BURLINGAME, Calif., June 14, 2024 /PRNewswire/ -- The global Commercial Seaweed Market size is projected to grow from USD 10.66 billion in 2024 to USD 12.67 billion by 2031 at a Compound Annual Growth Rate (CAGR) of 2.5% during the forecast period, according to a new report by Coherent Market Insights. The food industry has been a big driving force behind the growth of commercial seaweed market. Seaweeds are increasingly being used in many food products such as salads, soups, snacks as well as supplements owing to their various health benefits. Kelp and nori seaweeds are highly popular ingredients in East Asian cuisine and their usage is growing globally.

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Market Dynamics:

The commercial seaweed market is driven by growing demand for plant-based food products and rising use in agricultural practices. Seaweed is gaining popularity as an alternative to meat and dietary supplements due to rising vegan and flexitarian population. Furthermore, seaweed extracts are used as biostimulants and biofertilizers in agriculture to improve crop yields. Seaweed extracts enhance root growth, stimulate germination, increase stress tolerance, and nutrient uptake in plants.

Commercial Seaweed Market Report Coverage

Market Trends:

Rising focus on sustainable agriculture and aquaculture: Seaweeds play a significant role in sustainable agriculture and aquaculture. They fix atmospheric carbon and nitrogen, sequestering it in the oceans. Furthermore, seaweed farming and production does not require freshwater, fertilizers, or arable land.

Increasing investments in seaweed production: Numerous companies are investing heavily in seaweed production to meet the rising demand. For instance, NovaSea, an Israel-based company received €15 million funding in 2021 to expand its seaweed production facilities in Europe and Asia. Similarly, Corbion raised €150 million in 2021 to boost its algal ingredients business.

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Market Opportunities:

The commercial seaweed market for human consumption is expected to witness significant growth over the forecast period. Seaweeds are rich in various vitamins, minerals and fibers that provide numerous health benefits. They are being increasingly used in salad dressings, soups and snacks due to their umami taste. The growing health and wellness trends are driving the demand for seaweeds as people look for plant-based and organic food options. Major seaweed producers are innovating new product forms like crisps, chips and noodles to make seaweeds more palatable and accessible to consumers.

The commercial seaweed market for agriculture applications holds the dominant position currently and is anticipated to retain its dominance owing to wide usage of seaweeds as soil conditioners and fertilizers. Seaweeds are rich in nutrients and help increase the water retention capacity as well as fertility of soils. They promote plant growth and yield while reducing the needs for chemical fertilizers. Seaweeds are becoming increasingly popular with organic farmers. With growing concerns about environmental impact of chemical fertilizers, demand for seaweed based products is expected to surge in the coming years.

Key Market Takeaways

The global commercial seaweed market size was valued at USD 10.66 billion in 2024 and is expected to witness a CAGR of 2.5% during the forecast period of 2024-2031. Growing demand from human consumption and agriculture applications is driving the market growth.

On the basis of product, brown seaweeds dominate the market currently owing to highest nutrient content and wide range of usage.

In terms of application, agriculture segment holds the largest share as seaweeds are majorly used as conditioners and fertilizers. Powered and flakes forms are gaining higher demand against leaf form due to longer shelf life and easy utilization.

North America dominates the global commercial seaweed market led by higher consumption and usage in agriculture in countries like Canada, USA.

Key players like Cargill Inc, E.I. Du Pont de Nemours, Roullier Group hold major market share currently owing to strong product portfolio and global distribution networks. New market players are focusing on innovative product offerings and investing in R&D to tap the market potential.

Recent Developments:

In March 2021, Australia experienced a proliferation of seaweed farming start-ups. The rising opportunity and government support through investments may boost the seaweed market during the forecast period.

In February 2021, WavePure is a seaweed powder range based on native seaweed obtained without any chemical modification. Cargill's first series under this innovative range is WavePure ADG which is recognized as a traditional food ingredient in the EU. It includes WavePure ADG 8250, which is based on a blend of Gracilaria seaweeds, and which contributes to the mouthfeel and maintains stability in gelled dairy desserts, with limited impact on sensorial profile.

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Market Segmentation

By Type:

• Brown seaweed
• Red seaweed
• Green seaweed

By Form:

• Leaf
• Powdered
• Flakes

By End-use:

• Animal Feed
• Agriculture
• Human Consumption
• Others

By Regional:

North America:

• U.S.
• Canada

Latin America:

• Brazil
• Argentina
• Mexico
• Rest of Latin America

Europe:

• Germany
• U.K.
• Spain
• France
• Italy
• Russia
• Rest of Europe

Asia Pacific:

• China
• India
• Japan
• Australia
• South Korea
• ASEAN
• Rest of Asia Pacific

Middle East:

• GCC Countries
• Israel
• Rest of Middle East

Africa:

• South Africa
• North Africa
• Central Africa

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Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

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SOURCE Coherent Market Insights