The global Macroalgae Market size is projected to increase from USD 9,302.6 million in 2023 to USD 18,305.12 million by 2033. Over the next ten years (2023 to 2033), global macroalgae sales are anticipated to soar at a 7.8% CAGR.
Key Trends Listed by Future Market Insights (FMI):
Macroalgae or seaweed refers to large, multicellular species of algae. They have gained wider traction amongst consumers due to their several applications across a wide range of sectors. Macroalgae also play a crucial role in capturing carbon and producing oxygen.
Macroalgae is rich in proteins and other essential nutrients. As a result, manufacturers are finding increased demand across the food & beverage industry. Rising preference for high-nutrition foods globally is expected to stimulate growth in the macroalgae industry.
Various species of macroalgae have a high relative abundance of long-chain polyunsaturated fatty acids (PUFA). These are essential components in human and animal nutrition.
The potential applications of macroalgae in pharmaceutical, food, nutraceutical, and cosmetics sectors due to their biologically active and regenerative properties will boost the market.
Growing usage of macroalgae in cosmetic and personal care products will elevate demand in the global market. Macroalgae contain minerals such as calcium, manganese, potassium, zinc, etc. It possesses anti-inflammatory, antioxidant, and detoxifying properties. As a result, it is being used in various cosmetics products.
Surging popularity of seaweed-based products among consumers is anticipated to create lucrative opportunities for macroalgae manufacturers.
Advancements in macroalgae production, extraction, and processing technologies will also support market growth.
Sales in the market are expected to increase as a result of the expanding use of macroalgae ingredients and proteins in the manufacture of food, nutraceutical, and pharmaceutical products.
Growing awareness about the environmental benefits of seaweed cultivation is also positively impacting market development.
Macroalgae cultivation in oceans can act as a form of carbon sequestration to mitigate climate change. This is prompting governments to introduce favorable initiatives and policies to encourage seaweed cultivation.
The market is also likely to grow as a result of the quick development of new strains that can handle high salinity and improve energy efficiency.
Extensive research is anticipated to be done by numerous renowned manufacturers to increase the protein bioavailability from whole macroalgae. It will be achieved through pre-treatments that prevent degradation by disrupting cell walls. In comparison to animal-based proteins, the development of macroalgae proteins requires less land.
Another key factor that will boost the market is the rising usage of macroalgae as a natural fertilizer in agriculture sector. The potential of seaweed as a source of renewable energy is also likely to create lucrative revenue-generation opportunities for macroalgae companies.
| Attributes | Key Insights |
|---|---|
| Estimated Global Macroalgae Market Size (2023E) | USD 9,302.6 million |
| Projected Global Macroalgae Market Value (2033F) | USD 18,305.1 million |
| Value-based CAGR (2023 to 2033) | 7.8% |
| Top 3 Countries’ Value | USD 4465.2 million |
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| Market Statistics | Details |
|---|---|
| Jan to Jun (H1), 2021 (A) | 5.6% |
| Jul to Dec (H2), 2021 (A) | 6.2% |
| Jan to Jun (H1), 2022 Projected (P) | 6.6% |
| Jan to Jun (H1), 2022 Outlook (O) | 6.1% |
| Jul to Dec (H2), 2022 Outlook (O) | 7.6% |
| Jul to Dec (H2), 2022 Projected (P) | 7.4% |
| Jan to Jun (H1), 2023 Projected (P) | 6.6% |
| BPS Change: H1, 2022 (O) to H1, 2022 (P) | 42 |
| BPS Change: H1, 2022 (O) to H1, 2021 (A) | 54 |
| BPS Change: H2, 2022 (O) to H2, 2022 (P) | -27 |
| BPS Change: H2, 2022 (O) to H2, 2022 (A) | 142 |
According to Future Market Insights (FMI), global sales of macroalgae grew at a CAGR of 7.0% from 2018 to 2022. For the next ten years, the worldwide market for macroalgae is forecast to expand at 7.8% CAGR.
Rising demand for macroalgae from industries such as food & beverage, pharmaceutical, and cosmetics is a prominent factor driving the market forward.
Macroalgae contain minerals such as manganese, potassium, calcium, phosphorus, zinc, and others. These minerals benefit both the skin and the hair in addition to the skin. Further, it possesses anti-inflammatory, antioxidant, and detoxifying properties.
Thanks to presence of these nutrients and various health benefits, macroalgae is being widely used across cosmetic and food industries.
North America, East Asia, and South Asia together hold a prominent share of the global macroalgae industry. This is due to rising usage of macroalgae across thriving food & beverage and pharmaceutical sectors.
Government initiatives and support are also significantly contributing to the expansion of the macroalgae market in these regions. Further, growing popularity of seaweed snacks and increasing investments in research and development will positively impact macroalgae sales.
Principal Consultant
| Region | North America |
|---|---|
| Country | United States |
| CAGR | 9.9% |
| Market Value (2033) | USD 2,697.7 million |
| Region | Europe |
|---|---|
| Country | United Kingdom |
| CAGR | 5.5% |
| Market Value (2033) | USD 930.2 million |
| Region | Asia Pacific |
|---|---|
| Country | China |
| CAGR | 9.5% |
| Market Value (2033) | USD 2,325.6 million |
| Region | Asia Pacific |
|---|---|
| Country | India |
| CAGR | 10.8% |
| Market Value (2033) | USD 269.7 million |
| Region | Asia Pacific |
|---|---|
| Country | Japan |
| CAGR | 7.6% |
| Market Value (2033) | USD 296.7 million |
Rising Demand for Sustainable & Organic Food Options to Fuel Macroalgae Demand in China
As per Future Market Insights (FMI), macroalgae demand in China is projected to rise at a robust CAGR of 9.5% during the assessment period. By 2033, China macroalgae market is forecast to surpass a valuation of USD 2,325.6 million.
A wide variety of goods are produced and consumed in the diverse and expanding Chinese macroalgae industry. Macroalgae has been a staple of Chinese cuisine for thousands of years because it is a highly nutritive and adaptable food source.
As consumers seek out healthier and more sustainable food options, macroalgae is experiencing a surge in popularity in China. This in turn will elevate its demand in the market.
The online retail market is expanding quickly in China. Several new startups and established businesses are taking advantage of this trend to reach new customers and broaden their reach.
Online sales of macroalgae and macroalgae-based products have seen rapid growth in recent years. This will continue to boost China market during the assessment period.
Growing Popularity of Ethnic Cuisines Triggering Macroalgae Sales in Japan
According to Future Market Insights’ (FMI) analysis, Japan macroalgae industry is poised to exhibit a CAGR of 7.6% during the projection period. By 2033, total market valuation in China is likely to reach USD 296.7 million.
With a lengthy tradition of macroalgae cultivation and consumption, Japan is a significant player in the industry. Traditional Japanese dishes such as sushi, miso soup, and salads all contain macroalgae as a key ingredient.
Nori, wakame, kombu, and hijiki are a few common types of macroalgae used in Japanese cuisines. For instance, Nori is used for making sushi rolls while wakame finds application in miso soup. Rising usage of macroalgae in these cuisines will bolster sales of macroalgae in Japan through 2033.
Growing Awareness About Health Benefits of Macroalgae Boosting Korea Market
One of the world's top macroalgae consumers, South Korea has a large market for various macroalgae products including wakame and kelp. The nation's love of macroalgae can be attributed to its rich cultural and culinary history, where macroalgae has long been a key component of traditional dishes.
Due to rising health consciousness and awareness about numerous health benefits of macroalgae, Korea market is set to exhibit a healthy growth rate.
Seaweed snacks and condiments made with macroalgae, and even cosmetics containing macroalgae extracts are now available in South Korea. Rising popularity of these products will play a key role in fostering market development.
Thanks to the potential benefits of macroalgae farming, South Korean government is also offering support to macroalgae companies. This will positively impact the market.
High Nutritional Power of Red Macroalgae Making is Widely Popular Among Consumers
According to Future Market Insights (FMI), sales of red macroalgae are likely to outpace those of green macroalgae and brown macroalgae. This is due to high nutritional content and health benefits of red macroalgae
Red macroalgae such as dried macroalgae, dulse, and laver have high vitamin and mineral content as well as anti-inflammatory and antioxidant compounds. They are a good source of dietary fiber and protein.
Due to its useful qualities and adaptability, red macroalgae has a wide range of uses in the food, pharmaceutical, and cosmetic industries.
Red macroalgae is a well-liked ingredient because it has a unique flavor and texture. It is frequently used as a seasoning for soups and salads in the food industry, making it widely available and well-known to consumers.
Growth of the target segment will also be influenced by the rising popularity of sushi, which uses red macroalgae as its wrapping. These aspects, along with rising consumer awareness of red macroalgae’s health advantages will further boost the target segment.
Food & Beverage Likely to Remain Key Application of Macroalgae
Based on application, food & beverage segment is expected to hold a prominent share of the global macroalgae industry during the projection period. This is due to rising usage of macroalgae in a wide range of food products.
Macroalgae is a versatile ingredient that can be easily incorporated into a variety of foods and beverages to add nutrition. It is gaining wider popularity among food manufacturers due to its various health benefits.
Rising demand for plant-based and sustainable food products is another key factor that will boost growth of the target segment.
Amid rising trend of veganism, demand for plant-based foods is surging. Food companies are catering to this demand by incorporating products such as macroalgae in their products. Macroalgae is now recognized as a superfood, which is contributing to its popularity in the food & beverage sector.
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Macroalgae is a common ingredient in a variety of goods, including food, cosmetics, and animal feed. As a result, the macroalgae industry is receiving investments from numerous producers and new businesses.
While some companies concentrate on growing and processing macroalgae, others develop novel products that take advantage of its special qualities. This has caused a wide range of macroalgae-based products, from snacks to skincare items, to be released on the market.
To meet the increasing demand for plant-based substitutes, key manufacturers are also making investments in products based on macroalgae.
For instance,
| Attribute | Details |
|---|---|
| Market Size Value in 2023 | USD 9,302.6 million |
| Market Forecast Value in 2033 | USD 18,305.1 million |
| Anticipated Growth Rate (2023 to 2033) | 7.8% CAGR |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | Volume (MT) and Value (USD Million) |
| Key Regions Covered | Latin America; North America; Europe; South Asia; East Asia; Oceania; and Middle East & Africa |
| Key Countries Covered | Canada, United States, Mexico, Brazil, Chile, Peru, Argentina, Germany, France, Italy, Spain, United Kingdom, Netherlands, Belgium, Nordic, Russia, Poland, China, Japan, South Korea, India, Thailand, Malaysia, Indonesia, Singapore, Australia, New Zealand, GCC Countries, South Africa, Central Africa, and others |
| Key Market Segments Covered | Type, Application, and Region |
| Key Companies Profiled | Cargill, Incorporated; Acadian Seaplants Limited; CP Kelco; Dow Chemical Company; E. I. du Pont de Nemours and Company; Gelymar SA; Irish Seaweeds; Marcel Trading Corporation; Qingdao Gather Great Ocean Algae Industry Group (GGOG); Seasol International Pty Ltd; Yan Cheng Hairui Food Co., Ltd.; Ocean Harvest Technology Limited; Mara Seaweed; Algatechnologies |
The market is estimated to reach USD 18,305.12 by 2033.
North America is anticipated to progress at a CAGR of 9.9%.
India, Japan, and China dominate the Asian market.
Japan's macroalgae industry is poised to exhibit a CAGR of 7.6% from 2023 to 2033.
By 2033, China's macroalgae market is forecast to surpass a valuation of USD 2,325.6 million.
1. Executive Summary
2. Market Overview
3. Market Dynamics
4. Global Market - Pricing Analysis
5. Value Chain Analysis
6. Global Market Size in Value (USD Million) and Volume (MT) Analysis 2018 to 2022 and Forecast 2023 to 2033
7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type
7.1. Red Macroalgae
7.2. Green Macroalgae
7.3. Brown Macroalgae
8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application
8.1. Food & Beverages
8.2. Agriculture
8.3. Pharmaceuticals
8.4. Cosmetics & Personal Care
8.5. Others
9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Region
9.1. North America
9.2. Latin America
9.3. Europe
9.4. East Asia
9.5. South Asia
9.6. Oceania
9.7. Middle East & Africa
10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033
11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033
12. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033
13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033
14. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033
15. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033
16. Middle East & Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033
17. Country-level Market Analysis, 2022
18. Market Structure Analysis
19. Competition Analysis
19.1. DIC Corporation
19.2. Cargill, Incorporated
19.3. Acadian Seaplants Limited
19.4. CP Kelco
19.5. Dow Chemical Company
19.6. E. I. du Pont de Nemours and Company
19.7. Gelymar SA
19.8. Irish Seaweeds
19.9. Marcel Trading Corporation
19.10. Qingdao Gather Great Ocean Algae Industry Group (GGOG)
19.11. Seasol International Pty Ltd
19.12. Yan Cheng Hairui Food Co., Ltd.
19.13. Ocean Harvest Technology Limited
19.14. Mara Seaweed
19.15. Algatechnologies
19.16. Other Players (On Additional Requests)
20. Assumptions and Acronyms
21. Research Methodology
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Macroalgae Market
