The market for seaweed is expected to grow at a CAGR of around 12.9% from 2020 to 2027 and expected to reach the market value of around US$ 14,191.6 Mn by 2027.
Seaweed or sea vegetable is forms of marine algae available in a range of colors including red, green, brown, and black. Basically, these are the source for ocean life that grows along rocky shorelines across the globe. Most commonly it is consumed in Asia Region including Japan, Korea, and China. The benefits of consuming seaweed include thyroid function as it contains iodine and tyrosine, provides vitamins and minerals, a variety of protective antioxidants, provides fiber and polysaccharides that can support gut health, help in weight loss by delaying hunger, may reduce heart disease risk, and it may reduce risk of type 2 diabetes by improving blood sugar control.
The growing awareness about the health benefits of seaweed along with the increasing commercial usage in various end-use industries is driving the market growth. The increasing demand for seaweeds as human food and in the manufacturing of hydrocolloids, such as agar, alginate, and carrageenan are further supporting the market growth. A wide range of applications including fertilizers, animal feed, biofuels, and wastewater treatment is further boosting the demand in the global market. Additionally, the benefits associated with the consumption of seaweed in terms of vitamins, minerals, and other beneficial content are bolstering the market value.
On the other side, strict regulation for the consumption in some western countries as well as some of the side effects associated with the excess consumption are the factors likely to limit the growth to an extent over the forecast period from 2020 to 2027.
Segment Instance of Global Seaweed Market Revenue (US$ Mn)
Red seaweed accounted for the maximum share in the global seaweed market
By product type, red seaweed segment is leading the market with maximum revenue share (%). The red algae are commonly sold in dried sheets and used to roll sushi. The red seaweed provides a softer and chewier texture used to add flavor in a variety of dishes and may also be eaten as a dried snack.
Seaweed are having maximum usage across food and beverages sector
Based on application, the food and beverages segment is leading the market with a major revenue share in the global seaweed market. The benefits associated with the consumption of seaweed in terms of vitamins and minerals among others are the primary factor supporting its growth in the food and beverages market. The rising awareness among the people about healthy diets is additionally bolstering segmental growth.
Asia Pacific registered maximum revenue share in the seaweed market
In 2019, Asia Pacific has a potential share (%) in terms of revenue, and the region is also projected to maintain its dominance over the forecast period from 2020 to 2027. The high consumption in areas like Japan, China, and Korea are supporting the regional market value. Additionally, the rising awareness about the health benefits of the product is boosting its demand in the various industrial sectors. The growing demand for seaweed for special drugs, nutraceuticals, cosmetic products, and functional foods in the regional market is contributing to its growth.
On the basis of the same, the region is also anticipated to experience the fastest growth with a major CAGR (%) in near future. The ongoing research and development in seaweed cultivation, as well as the processing of seaweeds together with downstream product development and novel applications, are further propelling the regional market value. Moreover, the rapidly developing country China is the world’s largest combined processor of seaweed hydrocolloids by using its domestically cultivated seaweeds along with the huge amounts of imported raw materials.
Key Market Players
The players profiled in the report include Annie Chun’s Inc., Cargill Inc., Chase Organics, DuPont, GimMe Health Foods, Groupe Roullier, Irish Seaweeds, Maine Coast Sea Vegetables, Mara Seaweed, Qingdao Gather Great Ocean Algae Industry Group (GGOG), and others.
Market By Product Type
Market By Form Type
Market By Application
Food and Beverages
Animal Feed Additives
Pharmaceutical and Biotechnological
Other (Aquaculture, Biomass for Fuel, and Wastewater Treatment)
Market By Geography
Middle East & Africa
The market for seaweed is expected to reach a market value of around US$ 14,191.6 Mn by 2027.
The seaweed market is expected to grow at a CAGR of around 12.9% from 2020 to 2027.
Food and Beverages is the leading segment by application in the seaweed market
The growing awareness about the health benefits of seaweed, increasing commercial usage in various end use industries, increasing demand for seaweeds as human food and in the manufacturing of hydrocolloids, such as agar, alginate, and carrageenan are some of the major factors driving the market growth.
Annie Chun’s Inc., Cargill Inc., Chase Organics, DuPont, GimMe Health Foods, Groupe Roullier, Irish Seaweeds, Maine Coast Sea Vegetables, Mara Seaweed, Qingdao Gather Great Ocean Algae Industry Group (GGOG), and others are the prominent players in the market.
Asia Pacific held the maximum market share in the seaweed market
Asia Pacific is expected to be the fastest growing market over the forecast period