Rockville, Dec. 07, 2022 (GLOBE NEWSWIRE) -- Fact.MR – A Market Research and Competitive Intelligence Provider: The global commercial seaweed market is estimated to be valued at US$ 11.3 Billion in 2022. Furthermore, the overall demand for commercial seaweed is poised to grow at a CAGR of 6% between 2022 and 2032, totaling US$ 20.3 Billion by 2032. Increasing awareness regarding the medicinal effect of seaweed is likely to boost the demand in pharmaceutical industry.
Consumption of seaweed not only improves the gut health, but is also beneficial for people suffering from diabetes and thyroid. Apart from this, application of commercial seaweed in pharma and agriculture industries is another factor pushing the demand. Commercial seaweeds are used as animal feed and due to its thickening properties, it is also used in medicines.
Further, green seaweed is expected to be the most preferred as it is considered to be the rich source of iodine, which also improves the health of thyroid gland. It is also a good source of organic beta-carotene and can be used to reduce the risk of malignancies such as lung cancer. Hence, key players are investing in research to develop fresh and organic green seaweed for commercial purposes.
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Moreover, rising application of commercial seaweed in agriculture as farmer uses it as a fertilizer for crop production will propel the sales. As per the study, red and green seaweed are considered to have novel mechanisms for good crop production. These seaweeds in particular are extensively used to improve the soil texture, for water retention, and to improve soil microbiology.
In terms of region, Europe is expected to generate highest revenue in the global commercial seaweed market. Growth in the region is attributed to the availability of red and green seaweed along the coastal lines in abundance and production of seaweeds in the U.K. As seaweed provided nutrients and minerals 10x than the traditional land-plants, use in food industry and pharma sector across the U.K. will propel the growth.
Key Takeaways:
- Sales of commercial seaweed in the U.S. are expected to reach US$ 5 Billion by the end of 2032.
- The U.K. commercial seaweed market is poised to expand at 7.7% CAGR, surpassing US$ 1.4 Billion by 2032.
- Based on the form type, the powdered commercial seaweed segment is expected to grow at 6.3% CAGR over the forecast period.
- In terms of product type, the green commercial seaweed segment is projected to account for lion’s share in the market.
- Due to the presence of ocean-related business across Germany, U.K., and other countries, Europe is likely to be the most remunerative market.
Growth Drivers:
- Rising demand for commercial seaweed in pharmaceutical and cosmetic sectors will propel the sales in the market.
- Increasing application of green seaweed due its health benefits is expected to fuel the growth in the market.
- Improved gut health due to abundance of fiber in seaweed is predicted to facilitate the adoption in diverse industries.
Restraints:
- High cost of commercial seaweed cultivation might limit the sales in emerging economies and low-income countries.
- Concerns associated with the loss of benthic habitat due to the seaweed farming and cultivation is likely to impede the growth in the market.
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Competitive Landscape:
Key players in the commercial seaweed market are focusing on research & development activities to produce commercial seaweed without any chemical additives. They are also collaborating with end users and online grocery platforms to expand their customer base.
Some of the companies in the market are focusing on fast-track approvals from regulatory authorities such as U.S. Food and Drug Administration (FDA) and others to develop organic and fresh seaweed.
For instance,
- In 2021, leading player Cargill Foods announced the launch of new seaweed powder food ingredient for food producers to expand the product line of its clean label ingredients products.
- In 2019, Nippon Steel Corporation announced its joint partnership with Furuu District Fisheries. The companies in collaboration launched its new seaweed regeneration project to promote the fisheries industry in Japan.
Key Companies Profiled by Fact.MR
- Indigrow Ltd.
- Seasol International
- Commercial Seaweed Energy Solutions A.S
- Chase Organics GB Ltd.
- Aquatic Chemicals
- Acadian Seaplants Ltd. (ASL)
- Pacific Harvest
- Mara Commercial Seaweed
- Algea A.S
- BIOSTADT INDIA LIMITED
- W Hydrocolloids, Inc.
- Marcel Carrageenan
- CP Kelco.
More Valuable Insights on Commercial Seaweed Market
In the latest study, Fact.MR offers a detailed study on global commercial seaweed market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of commercial seaweed through detailed segmentation as follows:
By Product Type:
- Red Commercial Seaweed
- Green Commercial Seaweed
- Brown Commercial Seaweed
By Form:
- Liquid
- Powdered
By End User:
- Retail/Direct Consumption
- Textile Processing
- Food Additives
- Pharma & Personal Care Ingredients
- Paper Manufacturing
- Animal Feed Ingredients
- Fertilizers
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Key Questions Covered in the Commercial Seaweed Market Report
- What is the projected value of the commercial seaweed market in 2022?
- At what rate will the global commercial seaweed market grow until 2032?
- Which are the factors hampering the growth in the commercial seaweed market?
- Which region is expected to lead in the global commercial seaweed market during 2022-2032?
- Which are the factors driving the commercial seaweed market during the forecast period?
- What is the expected market value of the commercial seaweed market during the forecast period?
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