Commercial Seaweeds Market is Projected To Reach USD 45.6 Billion By 2031, Growing At A CAGR of 9.8% - Valuates Reports

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Nov 23, 2022, 12:00 ET

BANGALORE, India, Nov. 23, 2022 /PRNewswire/ -- Commercial Seaweeds Market by Product (Red, Brown, Green), by Form (Flakes, Powder, Liquid), by Application (Food and beverage Industry, Cosmetics and personal care, Agricultural fertilizers, Animal feed additives, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031. It is published in Valuates Reports under the Food & Drink Category.

The global commercial seaweeds market size was valued at USD 17.9 billion in 2021, and is projected to reach USD 45.6 billion by 2031, growing at a CAGR of 9.8% from 2022 to 2031.

Major factors driving the growth of Commercial Seaweeds Market

Growing awareness of the advantages and therapeutic uses of seaweeds is the key factor driving the commercial seaweeds market.

Due to their thickening and gelling qualities, commercial seaweeds are employed in a variety of industries including animal feed, human food, agriculture, and pharmaceuticals. Additionally, they are used in a variety of businesses due to their varied nutritional properties.

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TRENDS INFLUENCING THE GROWTH OF COMMERCIAL SEAWEEDS MARKET

A few seaweed polysaccharides are employed as texture modifiers in the food industry due to their high viscosity and gelling capabilities. Seaweeds have been utilized as low-calorie dietetic foods and in salads and soups for ages in Asia. Any particular meal might become trendy due to the global population and its ever-changing eating patterns. The idea of a superfood has made seaweed more widely available. It has a good nutritional profile and can be eaten as a main meal or as a salad element. Contains several vitamins, including vitamins B, C, E, and K, omega-3 fatty acids, protein, polyphenols, and amino acids. It comes in green, brown, and red variants. Ten times more minerals are provided by the seaweed plant than by land-based plants. Sales are fueled by its health advantages. This in turn is expected to drive the growth of the commercial seaweed market.

In addition to offering a wealth of vitamins, minerals, antioxidants, and important fatty acids, growing seaweed also reduces the emission of carbon dioxide, nitrogen, and phosphorus. Consequently, seaweed is good for the environment and has wonderful skin benefits. On the labels of cosmetic products like creams and lotions, it may be stated that the product contains marine extract, alga extract, seaweed extract, or something similar. This typically indicates the addition of one of the seaweed hydrocolloids. The skin moisture retention capabilities of the product might be enhanced by alginate or carrageenan. This in turn is expected to drive the growth of the commercial seaweeds market.

In order to boost plant growth and productivity, seaweed extract made from brown algae in seawater can be utilized as a biostimulant in agriculture. Due to their beneficial effects on plant performance, seaweed extracts can be employed as biostimulants when cultivating crops. An organic bio-fertilizer made of seaweed extract is used. Seaweed improves soil fertility because it is a rich source of micro- and macronutrients, humic acids, and phytohormones. The greatest variety of advantages for plants and plant nutrition can be found in seaweed fertilizers. Additionally, they encourage bacterial growth in soil sources. Additionally, they have the potential to increase plant tolerance to biotic and abiotic stressors by enhancing root nutrient uptake. This in turn is expected to fuel the commercial seaweeds market.

The new-age market dynamics have been molded by the government's new policies regulating the growing of seaweed. Signing agreements that specify the objectives and bounds, together with a focus on long-term economic and environmental sustainability, is the trend that has the most influence. Seaweed is used in a variety of products, including toothpaste, fuel, chemicals, and salads for dinner. This in turn is expected to fuel the commercial seaweeds market.

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COMMERCIAL SEAWEEDS MARKET SHARE ANALYSIS

According to product type, the red seaweed segment dominated the global market for commercial seaweeds in 2021, and it is predicted that it would continue to do so during the market's forecast period.

During the projection period, the Green seaweed segment is anticipated to rise at a double-digit CAGR. Organic beta-carotene, which is found in green seaweed, is beneficial for preventing some cancers, especially lung cancer.

By product, the red sector contributed the most to the market's revenue with $15,683.7 million in 2021. With a CAGR of 10.0%, it is predicted to reach $40,729.2 million by 2031.

Powder was the form that contributed the most revenue to the market, with $8,795.8 million in 2021; this sector is expected to grow at a CAGR of 9.8% to reach $22,373.7 million by 2031.

The global market is dominated by the powder segment. To the natural seaweed that is used to create seaweed powder, a little quantity of marine microalgae is added. Natural seaweed powder is a rich source of seaweed polysaccharides, mannitol, amino acids, proteins, vitamins, potassium, iron, calcium, phosphorus, iodine, selenium, cobalt, and other trace minerals.

The food and beverage industry segment, depending on the application, contributed the most revenue to the market in 2021 with $14,375.4 million and is anticipated to reach $36,124.9 million by 2031 with a CAGR of 9.7%. In 2021, the segment that will be most dominant is personal care and cosmetics.

In terms of revenue contribution by region, Asia-Pacific accounted for $8,972.4 million in 2021 and is anticipated to reach $22,023.1 million by 2031 with a CAGR of 9.4%.

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Market By Region

North America
Europe
Asia-Pacific
Latin America
Middle East & Africa

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Key players

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