Seaweed Market

Global Seaweed Market:

The global seaweed market size reached US$ 8.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 17.8 Billion by 2032, exhibiting a growth rate (CAGR) of 8.6% during 2024-2032. The expanding food and beverage industry, growing awareness about health benefits, increasing applications in pharmaceuticals and cosmetics, technological advancements, and government support are some of the major factors propelling the market.

Global Seaweed Market Analysis:

• Major Market Drivers: The increasing demand for healthy and natural food products is leading to the incorporation of seaweed in various food and beverage applications, such as snacks, seasonings, and sushi. This, in turn, is acting as a primarily growth-inducing factor for the market. 
• Key Market Trends: Ongoing innovations in seaweed cultivation techniques, such as integrated multi-trophic aquaculture and offshore farming, are primary key trends for the global seaweed market. Such advancements are increasing production efficiency and enhancing global seaweed production.
• Geographical Trends: According to the global seaweed industry report, Asia Pacific holds the largest market for seaweed. This region has a long history of seaweed consumption, deeply rooted in its culinary traditions. Countries such as China, Japan, South Korea, and Indonesia have a strong cultural affinity for seaweed as a food source, which is resulting in high demand and consumption rates.
• Competitive Landscape: Some of the major players operating in the global seaweed market include Acadian Seaplants Limited, Cargill Incorporated, DuPont de Nemours, Inc., Irish Seaweeds, Leili, Mara Seaweeds and Qingdao Gather Great Ocean Algae Industry Group (GGOG), among others.
• Challenges and Opportunities: Processing capabilities, long-term nursery production, and competition with imports are some of the challenges faced by the market players in the global seaweed market. However, advancements in processing technologies are enhancing the extraction and purification of seaweed components, expanding their range of applications. This, in turn, is expected to augment the seaweed market business opportunity over the forecasted period.
   

Global Seaweed Market Trends:

Rising Demand in the Food and Beverage Industry

The rising demand for seaweed in the food and beverage industry is driven by health-conscious consumers seeking nutritious and sustainable food options. The versatility of seaweed allows it to be used as a flavor enhancer, texturizer, or even a standalone ingredient in snacks, condiments, and sushi. Apart from this, the rising application of seaweed seasonings to cure infections such as cough, fever, and fungal infections, as it works faster than the other antibiotics, is creating a positive impact on the overall market. Moreover, various key market players are extensively investing in seaweed cultivation technologies to offer high-quality seaweed products to consumers. For instance, WavePure is a seaweed powder range by Cargill, an American global food corporation, based on native seaweed obtained without any chemical modification. Cargill's WavePure ADG is based on a blend of Gracilaria seaweeds, which helps in maintaining stability and bringing great body and mouthfeel in dairy and plant-based dairy alternative applications.

Growing Awareness about Health Benefits

The increasing awareness regarding seaweed's nutritional profile, which is rich in vitamins, minerals, and antioxidants, is bolstering its demand for healthy and natural food products. Seaweed is recognized for its rich content of essential vitamins, minerals, dietary fiber, and bioactive compounds. Omega-3 and omega-6 fatty acids are among the polyunsaturated fatty acids found in seaweed in significant quantities. Additionally, it has a healthy amount of polyphenols, sterols, and pigments, including fucoxanthin, which has beneficial cholesterol-lowering properties. Studies have shown that seaweed consumption may have positive effects on immune function, gut health, cardiovascular health, and even cancer prevention. For instance, a new study conducted by researchers from the University of Coimbra and the University of Aveiro in Portugal indicated the promising role of seaweed-derived nutrients in drug discovery and innovative product development. The research describes the entire process that leads to a seaweed extract being recognized as a medicinal agent and becoming commercially accessible in the market.

Expanding Applications in Pharmaceuticals and Cosmetics

The emerging application of seaweed extracts in the pharmaceutical and cosmetic industries due to their beneficial properties is acting as another significant growth-inducing factor for the market. Seaweed is rich in bioactive compounds like phlorotannins, fucoidan, and alginates, which possess antioxidant, anti-inflammatory, and moisturizing properties. Moreover, various pharmaceutical and nutraceutical companies are increasingly exploring the medicinal potential of seaweed to develop drugs and supplements. For instance, CadalminTM LivCure extract, a patent-protected nutraceutical product developed by the ICAR-Central Marine Fisheries Research Institute (CMFRI) from seaweeds to combat non-alcoholic fatty liver disease, will be available in the market soon. The product contains 100% natural bioactive ingredients extracted from select seaweeds. The product is made using eco-friendly green technology to improve liver health and is the 9th nutraceutical developed by CMFRI. Besides this, various beneficial metabolites are obtained from seaweed, such as carotenoids, amino acids, pigments, polysaccharides, and Stoneman. These metabolites are widely employed in various skincare products, such as moisturizer, anti-wrinkle agent, texture-enhancing agents, or sunscreen. 

Global Seaweed Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global seaweed market research report, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on environment, product, and application.

Breakup by Environment:

• Aquaculture
• Wild Harvest

Aquaculture dominates the market

The report has provided a detailed breakup and analysis of the market based on the environment. This includes aquaculture and wild harvest. According to the report, aquaculture represented the largest segment.

Aquaculture provides controlled and optimized conditions for the cultivation of aquatic organisms, allowing for higher productivity and efficiency compared to wild harvesting. According to IMARC, the global aquaculture market size reached 79.3 Million Tons in 2023. Looking forward, IMARC Group expects the market to reach 116.6 Million Tons by 2032, exhibiting a growth rate (CAGR) of 4.2% during 2024-2032. Moreover, aquaculture addresses the challenges of overfishing and depletion of wild fish stocks. With escalating demand for seafood, aquaculture offers a sustainable solution by providing a controlled and regulated environment for fish and shellfish farming.

Breakup by Product:

• Red
• Brown
• Green
   

Red seaweed holds the largest share in the market

A detailed breakup and analysis of the market based on the product has also been provided in the report. This includes red, brown, and green. According to the report, red seaweed accounted for the largest market share.

Red seaweed has a wide range of applications across various industries including food and beverages, pharmaceutical, nutraceutical, etc. The increasing utilization of red seaweed in the extraction of carrageenan, a natural polysaccharide with gelling and stabilizing properties, is also bolstering the segment growth. Moreover, apart from its wide application in the food and beverage industry, its emerging popularity in the agriculture sector is also contributing to the growth of this segment. For instance, in July 2022, according to a review published in Wiley Open Library, Carrageenans and oligo-carrageenans, which are polysaccharides commonly present in red seaweeds, have been found to improve the growth and development of various plants by inducing changes in important physiological and biochemical processes.

Breakup by Application:

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

The report has provided a detailed breakup and analysis of the market based on the application. This includes 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
     

Asia Pacific exhibits a clear dominance in the market.

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, Argentina, Chile, Peru, and others); and the Middle East and Africa(Saudi Arabia, United Arab Emirates, South Africa, and Others). According to the report, Asia Pacific was the largest market for seaweed.

Asia Pacific has a long history of seaweed consumption, deeply rooted in its culinary traditions. According to a new forecast by the World Bank, by 2030, Asian countries are likely to account for 70% of global fish consumption. China is one of the rapidly developing economies, which is anticipated to provide 38% of the worldwide seafood. China and other Asian countries are investing in developing the aquaculture industry. Additionally, the region's vast coastline provides favorable conditions for seaweed cultivation. Moreover, seaweed extract biostimulants have the largest market share in the Indian biostimulants market. Recently, Corteva Agriscience signed an agreement to acquire Symborg, a biologicals-based company, as a part of its strategy to expand its biologicals portfolio. The move was aimed at helping Corteva Agriscience in achieving its aim to become a global leader in the agricultural biologicals market. Besides this, the region is a major producer of seaweed-derived hydrocolloids, such as carrageenan, agar, and alginate, which are widely used in the food, pharmaceutical, and cosmetic industries worldwide. This strong production base is further anticipated to strengthen the Asia Pacific in the global market.

Competitive Landscape:

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• Acadian Seaplants Limited
• Cargill Incorporated
• DuPont de Nemours Inc.
• Irish Seaweeds
• Leili
• Mara Seaweeds
• Qingdao Gather Great Ocean Algae Industry Group (GGOG)

Global Seaweed Market News:

• March 2024: Irish firm Simply Blue Group stamped its seal of approval to build the world's first commercial seaweed farm in the North Sea. The rough-and-tumble environment of an offshore wind array is not the easiest place to establish a new aquaculture venture, but the crowded North Sea provides seaweed farmers with few other options.
• March 2024: Sea6 Energy, a technology pioneer in the Blue Economy, recently launched the world's first large-scale mechanized tropical seaweed farm off Ekas, on the island of Lombok, Indonesia.
• October 2023: FlexSea, a startup with its roots at Imperial, announced the completion of a seed round worth £3 Million in equity and grants. The investment will help the company commercialize a range of sustainable packaging solutions that it has developed based on plastics derived from seaweed.

Seaweed Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the seaweed market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global seaweed market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the seaweed industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.