Global Commercial Seaweeds Market Overview:
The global commercial seaweed market size was valued at USD 16.9 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 10.10% from 2021 to 2028.
Commercial seaweeds are marine algae with applications in foods, animal feeds, and fertilizers. They are rich in vitamins making them a vital component in processed foods. The global commercial seaweeds market report by Market Research Future (MRFR) has been compiled by observing the changing food habits of consumers as well as abundance of seaweeds for production of processed foods. The report contains estimations and predictions for the period of 2021 to 2028 (forecast period) after careful primary and secondary research.
Market Scope:
The global Commercial Seaweeds Market is primarily driven by the need for seaweed and seaweed-based products due to its high content of polysaccahrides, antioxidants, and fiber. The demand for Gracilaria seaweeds in convenience foods and desserts such as crackers, sweets, and cookies can augur favorably for the market. Rising consumption of snacks and other foods derived from seaweeds can create novel opportunities for the market.
Large scale cultivation of all prominent forms of seaweeds as well as its low capital investment appeals to farmers. The aquaculture industry can bolster the global market demand exponentially. High consumption of microalgae as well as developments in cultivation methods will positively impact the market.
Segmentation:
The global commercial seaweeds market has been segmented based on type, method of harvesting, form, application and region.
By type, it is segmented into red seaweeds, brown seaweeds, and green seaweeds. Brown seaweeds have been attained from farming. Japan, China, and South Korea are the biggest consumers and exporters of these microalgae. Red seaweeds have also captured a significant share of the market due to its use as nori in Japanese and Korean cuisine. It is cultivated on a large scale in China, South Korea, and Japan.
By method of harvesting, the global commercial seaweeds market is divided into aquaculture and wild harvesting. The aquaculture segment is expected to lead in the market owing to being easy to setup and being harmless to seabeds.
By form, it is segmented into flakes, liquid, powder, and others. The liquid segment is projected to exhibit dominance owing to its application in agriculture and feed and food beverages.
Applications of commercial seaweeds comprise animal feed, food beverages, and agriculture. Food beverages segment is further segmented into meat, poultry, seafoods, convenience food, dairy frozen desserts, bakery confectioneries, and others.
Regional Analysis:
The global commercial seaweeds market has been studied with regard to four key regions—North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
APAC can lead in the global market standings owing to awareness of its health benefits among consumers and presence of key players. The consumption of seaweed as a vegetable coupled with its use as a thickening agent in bakery products can bode well for the market. The large scale cultivation of seaweeds in India, China, Japan, and other Southeast-Asian countries can fuel the market growth due to its consumption in foods. The need for phycocolloids will accelerate the production of commercial seaweeds.
North America, on the other hand, can register the highest growth rate during the forecast period owing to its utilization as biostimulants for crops and feed supplements for animal feeds.
Europe can be lucrative for the global commercial seaweeds market owing to the use of microalgae as a thickening agent in various bakery products.
Competitive Outlook:
Biostadt India Limited, COMPO EXPERT GmbH, Acadian Seaplants Limited, CP Kelco U.S., Inc., Cargill, Incorporated, Compañía Española de Algas Marinas S.A., Algaia SA, Extractos Naturales Gelymar S.A., DowDuPont Inc., and Compagnie Financiere et de Participations Roullier S.A. are some of the profiled in the global Key Commercial Seaweeds Market Players.
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