The commercial seaweeds market was valued at USD 13.07 billion in 2017 and is projected to reach USD 21.11 billion by 2023, at a CAGR of 8.4% from 2018.
Northbrook, IL -- (SBWIRE) -- 10/30/2018 -- The report "Commercial Seaweeds Market by Type (Red Seaweeds, Brown Seaweeds, Green Seaweeds), Method of Harvesting (Aquaculture, Wild Harvesting), Form (Liquid, Powder, Flakes), Application (Food, Feed, Agriculture), and Region - Global Forecast to 2023", published by MarketsandMarkets™. The market for commercial seaweeds is estimated at USD 14.08 billion in 2018; it is projected to reach USD 21. 11 billion by 2023, at a CAGR of 8.4%.
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Seaweeds are plant-like organisms that are also known as marine microalgae; they are generally attached to a rock or other hard substratum in coastal areas. The classification of seaweeds is based on various properties, such as pigmentation, the organization of photosynthetic membranes, the chemical nature of the photosynthetic storage product, and other morphological features. The application of seaweeds dates back to the fourth and sixth centuries in Japan and China, respectively. Since then, increasing investment and focus on R&D activities pertaining to seaweed were undertaken globally, which encouraged the cultivation of seaweeds. Currently, seaweeds account for more than 90% of the global markets demand.
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The brown seaweeds segment is projected to be the fastest growing in commercial seaweeds market through 2023
In 2018, the brown seaweeds segment is estimated to account for the largest share, by type, in the commercial seaweeds market, in terms of value. The inclusion of brown seaweeds in food helps in improving the joint and bone health, aids in digestion, balances hormones, and reduces hypothyroidism, fatigue, menstrual problems, cellulite, cough, asthma, stomach ailments, headaches, and hemorrhoids. In addition, consumption of brown seaweeds prevents the growth of cancer cells, helps in weight management, and protects from the adverse effects of radiation due to contact with hazardous electromagnetic pollution. Furthermore, increasing usage of alginates, extracted only from brown seaweeds in dental material has led companies to mainly manufacture alginates from brown seaweeds.
The food segment to dominate the commercial seaweeds market through 2023
Seaweed is used as an ingredient in food products and is consumed directly in countries such as Japan, Korea, and China since ancient times. As it is rich in nutrients such as high iodine, calcium, magnesium, iron, vitamin, antioxidant, and fiber, seaweed, is widely considered a healthy food. Moreover, seaweeds have various applications as a thickening and gelling agent in processed food products such as sausages, bread, creams, cheese, dairy drinks, and candies. In addition, the use of seaweeds for the manufacturing of low-calorie ice creams and cakes is further projected to fuel the market growth.
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Asia Pacific is projected to dominate the regional commercial seaweeds market through 2023
Due to the increasing presence of tropical rainforests in the Asia Pacific, various species of seaweeds are found in this region. With a wide variety of seaweed species in this region and increasing production of the seaweed-based products, Asia Pacific remains the largest supplier of seaweeds to both domestic and export markets. In addition, the bulk of seaweeds in this region is obtained from culturing (harvested through aquaculture). The key seaweed types that are in demand in this region include nori, kombu, and wakame. They are increasingly used in food preparations in the Chinese and Japanese diets. As seaweeds are nutrition-dense and are increasingly used as an ingredient in processed food, consumers prefer spending on processed food for healthy diets. The demand for clean labels and organic products is on the rise, which is also leading to the increasing use of seaweeds as organic fertilizers in the agriculture industry. The other industrial applications of seaweeds in the region include pharmaceuticals, agriculture, cosmetics, biofuel, and feed additives. These factors are projected to fuel the growth of the commercial seaweeds market in the Asia Pacific. Of the various countries in the Asia Pacific, China and Indonesia are projected to account for a major share of the market.
This report studies the marketing and development strategies along with the product portfolios of leading companies such Cargill (US), DowDuPont (US), Roullier Group (France), COMPO EXPERT (Germany), Biostadt India (India), CP Kelco (US), Acadian Seaplants (Canada), Gelymar (Chile), CEAMSA (Spain), and Algaia (France).
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