Newark, June 20, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 10 billion in 2023 global commercial seaweed market will reach USD 16.28 billion in 2033. A type of microalga that can be found in freshwater and saltwater environments is seaweed. They come in a variety of shapes and sizes, and colour helps to identify them. The three primary hues are brown, green, and red. They also come in a variety of sizes and forms. Commercial seaweeds are used in many different industries, such as pharmaceuticals, food & beverage, personal care, and agriculture. Rich in nutrients, seaweed is known to have a number of vitamins and minerals. Due to these factors, they are extremely valuable in the ever-evolving realm of modern health and wellness trends. For added convenience, commercial seaweed is prepared and marketed in a range of forms, such as powdered, liquid, or leaves edible form. A type of microalga that can be found in freshwater and saltwater environments is seaweed.
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They come in a variety of shapes and sizes, and colour helps to identify them. The three primary hues are brown, green, and red. They also come in a variety of sizes and forms. Commercial seaweeds are used in many different industries, such as pharmaceuticals, food & beverage, personal care, and agriculture. Rich in nutrients, seaweed is known to have a number of vitamins and minerals. Due to these factors, they are extremely valuable in the ever-evolving realm of modern health and wellness trends. For added convenience, commercial seaweed is prepared and marketed in a range of forms, such as powdered, liquid, or leaves edible form.
Key Insight of the Global Commercial seaweed Market
Asia Pacific will dominate the market during the forecast period.
Due to its widespread use in the traditional cuisines of the local cultures, seaweed is a widely used ingredient in the food business. Seaweed is consistently available for the vast consumer market given the beaches and freshwater reserves. In an effort to increase output and meet consumer demand for seaweed products, improved and sustainable farming techniques, processing technologies, and packaging solutions have also been introduced as a result of increased research and development.
In 2023, the red seaweed segment dominated the market with the largest market share of 42% and revenue of 4.20 billion.
The product type segment is divided into red seaweed, green seaweed, brown seaweed, and others. In 2023, the red seaweed segment dominated the market with the largest market share of 42% and revenue of 4.20 billion.
In 2023, the powdered segment dominated the market with the largest market share of 38% and revenue of 3.80 billion.
The form segment is divided into leaf, powdered, flakes, liquid, and others. In 2023, the powdered segment dominated the market with the largest market share of 38% and revenue of 3.80 billion.
In 2023, the foods and beverages segment dominated the market with the largest market share of 37% and revenue of 3.70 billion.
The application segment is divided into agriculture fertilizer, animal feed additives, food and beverages, pharmaceuticals, cosmetics and personal care, biofuels, textiles, and others. In 2023, the foods and beverages segment dominated the market with the largest market share of 37% and revenue of 3.70 billion.
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Advancement in market
CH4 Global commemorated the delivery of its first Asparagopsis product for sale. The climate solutions business CH4 Global announced the first commercial deliveries of its specially formulated seaweed-based feed supplement, which lowers cattle methane emissions by up to 90%, marking a significant accomplishment. The start of commercial delivery of the seaweed-based supplement from CH4 Global is a significant step in the direction of the company's aggressive plan to cut CO2-equivalent emissions by one billion metric tonnes by the end of this decade.
Market Dynamics
Driver: Growing knowledge regarding seaweed's advantages.
The need for food is rising as a result of the population's constant growth. Nonetheless, given the consumers' busy lifestyles and the fast pace of urbanisation, there is a pattern to this growing demand that favours ready-to-eat, quick, and nutrient-dense food products. The expansion of the internet has also helped consumers become more aware of their options and make better judgements when making purchases. The demand for food products infused or based on seaweed has increased as a result. In addition to their well-known medicinal qualities, seaweeds include anti-inflammatory, antibacterial, and antioxidant qualities that are beneficial to health. As a result, the market will develop as more people become aware of seaweed's many health benefits, which will raise demand for commercial seaweed.
Restraints: Cost and infrastructure obstacles.
The infrastructure needed for seaweed farming on a commercial scale includes networks for packaging, delivery, processing, and farming. Large capital investments are needed for the coastal locations with access to sunlight and water for the year-round growth of a large seaweed supply. The cost of transportation and processing facilities also has a major impact on rising expenses. The regulatory barriers for obtaining the required permits to extract seaweeds have grown as awareness of climate change has grown. Expenses are also increased by the price associated with purchasing devices, processing equipment, and other required parts. Therefore, the market's expansion is hampered by the financial and infrastructural issues.
Opportunities: The increasing uses of seaweeds.
Seaweed applications have expanded across a wide range of industries as a result of expanding innovation, R&D, and experimenting to explore the potential benefits of seaweed beyond its traditional usage. Because of their biocompatible nature and potential health benefits, they are increasingly being used in a variety of medicinal products. The demand for seaweed-based skin care and hair care products in the personal care and cosmetics business is being driven by its moisturising, calming, and anti-aging characteristics, which are making seaweed-based products easier to produce. In addition to industrial uses, they are also utilised in agriculture, animal feed, environmental cleanup, waste water treatment, and animal husbandry. Consequently, during the course of the forecast period, the growing uses of seaweeds will support the growth and development of the market.
Challenges: Environmental concerns.
The overexploitation of seaweed leads to environmental destruction and degradation. It leads to habitat destruction of marine flora and fauna leading to biodiversity loss which further leads to ecological disruption and irreversible consequences for the planet. The commercialization of seaweed production leads to monoculture, fertilizer poising of water bodies, and disbalancing the local biodiversity. such environmental concerns have led to stringent regulatory guidelines governing the production of seaweed and therefore will challenge the market’s growth during the forecast period.
Some of the major players operating in the global commercial seaweed market are:
• Acadian SeaPlus
• Aushadh Limited.
• BLUE EVOLUTION
• Cascadia Seaweed
• Earaybio
• KwangcheonKIm
• Ocean Rainforest
• Organic Irish Seaweed-Emerald Isle
• Springtide Seaweed, LLC
• Wild Irish Seaweeds
Key Segments covered in the market:
By Product Type
• Red Seaweed
• Green Seaweed
• Brown Seaweed
• Others
By Form
• Leaf
• Powdered
• Flakes
• Liquid
• Others
By Application
• Agriculture Fertilizer
• Animal Feed Additives
• Food and Beverages
• Pharmaceuticals
• Cosmetics and Personal Care
• Biofuels
• Textiles
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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