Commercial Seaweeds Market

Market Overview:

The global commercial seaweeds market size reached USD 21.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 42.3 Billion by 2032, exhibiting a growth rate (CAGR) of 7.9% during 2024-2032. The growing health consciousness among the masses, rising utilization of skincare products infused with natural ingredients, and increasing demand for biofertilizers and bio stimulants to promote plant growth and increase crop yield are some of the major factors propelling the market.

Commercial Seaweeds Market Analysis:

• Market Growth and Size: The global commercial seaweeds market is experiencing moderate growth on account of the increasing demand in various industries, such as food, pharmaceuticals, and biotechnology.
• Major Market Drivers: Key factors include the preference for natural and organic products and the adoption of seaweed in the agricultural sector as bio-stimulants and in animal feed formulations.
• Key Market Trends: The shift towards the development of value-added seaweed products, such as seaweed-based packaging, is gaining traction due to increasing environmental concerns.
• Geographical Trends: Asia Pacific dominates the market attributed to the growing integration of seaweed in food and medicinal products in the region. However, North America is emerging as a fast-growing market on account of rising health awareness and the demand for plant-based products.
• Competitive Landscape: Strategic partnerships and investments in research and development (R&D) are prevalent among leading market participants, aiming to expand their product offerings and improve cultivation technologies.
• Challenges and Opportunities: Challenges include regulatory challenges and environmental concerns regarding seaweed cultivation. Nonetheless, opportunities for innovation in sustainable cultivation techniques and the development of novel seaweed-based products are projected to overcome these challenges.

Commercial Seaweeds Market Trends/Drivers:

Rising health consciousness among the masses

The commercial seaweed market is experiencing substantial growth due to the rising health consciousness among the population worldwide. The growing interest in health and wellness, coupled with the escalating trend of consuming natural and organic products, is catalyzing the commercial seaweeds market demand. These marine vegetables are a rich source of essential nutrients, thus becoming an integral part of the modern balanced diet. Commercial seaweed is low in calories and rich in minerals, vitamins, dietary fibers, proteins, and bioactive compounds that offer numerous health benefits. They help maintain heart health, control blood sugar levels, enhance digestion, boost immunity, and promote overall well-being, appealing to the health-conscious segment of consumers. Furthermore, extensive research and development (R&D) activities, along with continuous innovations in the food and beverage (F&B) industry, are resulting in the incorporation of seaweed into various health-promoting products.

Increasing demand for effective skincare products with natural ingredients

At present, the increasing demand for effective skincare products integrated with natural ingredients is positively influencing the commercial seaweeds market. Seaweeds, or marine macroalgae, are well-recognized for their rich nutrient profile, consisting of essential vitamins, minerals, amino acids, antioxidants, and fatty acids. Their unique bioactive compounds possess antioxidant, anti-inflammatory, and anti-aging properties, all of which are critical for skin health and rejuvenation. The global skincare industry is also responding to this rising consumer preference by infusing a variety of seaweed species into a range of skincare products. From facial cleansers, toners, masks, and serums to moisturizers and body lotions, seaweed is emerging as a favored ingredient, offering a favorable commercial seaweeds market outlook. Moreover, seaweed extracts can protect the skin from environmental stressors, such as pollutants and UV radiation, which are significant contributors to premature skin aging. As consumers are becoming more cognizant of these benefits, the demand for seaweed-based skincare products is increasing, thereby strengthening the commercial seaweeds market growth.

Growing utilization of biofuels

At present, the growing utilization of biofuel as a sustainable source of energy is contributing to the growth of the commercial seaweeds market. Biofuels, derived from living organisms or metabolic by-products, present a promising solution to the increasing energy demands. The pursuit of green energy alternatives is motivated by the twin aims of reducing greenhouse gas emissions and minimizing dependence on fossil fuels. In this respect, seaweed-derived biofuels, also known as seaweed bioenergy, is emerging as a viable option. The market dynamics are also shaped by the extensive research and development (R&D) activities focused on optimizing the biofuel production process from seaweed. Advances in biotechnology and genetic engineering are enhancing the biofuel yield from seaweed, thereby increasing their commercial viability. Furthermore, improvements in cultivation methods, harvesting techniques, and bioconversion processes are enabling more efficient and cost-effective production of seaweed biofuels, contributing to the growth of the commercial seaweed market.

Commercial Seaweeds Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global commercial seaweeds market report, along with forecasts at the global, regional and country levels from 2024-2032. Our report has categorized the market based on product, form and application.

Breakup by Product:

• Brown Seaweeds
• Red Seaweeds
• Green Seaweeds
   

Red seaweeds dominate the market

The report has provided a detailed breakup and analysis of the market based on the product. This includes brown seaweeds, red seaweeds, and green seaweeds. According to the report, red seaweeds represented the largest segment.

Red seaweeds, scientifically known as Rhodophyta, are a large group of marine algae characterized by their distinct reddish coloration. They comprise protein, fiber, vitamins, and minerals, providing significant health benefits, such as aiding digestion, improving heart health, and boosting immunity. Moreover, red seaweeds serve as an essential resource in the commercial sector, especially in the production of hydrocolloids. The cosmetic industry also extensively utilizes red seaweeds due to their high antioxidant, anti-inflammatory, and skin-enhancing properties, providing natural solutions for skin health. They are employed as a habitat and food source for various marine species. Furthermore, red seaweeds are contributing to carbon sequestration, aiding in the reduction of greenhouse gases and mitigating the effects of climate change.

Breakup by Form:

• Liquid
• Powdered
• Flakes
   

Liquid holds the largest share in the market

A detailed breakup and analysis of the market based on the form has also been provided in the report. This includes liquid, powdered, and flakes. According to the report, liquid accounted for the largest market share.

Liquid commercial seaweed refers to seaweed that has been processed into a liquid form to be used in a variety of commercial applications. The liquid is typically derived from a certain type of seaweed, processed, and often concentrated for ease of use, transportation, and storage. This product is widely recognized for its versatility and effectiveness and is used extensively in industries, such as agriculture, horticulture, cosmetics, and food and beverage (F&B). In the agricultural and horticultural sectors, liquid seaweed is used as a bio-stimulant or a natural fertilizer due to its rich nutrient content. It contains macro and micro-nutrients, amino acids, and plant hormones that can enhance plant growth, boost crop yield, and increase the resistance of plants to pests, diseases, and environmental stresses.

Breakup by Application:

• Agriculture
• Animal Feed
• Human Consumption
• Others
   

Human consumption holds the biggest share in the market

A detailed breakup and analysis of the market based on the application has also been provided in the report. This includes agriculture, animal feed, human consumption, and others. According to the report, human consumption accounted for the largest market share.

Commercial seaweeds, also known as marine macroalgae, offer a wealth of health benefits for human consumption, leading to their growing popularity in diets. They are packed with numerous essential nutrients, including vitamins (like vitamins A, C, E, and B complex), minerals, such as iodine, iron, calcium, potassium, and magnesium), and dietary fiber. They are also a source of protein and contain beneficial fatty acids like omega 3. Commercial seaweeds are rich in antioxidants, such as flavonoids and carotenoids, which can help protect the body from cellular damage facilitated by free radicals, potentially minimizing the risk of chronic diseases like cancer and heart disease. Furthermore, antioxidants and anti-inflammatory compounds in seaweeds contribute to skin health, potentially helping to improve elasticity, hydration, and overall complexion of skin.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Asia Pacific exhibits a clear dominance, accounting for the largest commercial seaweeds market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, Others); Latin America (Brazil, Mexico, Others); and the Middle East and Africa. According to the report, Asia Pacific represented the largest market.

Asia Pacific held the biggest market share since the region due to the rising utilization of commercial seaweeds in various Asian cuisines, such as sushi rolls, soups, stews, and salads. Apart from this, the increasing preference for using various skin-care products infused with natural ingredients is propelling the growth of the market. Additionally, the increasing adoption of various sustainable methods to produce commercial seaweeds is contributing to the growth of the market in the region.

North America is estimated to expand further in this domain due to the rising popularity of Asian cuisine among the masses. Besides this, the increasing demand for biofuels as a sustainable alternative to fossil fuels is bolstering the growth of the market in the region. Commercial seaweeds market research explores North America's growth factors, including biofuel demand and Asian cuisine influence.

Competitive Landscape:

Key market players are investing in research operations to find innovative uses for seaweed, optimize their harvesting techniques, improve the efficiency of processing methods, and enhance the quality of their products. They are also adopting eco-friendly harvesting methods, implementing waste reduction strategies, and promoting responsible sourcing practices. Top companies are complying with the regulations and standards set by governmental and international bodies to ensure the safety and property of their products. They are also optimizing their supply chain operations to ensure the timely delivery of products, minimize costs, and respond effectively to changes in market demand. Leading companies are leveraging the Internet of Things (IoT) and artificial intelligence (AI) in seaweed farming to monitor growth conditions, predict harvest time, and automate certain farming tasks.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• Acadian Seaplants Limited
• Algaia SA (Maabarot Products Ltd.)
• Biostadt India Limited
• BrandT Consolidated Inc.
• Cargill Incorporated
• COMPO Expert GmbH
• CP Kelco U.S. Inc (J.M. Huber Corporation)
• DuPont de Nemours Inc.
• Gelymar S.A.
• Indigrow Ltd.
• Lonza Group AG
• Seasol International Pty. Ltd.
• TBK Manufacturing Corporation

Recent Developments:

• In 2022, Acadian Seaplants Limited announced the completion of its microbial testing laboratory in the Deveau Center Extraction Facility in Cornwallis, which will help to maintain exceptional quality across its seaweed processing facilities.
• In 2023, Algaia SA announced the expansion of its R&D center in Saint Lô, which is equipped with state-of-the-art machinery and will support the building of a new workshop to produce new seaweed extracts.
• In 2022, CP Kelco U.S. Inc. (J.M. Huber Corporation) announced the launch of its new portfolio of plant-based meat alternatives with multifunctional solutions, such as GENU® Texturizer MA-1, which is extracted from red seaweed.

Commercial Seaweeds Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the commercial seaweeds market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global commercial seaweeds market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the commercial seaweeds industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.