of seaweed in dietary supplements based on its nutritive content, flavor-enhancing, and weight loss properties. Moreover, seaweeds are rich in bioactive compounds, antioxidants, and antimicrobial properties, which makes them suitable for several medical purposes in the pharmaceutical industry. Additionally, the newer applications of seaweed, for instance, as a thickening agent in the textile industry as well as for enhancing yield, improving soil quality and crop protection in the agriculture industry, have also bolstered the product demand in recent times. Furthermore, the increasing investments in several R&D activities, coupled with the rising consumer awareness towards diversified applications of seaweed, are anticipated to catalyze the global seaweed market in the coming years. Looking forward, IMARC Group expects the global seaweed market to exhibit strong growth during the next five years.
Breakup by Environment:
Breakup by Product:
Breakup by Application:
Market Break by Region
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.
Key Questions Answered in This Report:
The global seaweed market size was valued at US$ 11.5 Billion in 2020.
According to the estimates by IMARC Group, the global seaweed market is expected to witness a CAGR of 11.80% from 2021 to 2026.
The increasing consumption of seaweed in dietary supplements based on its nutritive content, flavor-enhancing, and weight loss properties, represents one of the key drivers for the global seaweed market.
The rising investments in several R&D activities, coupled with the rising consumer awareness towards diversified applications of seaweed in textile and pharmaceutical sectors are some of the key trends in the global seaweed market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary closure of numerous end-use industries of seaweed.
On the basis of the environment, the market has been bifurcated into aquaculture and wild harvest. Currently, aquaculture holds the majority of the total market share.
On the basis of the product, the market has been segmented into red, brown and green. At present, red exhibits a clear dominance in the market.
On the basis of the application, the market has been divided into processed foods, direct human consumption, hydrocolloids, fertilizers, animal feed additives and others. Among these, direct human consumption represents the largest segment.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Asia Pacific dominates the global market.
The key companies in the global seaweed market are Acadian Seaplants Limited, Cargill Incorporated, DuPont de Nemours, Inc., Irish Seaweeds, Leili, Mara Seaweeds, Qingdao Gather Great Ocean Algae Industry Group (GGOG), etc.
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