Commercial Seaweed Global Market Report 2024

The commercial seaweed market size has grown rapidly in recent years. It will grow from $19.42 billion in 2023 to $21.88 billion in 2024 at a compound annual growth rate (CAGR) of 12.7%. The expansion observed in the historical period can be attributed to factors such as the rising demand in the food industry, increased usage in cosmetic and personal care applications, the production of biofuels, the growth of the textile industry, and the amplified production of carrageenan.

The commercial seaweed market size is expected to see rapid growth in the next few years. It will grow to $34.79 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%. Anticipated growth in the upcoming period is expected due to the adoption of sustainable agriculture practices, the increasing use of functional food ingredients, efforts toward climate change resilience, the expansion of seaweed farms, the development of mariculture practices, and supportive government initiatives. Key trends projected for this period encompass the utilization of seaweed-based biostimulants, innovations in seaweed-based food products, the creation of seaweed-based packaging materials, collaborative efforts for sustainable seaweed sourcing, and initiatives focusing on carbon sequestration through seaweed cultivation.

The surge in plant-based product consumption is poised to be a driving force behind the expansion of the commercial seaweed market. As consumers increasingly opt for plant-derived foods comprising ingredients such as vegetables, fruits, and whole grains commercial seaweed plays a pivotal role in their manufacturing. Seaweeds, integrated into these products, contribute to elevating their protein content. For example, in 2023, as reported by the Good Food Institute, a non-profit organization in the United States, the retail market for plant-based foods in the US surged to $8 billion in 2022, marking a 7% increase in dollar sales from the preceding year. This escalating demand for plant-based products is a key factor propelling the growth trajectory of the commercial seaweed market.

The escalating prevalence of diabetes is anticipated to be a significant driver behind the growth of the commercial seaweed market. Diabetes, characterized by elevated blood glucose levels, is a chronic metabolic condition. Commercial seaweed is recognized for its potential in regulating blood sugar levels and enhancing insulin sensitivity, offering potential support in managing diabetes. As per the International Diabetes Federation's June 2022 report, diabetes prevalence had surged to 10.5% globally, with a substantial portion (44.7%) of affected individuals remaining undiagnosed. The IDF's projections indicate a concerning trend, foreseeing a staggering increase to 783 million adults, roughly one in eight people, being afflicted by diabetes by 2045, marking a 46% surge - more than double the estimated population growth rate (20%) for the same period. This escalating prevalence of diabetes stands as a key catalyst propelling the growth trajectory of the commercial seaweed market.

A prominent trend shaping the commercial seaweed market is the adoption of technological advancements. Leading companies within this sector are actively engaged in the development of innovative technologies to solidify their market standing. A case in point is Panorama, a Germany-based entity specializing in conservation and sustainable development solutions. In May 2021, Panorama introduced novel advancements in tubular net systems, employing "off-bottom" peg and rope technology. This innovation significantly enhances seaweed productivity while positively impacting local ecological conditions. Moreover, these advancements play a pivotal role in inhibiting the growth of the high-value Cottonii seaweed species, contributing to the attainment of superior quality seaweed.

Major players in the commercial seaweed market are intensifying their focus on introducing innovative solutions, such as nutraceuticals, to gain a competitive edge. Nutraceuticals encompass food or food products that offer health benefits beyond basic nutrition. An illustrative case is the Central Marine Fisheries Research Institute (CMFRI), an India-based research institution, which in December 2022 developed the LivCure extract. This seaweed-derived product specifically targets non-alcoholic fatty liver disease (NAFLD). The LivCure extract is formulated using 100% natural bioactive elements extracted from specific seaweed varieties utilizing eco-friendly green technology. It is strategically designed to enhance liver health and is regarded as an environmentally conscious remedy for NAFLD. The development of this natural remedy derived from seaweed represents a significant stride toward addressing fatty liver disease, presenting a potential alternative approach for managing this health condition.

In April 2022, The Seaweed Company, a Netherlands-based supplier of seaweed products, completed the acquisition of Zeewaar for an undisclosed sum. This strategic move aims to bolster The Seaweed Company's standing within the Blue Food sector by integrating seaweed offerings and ingredients into the menus of European consumers and businesses. Zeewaar, also based in the Netherlands, operates as a seaweed farm, aligning well with The Seaweed Company's vision to expand its presence and offerings within the industry. This acquisition stands to reinforce The Seaweed Company's foothold in the market, facilitating the introduction of seaweed-based products and ingredients to a wider consumer and commercial audience across Europe.

Major companies operating in the commercial seaweed market report are Cargill Inc., E.I. du Pont de Nemours Inc., CP Kelco U.S. Inc., Brandt Consolidated Inc., Acadian Seaplants Limited, Gelymar SA, Extractos Naturales Gelymar S.A., Seasol International, Indigrow Ltd., Ocean Harvest Technology Limited, AquAgri Processing Pvt. Ltd., West Coast Marine Bio-Processing Corp., The Seaweed Company B.V., Pacific Harvest, The Irish Seaweed Company, AtSeaNova, Seaweed Solutions AS, Shore Seaweed Co., Dalian Ocean University Seaweed Industry Group, Algaia SA, Rhodomaxx Sdn. Bhd., Qingdao Gather Great Ocean Industry Group (GGOG), Kelp Industries PTY. Ltd., Nantong Xinlang Seaweed & Foods Co. Ltd., Mara Seaweed Ltd., Leili Group, Dycolor Seaweed Industries, Shandong Qingdao Lihua Seaweed Industry Group Co. Ltd., Travena Organic Solutions Ltd.

Asia-Pacific was the largest region in the commercial seaweed market in 2023. The regions covered in the commercial seaweed market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the commercial seaweed market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Commercial seaweed comes in three primary forms such as liquid, powdered, and flakes. Liquid seaweed serves as a nourishing agent for plants, offering hormones such as auxins, cytokinins, and gibberellins, alongside vitamins, minerals, and enzymes that stimulate natural growth. These nutrients support robust cell growth in plants, fostering their health, strength, and resistance to diseases. Seaweed varieties such as brown, red, and green are utilized across food and beverage production, agricultural applications, animal feed additives, pharmaceuticals, and various other industries.

The commercial seaweed market research report is one of a series of new reports that provides commercial seaweed market statistics, including commercial seaweed industry global market size, regional shares, competitors with a commercial seaweed market share, detailed commercial seaweed market segments, market trends and opportunities, and any further data you may need to thrive in the commercial seaweed industry. This commercial seaweed market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The commercial seaweed market consists of sales of shampoo, skincare creams, make up products, cleaners, shower gel. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.