The overall commercial seaweed market reached USD 11.45 billion in 2022. FMI predicts the overall market to register a CAGR of 2.4% between 2023 and 2032. Further, by the end of 2033, the commercial seaweed market is expected to be worth USD 14.9 billion.
Natural seaweed is used in traditional dishes in countries like Vietnam, Japan, and China having an age-old market for seaweed. Besides nourishment, seaweeds provide many cuisines with new textures, tastes, and pleasant scents. Therefore, its growing demand throughout the world is creating a huge opportunity for the commercial seaweed processing industries.
Commercial seaweed is also widely used in cosmetic products. The increasing demand for natural ingredients in skincare products raised the bar for seaweed bioactive components. Moreover, consumers' growing preference for plant-based skincare products steers the manufacturers to use active compounds that are free from side effects.
Future development of the market is anticipated to be significantly influenced by macro-algae production in North America and Europe. Macroalgae acts as a potential treatment source for skin-related diseases in the dermatology industry.
Chlorella and spirulina are two popular edible seaweeds that are helping market players profit from their growing demand. The key companies are making significant investments in research and innovation to launch products for a variety of new uses. Besides cosmetics and pharmaceuticals, seaweeds are now highly used in the production of biofuel and bioplastic.
| Attributes | Details |
|---|---|
| Market Share (2022) | USD 11.45 billion |
| Market Size Value (2023) | USD 11.7 billion |
| Market Size Value (2033) | USD 14.9 billion |
| Market Growth Rate (2023 to 2033) | 2.4% |
Exclusive Offer: 30% Off on Regional Reports
Get a free sample report and customize your regions for a 30% discount on your regional report!
The requirement for plant-based proteins across a variety of food products has grown due to the expanding popularity of vegetarian diets. Also, the use of commercial seaweeds in processed food items has increased by the rising appeal of functional foods and drinks.
There is likely to be a steady expansion in commercial seaweed business in coastal European countries, particularly in Spain and France. These countries’ algae cultures and the foraging market are anticipated to rise as a result of ongoing breakthroughs and technological advances.
The market for commercial seaweeds in African and Middle East countries is very limited though the demand is rising with cultural influence. However, one of the key aquatic products in South Africa is known to be green algae with a notable market share. So, due to the increased supply of green algae in cosmetics and dietary supplements, the country is anticipated to rise steadily.
Also, there is a huge increase in demand for commercial seaweed as a result of the growing adoption of seaweed fertilizers in agriculture. Seaweeds include a variety of important active ingredients, such as sulfated polysaccharides, which are prized for their nutritious value for field crops.
The green seaweed market segment produced a total revenue share of about 50% in 2022 in terms of volume. Consumption of dietary supplements containing green algae is booming that is expected to retain the dominance of the segment through 2033.
FMI report predicts a sizeable amount of revenue share is also predicted to be by the brown seaweed market segment. Industries using brown seaweed to produce animal feed and agricultural products are expected to develop further in the coming days. While red seaweed is witnessing lucrative growth, in terms of value, due to its high protein and vitamin content.
According to various applications, the commercial seaweeds for human consumption segment generated over 75% of global revenue in the year 2022. However, now there is a greater demand for seaweeds in many other applications including fertilizers, cosmetics, and bio-based products.
Based on the market analysis report, the other applications market segment is predicted to register a CAGR of 3.7% through 2033. As nowadays commercial seaweed is getting higher demand in biofuel production, chemical research, botanical and chemical research, and as colouring agents.
Based on different forms of commercial seaweed available in the market, the leaf segment's sales peaked at roughly 42% in 2022. Leaves are mostly utilized in the preparation of dishes which is expected to retain its dominance during the forecast years.
The usage of commercial seaweed in powdered form is projected to grow at a considerable CAGR of 2.4% during this period. Because of its convenience in storage and transportation, this segment is becoming more suitable for the commercial market.
The total production of commercial seaweeds in the Asia Pacific area accounted for more than USD 10 billion in 2022. It has the lion's share of the global commercial seaweed industry owing to the extensive sea cost for sea kelps production.
Until the end of this forecast period, China is poised to remain the leading region for commercial seaweed production and market. The country's macro algae market is also expanding fast as a result of its rising usage in the production of unconventional fuels.
The domestic sales of commercial-grade algae have also increased due to its increasing use in regional cuisines, particularly in Japan, and Vietnam. To advance Japan's fisheries sector, Nippon Steel Company and Furuu District Fisheries Cooperative Association launched a new seaweed regeneration initiative in November 2019.
In Asia Pacific, Australia witnessed quite a surge in new seaweed farming and processing industry ventures in March 2021. In the coming days, investments by the state governments in Australia and growing export opportunities might support the seaweed sector better.
The business of commercial seaweeds in North America is mostly controlled by the United States seaweed market. The demand for commercial seaweed in the United States is observed to be surging as vegan diets are becoming more common. Also, with the United States citizen's growing preference for plant-based goods, it might increase at a higher rate than estimated earlier.
These commercial seaweed market leaders are anticipated to provide remarkable potential for the growth of the commercial seaweed industry in the country. In addition to this, the South American continent's marine geography could be crucial for this regional market for sourcing sea kelps. In South American countries, such as Brazil, Argentina, and Chile, existing sea beds is the main source of commercial seaweed extraction.
Ireland dominates the European market by exporting commercial seaweed to most of the EU nations, including France, Germany, and the United Kingdom. In the European region, functional foods and drinks are becoming more and more popular, which has increased the sales of commercial seaweeds. Furthermore, there is a higher need for natural supplements and supplements of excellent quality in many European countries.
FMI predicts commercial seaweed market opportunities for seaweed-based pharmaceutical companies in the country due to the need for high-quality natural supplements. Moreover, owing to international trade constraints, the imports of edible algae into Europe fell by 66% between 2014 and 2018. This, in turn, has substantially progressed production in Europe and is anticipated to aid its future expansion.
The global commercial seaweed market is extremely concentrated due to the presence of limited competitors with extensive manufacturing and marketing capacities. In order to enhance their standing in the marketplace, regional companies are concentrating on facility expansions and collaborations.
For example, Cargill Inc. confirmed its purchase of Croda's bio-based products business in December 2021. This may probably make it possible for Cargill to provide more fresh seaweed solutions derived from nature. Similarly, in September 2021, Cargill planned to buy Arkema's epoxides division. According to industry experts, this purchase is aimed to meet the demand for seaweed solutions in bio-based plastics, and other sectors.
Recent Developments by the Commercial Seaweed Industries
The ICAR-Central Marine Fisheries Research Institute (CMFRI) released a patented nutraceutical product in September 2022 that was made from seaweeds. This product named CadalminTM LivCure extract is made entirely of natural bioactive components that were taken from certain seaweeds. The institution claims it helps treat non-alcoholic fatty liver disease. It is the ninth nutritional supplement created by CMFRI and is produced utilizing environmentally friendly green technology to promote liver function.
For instance, Cargill Inc. produces a line of seaweed powders, WavePure, made from naturally occurring seaweed without any chemical processing. WavePure ADG is the first series under this cutting-edge line that is acknowledged as a traditional food component in Europe. While WavePure ADG 8250 is a mix of Gracilaria seaweeds that improves the mouthfeel and stability of milk desserts.
To secure long-term financially viable red seaweed supply chain solutions, Cargill Inc. is concentrating on investing in innovation and expansion. The business introduced a new initiative in February 2019 that tackles issues with red algae production and harvesting challenges.
Check Free Sample Report & Save 40%!
Select your niche segments and personalize your insights for smart savings. Cut costs now!
Innovations and the use of technology could be crucial to the production and processing of kelp products. New processing techniques, purchase and sale agreements, regional expansions, and joint ventures can be the key strategies used by businesses.
To get a stronger presence in the market, regional commercial seaweed businesses can collaborate with industries manufacturing advanced products. Moreover, businesses can establish their distribution networks to lower operating costs and deliver goods according to orders.
The global market valuation is likely to be around USD 11.7 billion in 2023.
The global demand to surge at 2.4% CAGR through 2033.
China dominated having over 50% of the global market share in 2022.
Growing demand for vegan diets is driving the United States market.
Powdered commercial seaweed commanded a 42% share of the total sales in 2022.
| Market Value (2023) | USD 7.79 billion |
|---|---|
| Market Expected Value (2033) | USD 19.66 billion |
| Market Projected CAGR (2023 to 2033) | 9.7% |
Explore Seaweed and Algae Insights
View Reports
Commercial Seaweed Market
Thank you!
You will receive an email from our Business Development Manager. Please be sure to check your SPAM/JUNK folder too.
