Commercial Seaweed Market To Hit Value .1 Billion By 2030 |Grand View Research, Inc.Posted by Mrudula Anil Karmarkar on February 8th, 2024 San Francisco, 08 February 2024: The ReportCommercial Seaweed Market Size, Share & Trends Analysis Report By Product (Brown, Red, Green), By Application (Human Consumption, Animal Feed, Agriculture), By Form (Leaf, Powdered, Flakes), By Region, And Segment Forecasts, 2022 - 2030 The global commercial seaweed market size is expected to reach USD 12.1 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 2.3% from 2022 to 2030. The functional and health benefits of edible seaweed drive the commercial seaweed market. The majority of commercially produced seaweed is utilized as edible leaves and in the food industry with the Asian market being the largest consumer of commercial seaweed globally. Furthermore, seaweeds are gaining traction all over the world as food flavor enhancers, nutritious food items, and a staple diet owing to their weight loss properties. Commercial seaweed is vital for meeting consumers' nutritional needs and has been promoted by United Nations to increase nutritional consumption of economically backward coastal communities worldwide. Commercial seaweed contributes to higher output quantity and quality in agriculture and meets the growing demand for hydrocolloids in the food and beverage, cosmetics, and personal care industries. Thus, the aforementioned seaweed applications are expected to drive the market during the forecast period. Seaweeds are used as emulsifying, stabilizing, thickening, and gelling agents in a wide range of food products such as bakery products, ice creams, fruit juices, jams, and many more. They are a rich source of biochemicals such as proteins, vitamins, lipids, amino acids, polysaccharides, minerals, and peptides. Therefore, seaweeds are used as an ingredient to incorporate functional benefits in food & beverages which is predicted to boost product demand. Presently, China is the largest global producer of seaweed and other algae amounting to around half of the global production. However, as a common practice, Chinese harvesters use chemical fertilizers for growing vast quantities of commercial seaweed. This practice has been highlighted by global environment experts as damaging to the coastal water ecosystem. Numerous European and American cultivators have therefore been following organic seaweed farming thereby competing with Chinese producers both globally and domestically. North America is estimated to witness a considerable growth owing to the increased investments by private and public institutions fueled by the rising popularity of consuming seaweed in the form of functional food & beverages and additives. Furthermore, the growing shift in consuming plant-based and vegan products due to environmental concerns has increased the demand for plant proteins in the region which may boost the demand for macroalgae. Moreover, technological advancements and research in the harvesting and cultivation process are anticipated to further drive market growth in the region. Request sample report of Commercial Seaweed Market@https://www.grandviewresearch.com/industry-analysis/commercial-seaweed-market/request/rs1 The growth is attributed to factors such as high nutritional value and health benefits, increased adoption of seaweed for hydrocolloids, and rising demand for seaweed in end-use industries such as personal care, pharmaceuticals, agriculture, food and beverages, and animal feed. The COVID-19 pandemic had a significant impact on the commercial seaweed market. Production decreased following the closure of most manufacturing facilities in the sector. As per the United Nations Industrial Development Organization (UNIDO), the COVID-19 pandemic has directly impacted seaweed farmers due to decreased demand for raw materials and lower prices. However, the recently growing number of studies indicating that certain macroalgae compounds may be useful in immunity enhancement and cancer treatment have heightened global interest in seaweed. Furthermore, the rising demand for healthy foods to maintain overall wellness and health is expected to drive product demand in the coming years. Commercial Seaweed Market Report Highlights
Farmers use seaweed extract in agriculture because it is an excellent fertilizer for crop production. Leaf seaweed extract has been shown to have novel mechanisms for higher crop productivity. Farmers have witnessed additional benefits, such as improved root structures of plants, as their awareness of the utilization of seaweeds in crop production has risen. Moreover, seaweeds also help to improve soil microbiology, soil structure, and water retention capacity. These factors are expected to drive product demand during the forecast period. Seaweed is a good source of iodine, which is rare in other foods or ingredients. Furthermore, it is critical to control the levels of estradiol and estrogen in the human body. The utilization of seaweed and its isolates tends to increase satiety, lowering postprandial glucose and lipid absorption rates in humans, which aids in the creation of anti-obesity foods. Seaweeds are used as ingredients or consumed as foods owing to their anti-microbial properties, which provide a preservative benefit to foods. Growing environmental consciousness has resulted in significant changes in consumer preferences, spurring the demand for sustainable products. Macroalgae cultivation is considered to be sustainable since the algae are fast-growing and nutrient-rich hat emits oxygen and absorbs carbon dioxide. The increasing popularity of plant-based products and veganism is also contributing to the increased demand for seaweed production. According to the State of the Industry Report 2021 by Good Food Institute, the sale of plant-based meat grew almost 50% from 2022 to 2021. Therefore, rising demand for plant-based products is expected to drive market growth. Commercial Seaweed Market Report Scope
Seaweed can be employed as biomass in the production of energy. Seaweed is crushed in the process, and then water is added to create a slurry. Fermentation is used to produce methane with the help of microorganisms. The resulting methane gas is used to power gas engines, which generate electricity. Furthermore, the commercial seaweed co-extrusion process offers a broad range of calibers. Continuous R&D investment by market leaders has significantly contributed to improved gums, preservatives, and thickeners. Increasing advancements in the possible applications of seaweed are expected to drive market growth over the forecast period. The global commercial seaweed sector is characterized by a moderate presence of players. Seaweed production is concentrated along the coasts of seaweed-producing countries such as Indonesia, China, Japan, and the Philippines. Some strategies adopted by key players include new product development, mergers & acquisitions, geographic expansions, and joint ventures among others. Furthermore, companies have set up their own distribution network to cut down operational costs and provide high-quality products. List of Key Players of Commercial Seaweed Market
Like it? Share it! More by this author |