Seaweed is the common name for countless marine plants and algae species that grow in the ocean and rivers, lakes, and other water bodies. Commonly, it is categorized into three broad groups based on pigmentation or type, such as red, brown, and green seaweeds. The major utilization of these seaweeds as food and food ingredients is in Asia-Pacific, particularly in China, Indonesia, the Philippines, Korea, and Japan, where seaweed cultivation has developed into a huge industry. Currently, seaweeds are being extensively explored as a fuel because of their high photosynthetic efficiency and their ability to produce lipids. This biodiesel feedstock is expected to open new avenues for seaweed biomass manufacturers.
The seaweed farming industry has developed in North America and Europe, unlike Asia-Pacific, where it is still in its nascent stage. In recent years, European policies have driven the development of seaweed cultivation as part of the European Union’s Blue Growth initiative. In support of this initiative, several countries across Europe are providing subsidies to study all possible seaweed applications across various end-use industries.
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Moreover, in recent years, the interest in seaweed cultivation has been peaking in North America, owing to its nutritional value along with its richness in iron and protein content. Various innovative techniques such as vertical or 3D farming are adopted by seaweed farmers using the water column to grow seaweeds. Nowadays, seaweed farming is becoming an increasingly competitive market for food and related products across the globe. According to the latest publication on the Seaweed Market by Meticulous Research®, the seaweed market is expected to record a CAGR of 9.1% from 2020 to 2027 to reach $21.2 billion by 2027. Also, in terms of volume, the seaweed market is expected to register a CAGR of 9.4% from 2020 to 2027 to reach 10,404.2 KT by 2027.
The growth of this market is expected to be driven by factors such as rising consumer adoption for plant-based products, increasing consumption of seaweed-based products, source of high nutrients & minerals, and growing government initiatives to boost seaweed cultivation. Growing demand for biofuels and technological advancements is expected to create lucrative opportunities for manufacturers in the seaweeds market. However, the growing prevalence of natural calamities hinders market growth to some extent.
To provide efficient analysis, Meticulous Research® has segmented this market based on type (red seaweed, brown seaweed, and green seaweed), form (dry form and liquid form), application (food and beverage, extraction of hydrocolloids, animal feed, agriculture, and others), and geography (Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the market at the country level.
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Scope of the Report
Seaweed Market, by Type
- Red Seaweed
- Brown Seaweed
- Green Seaweed
Seaweed Market, by Form
- Dry Form
- Liquid Form
Seaweed Market, by Application
- Food and Beverage
- Extraction of Hydrocolloids
- Animal Feed
Seaweed Market, by Geography
- South Korea
- RoAPAC (Rest of Asia-Pacific)
- RoE (Rest of Europe)
- North America
- Latin America
- RoLATAM (Rest of Latin America)
- Middle East & Africa
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Geographically, Asia-Pacific commanded the largest share of the seaweed market in 2020, followed by Europe and North America. The large share of this regional market is mainly attributed to the presence of several local and regional players, various government initiatives to promote the cultivation and usage of seaweeds in several industries, growing demand for organic food products, and increasing applications of commercial sea vegetables, especially in food. Moreover, large-scale production and huge consumption of seaweeds in the region, owing to the availability of the raw materials, favorable climatic conditions for the production of seaweeds, and cheap labor availability, further support the growth of the seaweed market in the region.
Based on type, the seaweed market is mainly segmented into red seaweed, brown seaweed, and green seaweed. The red seaweed segment commanded the largest share of the seaweed market in 2020. The segment is also expected to record the highest CAGR during the forecast period, owing to the rising health consciousness, growing food applications of red seaweeds, and increasing demand for agar and carrageenan hydrocolloids in several industries.
Based on form, the seaweed market is segmented into dry and liquid forms. The dry form segment commanded the largest share of the seaweed market in 2020. The segment is also expected to record the highest CAGR during the forecast period, owing to the growing demand for seaweed powder from the food and cosmetics industries. Moreover, its several benefits such as comparatively high shelf-life and ease of transport and storage are further expected to support the growth of this market.
Based on application, the seaweed market is mainly segmented into food and beverage, extraction of hydrocolloids, animal feed, agriculture, and other application. The food and beverage segment commanded the largest share of the seaweed market in 2020. The segment is also expected to record the highest CAGR during the forecast period, owing to the growing demand for organic foods products, increase in consumption of plant proteins and vegan products, and increase in the utilization of seaweed for human consumption. Moreover, rapid growth in population, increasing awareness towards health benefits of seaweeds, changes in lifestyle patterns and taste preferences among consumers, healthy eating habits, and rising disposable income are further expected to support the growth of this market.
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The key players operating in the seaweed market research report are Seaweed & Co. (U.K.), Cargill, Incorporated (U.S.), Green Rise Agro Industries (India), VietDelta Ltd. (Vietnam), Ocean rainforest (Denmark), Thorverk hf. (Iceland), ALGAplus (Portugal), MYCSA Ag, Inc. (U.S.), Baoji Earay Bio-Tech Co., Ltd (China), Shore Seaweed (U.K.), Rongcheng Jingyi Ocean Technology Co., Ltd. (China), Sar Agrochemicals & Fertilizers Pvt. Ltd. (India), and Algea, the Arctic Company (Part of Valagro Group) (Norway), among others.
About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
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