[Global] The global seaweed market was valued at USD 10.4 billion in 2015 and is projected to reach USD 14.7 billion by 2021 at a compound annual growth rate (CAGR) of 6.03% from 2016 to 2021. It is majorly driven by growing application of seaweeds for medicinal purpose as well as their use in the extraction of hydrocolloids.
Increasing preference for organic fertilizers and growing health consciousness among people is also diving the market for commercial seaweeds, as seaweeds are increasingly used for human food consumption as well as by plant growth regulators.
Red seaweed segment accounted for the largest market share
Among the types of seaweeds, red seaweed held the largest market share in 2015, followed by brown seaweed and green seaweed. Red seaweeds are highly used for human consumption and find application in almost all the industries. The carrageenan hydrocolloid extracted from red seaweeds are considered to be very useful as gelling and thickening agents and are highly used in various industries.
Highest usage of seaweed is done for human consumption, edible seaweeds dominating the segment
The applications considered in the commercial seaweeds market are human consumption, agriculture, animal feed additives, medical applications, biotechnological applications and others, which include cosmetics, biomass for biofuel, wastewater management and integrated aquaculture.
Extensive usage of edible seaweed, rising application of seaweed and increasing awareness about its health benefits is driving the seaweed market in Asia-Pacific
The commercial seaweed market is studied for North America, Europe, Latin America, Asia-Pacific and RoW that includes South Africa, Middle East and others. Asia-Pacific dominated the market with the largest market share followed by North America and Europe. China and Indonesia have the largest market share in the country-level market in Asia-Pacific region. High consumption of edible seaweed in Chinese, Japanese and Korean cuisine is driving the commercial seaweed market in Asia-Pacific. Increasing application of seaweed right from a toothpaste to pharmaceuticals is increasing the demand for seaweeds in North America and Europe.
The leading players in this industry include Acadian Seaplants Limited, Brandt, E.I. Dupont De Nemours and Company, Cargill, Incorporated, Compo Gmbh & Co. Kg, Biostadt India Limited, Gelymar, Qingdao Bright Moon Group Co., LTD, Ocean Harvest Technology, Marinalg International, MSC Co.,Ltd., TBK Manufacturing Corporation, CP Kelco, High Hope Foods (Nanjing) Co., Ltd., Ocean Rainforest Sp/F, Seasol International Pty. Ltd, Lonza Group Ltd, W Hydrocolloids, Inc, Roullier Group among others.
Companies such as Cargill Inc. and DuPont have also entered the seaweeds market due to its growing commercial value. These companies are investing in R&D to find new applications of different species of seaweeds. Along with this, they are making their presence strong in the market though strategies such as mergers, acquisitions, joint ventures and collaborations. Thus, the market for seaweeds is continuously rising due to its versatile applications, right from toothpaste to pharmaceuticals which can also help cure fatal diseases like cancer and diabetes.
View original article at: The global seaweed market is projected to grow at a CAGR of 6.03% from 2015 to 2021