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The seaweed market size is projected to increase by USD 5.56 billion and is estimated to grow at a CAGR of 7.22% between 2023 and 2028. The market's growth is influenced by several factors, including enhanced marketing strategies, the rising demand for seaweed-flavored food and beverages, and growing health consciousness among consumers. Additionally, the increasing population base concerned about obesity is driving the market further. As consumers become more aware of the health benefits associated with seaweed, its popularity in food and beverage products is escalating. This trend is complemented by targeted marketing efforts that highlight seaweed's nutritional value and versatility in various culinary applications. Consequently, these factors collectively contribute to the expanding market for seaweed-flavored products, addressing the needs of a more health-conscious and informed consumer base.
The market shows an accelerated CAGR during the forecast period.
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The market encompasses various types of macroalgae, including Blue, Brown, and Green seaweed. These seaweeds serve multiple purposes in diverse industries. In the Food and Beverages sector, they are used as Human food, Hydrocolloids, and Animal feed additives. The Agriculture industry utilizes seaweed as Fertilizers and Raw materials. In Aquaculture, seaweed is used for Animal feed and as a source of Macroalgae compounds for Immunity enhancement and Cancer treatment. Seaweed also finds applications in Personal care, Pharmaceuticals, and the Energy sector. Chlorophyll, a key compound in seaweed, is used in Biomedicine and as a Natural colorant. The Market for seaweed has shown robust Export performance, with Rocky shorelines serving as abundant sources. The demand for seaweed continues to grow due to its versatility and potential benefits in Food, Chemicals, and various Industries.
One of the key factors driving the market growth is the growing health consciousness and increasing obese population base. The market plays a pivotal role in various industries, including human food, hydrocolloids, fertilizers, animal feed additives, and aquaculture. Blue Growth initiative drives the demand for seaweed, with Red seaweed, Brown seaweed, and Green seaweed being the primary focus.
Moreover, seaweed is rich in chlorophyll, Beta carotene, and Xanthophylls, making it a valuable source for Carrageenan production. Health awareness has fueled the use of seaweed in food and beverages, animal feed, fertilizer, biofuel, personal care, fucoidan, pharmaceuticals, and agriculture. Seaweed manufacturers face volatility in prices due to weather patterns and raw material availability. Macroalgae compounds offer immunity enhancement and have potential applications in cancer treatment. Root structures and soil microbiology contribute to soil structure and water retention capacity. Iodine, Estradiol, and Estrogen are other essential elements found in seaweed, offering satiety and various health benefits. Hence, such factors are driving the market growth during the forecast period.
A key factor shaping the market growth is the rising number of vegans and vegetarians. The market is experiencing significant growth due to the increasing adoption of seaweeds in the paleo diet. Seaweeds, which come in three colors - red, green, and brown - are rich in essential nutrients and are considered paleo food. Some common seaweeds used in paleo diets include dulse, which can be consumed as a snack or used to flavor foods. Seaweeds have various applications beyond human food. They are used as hydrocolloids in the food and beverages industry, as fertilizers and animal feed additives in agriculture, and as raw materials in the production of hydrocolloids, fertilizers, biofuels, and personal care products. Red seaweeds, such as dulse, are rich in chlorophyll, beta carotene, and xanthophylls, while brown seaweeds contain high levels of iodine, estradiol, and estrogen.
Green seaweeds are a source of carrageenan, a common hydrocolloid used in food and pharmaceutical industries. Seaweed manufacturers face volatility in prices due to weather patterns and the complex process of cultivating macroalgae compounds. However, the health benefits associated with seaweeds, including immunity enhancement and cancer treatment, make them a valuable resource for agriculture, food and beverages, animal feed, and pharmaceutical industries. Seaweed farming involves the cultivation of various species of macroalgae, which can improve soil microbiology, soil structure, and water retention capacity. Seaweeds are also used in the production of healthy foods, such as snacks and supplements, and have applications in the satiety market. Hence, such factors are expected to drive market growth during the forecast period.
Health risks associated with the consumption of seaweed are one of the key challenges hindering the market growth. The market encompasses various types, including red, brown, and green seaweeds, which are integral to the Blue Growth initiative. These macroalgae are utilized for human food, hydrocolloids, fertilizers, animal feed additives, and aquaculture. Red seaweed, such as dulse, offers high potassium content, while brown seaweed, like wakame, is rich in chlorophyll, beta carotene, and xanthophylls. Green seaweed, like spirulina, is known for its high protein content and immunity enhancement properties.
Seaweed manufacturers face volatility in prices due to weather patterns and raw material availability. Seaweed compounds, like carrageenan, are used in personal care, pharmaceuticals, agriculture, food and beverages, and animal feed industries. Iodine, a key nutrient in seaweed, supports thyroid health but can have adverse effects with excessive consumption. Additionally, certain seaweeds contain estradiol and estrogen, which may impact satiety and have applications in cancer treatment. Seaweed's role extends to crop production, as it enhances soil microbiology, structure, and water retention capacity. Root structures and soil health are improved, making it a valuable resource for sustainable agriculture. Therefore, it is expected to hinder the market growth during the forecast period.
The red seaweed segment is estimated to witness significant growth during the forecast period. The market, encompassing Blue, Red, and Brown varieties, is experiencing significant growth due to increasing human food applications. Red seaweed, in particular, is gaining popularity due to heightened health awareness and the rising global appeal of Southeast Asian cuisines.
The red seaweed segment was valued at USD 3.84 billion in 2018 and continued to grow until 2022.
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In addition, there is an extensive use of red seaweed to extract hydrocolloids like agar and carrageenan. Seaweed, including Petrocladis, Gracilaria, and Gelidium varieties, offers numerous benefits, such as serving as a source for hydrocolloids like agar and carrageenan, fertilizers, animal feed additives, and raw materials for aquaculture. Additionally, seaweed provides essential nutrients like chlorophyll, beta carotene, and xanthophylls, contributing to immunity enhancement, cancer treatment, and healthy foods. The market's growth is influenced by factors like the volatility in prices, weather patterns, and the demand from various industries, including personal care, pharmaceuticals, agriculture, food and beverages, animal feed, and biofuel. Seaweed manufacturers face challenges in maintaining consistent raw materials and dealing with macroalgae compounds, but the potential benefits, such as water retention capacity, iodine, and estrogen, make it a valuable resource for various applications. Hence, the above factors and applications are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
Seaweed, derived from Macroalgae cultivation, offers numerous benefits in various industries. In agriculture segment, it functions as a fertilizer, pesticide, and plant growth regulator, rich in inorganic nutrients and physiologically active compounds. Seaweed's low phosphorus content and NPK ratios differ from traditional animal manures and chemical fertilizers. Beyond agriculture, seaweed's applications extend to health and wellness. As anti-obesity foods, seaweeds help regulate postprandial glucose levels and reduce lipid absorption rates. They exhibit anti-microbial properties and are sustainable products. Seaweeds are also integral to plant-based products, such as plant-based meat, biomass, and energy production. They contribute to methane gas reduction in gas engines and electricity generation. Seaweed's calibers, gums, and preservatives find use in food industries, including candy bars, salad dressings, and as thickeners and fillers. Seaweeds, particularly green seaweeds, are rich in nutrients like beta-carotene, vitamins, and proteins, aiding in cancer prevention and cholesterol control. They offer blood sugar control and antioxidant properties for skin nourishment. Red seaweeds, such as agar, provide additional benefits as emulsifiers, thickeners, and hydrocolloid alginate. Seaweed's applications extend to industrial uses, including lithium-ion batteries and various industrial applications. Seaweed leaves, like sushi, showcase their versatility in the culinary world. Hence, the above factors and applications are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
APAC is estimated to contribute 67% to the growth of the global market during the forecast period
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Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The APAC market, driven by countries such as China, Japan, South Korea, and Indonesia, is experiencing steady growth due to escalating consumption for human food and animal feed. Brown seaweeds, a key category, are extensively used in Asian cuisines, particularly Chinese, Japanese, and Korean dishes, fueling demand for both raw and processed varieties. As the leading producer and processor, APAC, with China, Indonesia, and the Philippines at the helm, is an exporter of seaweed. Industrial use of seaweed, including carbon dioxide absorption and oxygen release, aligns with consumer preferences for environmental welfare. Macro algae, or seaweeds, are increasingly popular due to veganism and plant-based goods. A London-based start-up, Seaweed Manifesto, is revolutionizing the industry by focusing on shellfish alternatives and reducing seawater consumption. Employment generation and economic development are additional benefits, with non-arable land utilized for seaweed cultivation. Soil enhancers are another industrial application, making seaweed a versatile and valuable resource. Hence, such factors are driving the market in APAC during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market forecasting growth and analysis.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Acadian Seaplants Ltd., Beijing Leili Agricultural Co. Ltd, BRANDT Inc., Cargill Inc., Compagnie Financiere et de Participations Roullier, COMPO EXPERT GmbH, Corbion nv, De Smaakspecialist, DuluxGroup Australia Pty Ltd., DuPont de Nemours Inc., Gelymar SA, gimMe Health Foods Inc., Indigrow Ltd., Irish Seaweeds, J M Huber Corp., Maine Coast Sea Vegetables Inc., Ocean Harvest Technology Ltd., and West Coast Marine Bio Processing Corp.
The market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
In the realm of sustainable and eco-friendly food sources, Seaweed stands out as a significant player in the market. This humble marine vegetation, found in various bodies of water worldwide, is rich in nutrients and offers numerous health benefits. The Browns, Reds, and Greens of seaweed are sought after for their unique flavors and textures. Animal feed and cosmetics industries also value these resources. Fertilizers and beverages are among the many applications of seaweed. Animal feed, particularly in aquaculture, is enriched with seaweed due to its high nutritional value.
Furthermore, the hydrocolloids in seaweed are used as thickeners in food and industrial applications. Carrageenan, a hydrocolloid extracted from red seaweed, is widely used in the food industry. Agar, another hydrocolloid, is derived from red and some types of brown seaweed. These substances are essential in various food products, including ice cream, jellies, and dairy alternatives. Moreover, the cosmetics industry utilizes seaweed extracts for their antioxidant and anti-inflammatory properties. Seaweed's potential in the pharmaceutical sector is also being explored for its therapeutic benefits. In summary, the marketing encompasses various industries, including food, animal feed, cosmetics, and pharmaceuticals. Its versatility and nutritional value make it an indispensable resource in today's market.
Market Scope |
|
Report Coverage |
Details |
Page number |
171 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.22% |
Market Growth 2024-2028 |
USD 5.56 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.6 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 67% |
Key countries |
China, Indonesia, Japan, US, and South Korea |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Acadian Seaplants Ltd., Beijing Leili Agricultural Co. Ltd, Biostadt India Ltd., Branded Garden Products Ltd., BRANDT Inc., Cargill Inc., Compagnie Financiere et de Participations Roullier, COMPO EXPERT GmbH, Corbion nv, De Smaakspecialist, DuluxGroup Australia Pty Ltd., DuPont de Nemours Inc., Gelymar SA, gimMe Health Foods Inc., Indigrow Ltd., Irish Seaweeds, J M Huber Corp., Maine Coast Sea Vegetables Inc., Ocean Harvest Technology Ltd., and West Coast Marine Bio Processing Corp. |
Market dynamics |
Parent market analysis, market growth analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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