Seaweed Market is segmented by Type (Red Seaweed, Brown Seaweed, Green Seaweed), by form (Dry form, Liquid Form), by Application (Food and Beverage, Extraction of Hydrocolloids, Animal Feed, Agriculture, Others), and Geography.
Seaweed is part of the marine plants and algae category where it is generally found in oceans and seas. Seaweed species vary from its shapes, sizes and kind; with the technological advancements and research, it is commonly found to be potent in nutrient and can be utilized in many industries as one of its raw materials.
The Seaweed Market is anticipated to reach a market size value of USD 23.2 billion by 2031, at 9.1% CAGR during the forecast period of 2022-2031. With regard to volume, the market is also anticipated to have a 9.5% CAGR during the forecast period reaching a volume of 11,408.3 kilotons by 2031.
The factors driving the growth of the seaweed market are, increasing consumer preference on plant-based products, seaweed-based products high consumption, good minerals and nutrients source, as well as government support and initiatives to promote seaweed cultivation. Manufacturers in the seaweed market take advantage of the increasing demand for bio fuels and technological improvements. In terms of growth hindrance, presence of natural calamities can negatively affect the market.
The Impact of COVID-19 on the Seaweed Market
Majority of the industries will have to adapt to the changes that will be imposed upon them by their governments and adopt strategic ways to elevate their game in the market. Containing the widespread of the virus is a difficult challenge to all of the countries because many sectors will have to compromise and deal with the effects in the most advantageous way possible. A solid pull back on the growth of the seaweed market is the disruption of supply chain since manufacturing and distribution of key players or companies are being limited, if not, controlled by governments through imposing lock downs and halting travels across borders.
The real challenge lies in the disruption in raw materials supply because it is negatively affecting manufacturers since travel, transport of raw materials, and non-essential trade has been put off in many countries. This in turn affected production, causing fewer volume of product sales. Seaweed suppliers have also experienced repercussion because imports and exports in almost all countries have been restricted. The lock downs have caused a delay in the operations and facility shutdowns became a real challenge that these key players needed to face. Some raw materials needed for the production can only actually be acquired through importing and suppliers in turn, were having a hard time exporting these supplies due to border restrictions and hold up.
Key Findings in the Seaweed Market
In terms of type, the market is further segmented into red seaweed, brown seaweed, and green seaweed. However, the red segment seaweed is projected to have the largest share accounted for in the market in 2022. During the forecast period, the same segment also is projected to have the highest CAGR due to the increasing consumers’ health awareness, wide array of red seaweeds application, and a high demand in several industries of varieties such as agar and carrageenan.
In terms of form, the food and beverage segment is projected to have the largest share accounted for in the market in 2022. During the forecast period, same segment is projected to have the highest CAGR. The growth is mainly attributed to high demand for organic food products, plant-based proteins and vegan products high consumption, and new applications of of seaweeds for human consumption. Factors supporting the growth of this market are not limited to the above mentioned, such factors like, faster growth population, consciousness on the health benefits of seaweeds, lifestyle pattern changes, changing consumer taste preference, trending healthy eating habits, and high disposable income.
Regional Market Analysis
In terms of geography, Asia Pacific is projected to have the largest share accounted for in the market in 2022, next would be Europe and North America. This dominance in the market can be attributed to growth factors such as, emergence of local and regional players, support and initiatives from the government with regard to the cultivations of seaweeds in industries, high demand for organic foods, commercial sea vegetables are being applied in many ways especially in food, as well as the immense consumption of seaweeds in the said region coupled with large-scale productions from major operational facilities, abundance of raw materials, good climatic conditions favorable to the seaweeds cultivation, and low cost labor.
Based on an extensive assessment, these major key players on the seaweed market have a competitive landscape and utilizing key strategic developments to lead the industry over the past years until now. These companies are, Seaweed & Co. (U.K.), Cargill, Incorporated (U.S.), Green Rise Agro Industries (India), VietDelta Ltd. (Vietnam), Ocean rainforest (Denmark), Thorverk hf. (Iceland), ALGAplus (Portugal), MYCSA Ag, Inc. (U.S.), Baoji Earay Bio-Tech Co., Ltd (China), Shore Seaweed (U.K.), Rongcheng Jingyi Ocean Technology Co., Ltd. (China), Sar Agrochemicals & Fertilizers Pvt. Ltd. (India), and Algea, the Arctic Company (Part of Valagro Group) (Norway).
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• Estimation/projections/forecast for revenue and unit sales (2022 – 2031)
• Data breakdown for every market segment (2022 – 2031)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
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• Client list and case studies
• Market entry strategy
Industry Segmentation and Revenue Breakdown
Type Analysis (Revenue, USD Million, 2022 - 2031)
• Red Seaweed
• Brown Seaweed
• Green Seaweed
Form Analysis (Revenue, USD Million, 2022 - 2031)
• Dry Form
• Liquid Form
Application Analysis (Revenue, USD Million, 2022 - 2031)
• Food and Beverage
• Extraction of Hydrocolloids
• Animal Feed
Region Analysis (Revenue, USD Million, 2020 – 2031)
• United States
• United Kingdom
• South Korea
• Saudi Arabia
• Rest of World
• United States Seaweed Industry Research Report
• Europe Seaweed Industry Research Report
• Asia Pacific Seaweed Industry Research Report
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