Commercial Seaweed Market Scope:
Global commercial seaweed market size was valued at USD 16.9 Billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 10.10% from 2021 to 2028.
Market Research Future, in its newest study on the global Commercial Seaweeds Market 2021, revealed that COVID-19 had shifted the dynamics of the market. During this pandemic, food manufacturers and consumers are paying even more attention to quality, health credentials, and packaging of food, which has boosted the sales of the overall commercial seaweeds market. The market has recorded a double-digit rate of growth during and is anticipating expanding even more in the coming years. Thus, the study has kept the growth time that will usher towering revenue will be during the forecast period.
Commercial Seaweeds Market Boomers & Trends:
Commercial Seaweeds Industry Analysis has a colossal application base owing to its ample of health benefits. Most of the commercially produced seaweed is used in the food industry, which grabs 70% of the overall market share, and other category grabs for 30%, including hydrocolloids, followed by feed and fertilizers. As per the study, commercial seaweeds are increasingly being used in fertilizers that improve crop yield and increases the strength mechanism of crops, which further helps in pest resistance. The mounting consumer awareness about the health benefits of seaweed derivatives is significantly boosting the global market.
MRFR finds that the sales of seaweed soared during the COVID-19 era, owing to weight-loss activities people have been undergoing throughout the lockdown period. Seaweed is considered one of the best in the rehydrating body. This factor has immensely facilitated the growth mechanism of the global commercial seaweed market.
Apart from this, globally, commercial seaweeds are also gaining popularity for being a crucial part of a staple diet, nutritive food items, and food flavor enhancers. For this very reason, the consumption of commercial seaweed has surged by 125% in the United Kingdom region alone. This factor is studied as one of the considerable boosts for the market’s expansion in the latest, which will further open possibilities of more consumption in the forecast period.
In the case of point, Algaia from Maabarot Products Ltd recorded triple-digit growth in the commercial seaweed usage in plant care. The company accelerates growth with new product lines after announcing a massive investment. In 2019, Algaia recorded a 17% sales expansion, and it has witnessed a bonus 25% growth over the first few months of 2020. However, during the COVID-19 period, it recorded a 30% sales increase from commercial seaweed line.
Furthermore, the market of commercial seaweed also gets a boost from the cosmetics industry as it serves to improve skin tone, reduce wrinkles, and rejuvenates aging skin, a good source for obesity, hypertension, and diabetes patients. In the food & beverage industry, the commercial seaweeds market earns for its hydrocolloid properties, adding some health benefits to prevent heart disease risks and strengthening bone.
Who are the major companies in the industry for commercial seaweed?
Major Companies of global commercial seaweed market is studied to be highly competitive in nature. Cargill, Incorporated (US), Algaia SA (France), Extractos Naturales Gelymar S.A.(Chile), CP Kelco U.S., Inc. (US), Biostadt India Limited (India) are the most active companies contributing to this market.
Regional Analysis:
MRFR studies that Asia-Pacific is the prevalent market for commercial seaweed products in terms of production and consumption. The usage of commercial seaweed as food has sturdy roots in Asian countries, such as Japan, China, and the Republic of Korea. Thus, the demand for seaweed as food has spread to South America, North America, and Europe. China, by today, is the leading commercial seaweed producer.
Mexico, the United States, and Canada are likely to observe a sky-scraping growth rate in the commercial seaweed market. Predictably, the per capita consumption of carrageenan would augment by 50% in the next few years, owing to market penetration.
Furthermore, commercial Seaweed Extract Market also have a significant share of the market in Europe. North America is anticipated to record the maximum CAGR owing to a higher inclination of consumers towards trying commercial seaweeds, as these are considered helpful as biostimulant extracts for crops.
Which type segment dominates the commercial seaweed Industry?
During the projected period, the red seaweed type segment is expected to be the industry leader.
Commercial Seaweed Market Segmentations:
The global commercial seaweeds market is further studied among the types, method of harvesting, form, and application segments.
By the segment of Type, the market includes brown seaweeds, red seaweeds, and green seaweeds.
By the segment of the Method of Harvesting, the market includes aquaculture and wild harvesting.
By the segment of Form, the market includes powder, liquid, flakes, and others.
By the segment of the Application, the market includes animal feed, food & beverages, and agriculture. The food & beverages segment further includes dairy & frozen desserts, convenience food, seafood, meat, poultry, bakery & confectioneries, and more.
Recent Development:
February 2022: TakeAir, a Belgian biotechnology company specializing in indoor air quality enhancement, has announced the launch of a groundbreaking new Biospheric Air Treatment technology that kills airborne viruses (such as COVID-19) in buildings. The "Sea Aeration" technique from TakeAir works by incorporating a designed bio-compound produced from seaweed and marine organisms into a building's ventilation system. In lab tests, the bio-compound has been shown to kill coronaviruses like COVID-19 as well as other respiratory pathogens like influenza viruses.
February 2022: To strengthen the Kingdom's fisheries industry, the country's seaweed and algae supplies are being expanded by KAUST, Saudi Arabia. The postgraduate research and teaching facility, located 100 kilometers north of Jeddah, is working on projects that will help the Kingdom achieve its goal of attracting over USD 4 billion in foreign and domestic investment into the fishing industry as part of its Vision 2030 economic diversification plan.
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