Commercial seaweed is a kind of macro algae that is found in arctic, tropical and cold water bodies. These type of seaweeds are available in different colors. These are rich in vitamins and mineral content and that somehow expands its demand in different applications ranging from food, healthcare and personal care products. This type of algae are mostly edible thus increasing its application in food industry. Higher consumption of this seaweed increases its harvesting across large number of countries. The market for commercial seaweed is witnessing substantial growth prospective and the market is expected to follow steady growth rate during the forecast period.
Transparency Market Research estimates that in terms of revenue, the global commercial seaweed market was valued at US$10,570.3 mn in 2016. The market is expected to reach US$26,107.9 mn by 2025, increasing at a CAGR of 10.8% from 2017 to 2025. In terms of volume, the global commercial seaweed market is expected to exhibit a CAGR of 9.9% from 2017 to 2025.
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Red Seaweed to Rake in Maximum Share in Global Revenue
The report segments the global commercial seaweed market in terms of product type into red seaweed, brown seaweed, and green seaweed. Of these, the segment if red seaweed held the dominant 52.6% of the overall revenue of the global market in 2016. The segment is expected to retain dominance over the global market in terms of revenue contribution over the report’s forecast period as well. Traditionally used across a number of food recipes, the segment of red seaweed will benefit from the thriving global food industry and the rising popularity of South East Asian cuisines across the globe over the forecast period.
In terms of volume, the segment of brown seaweed held the dominant share in the global commercial seaweed market in 2016 owing to the high supply and easy availability of this variety of seaweed. The segment is expected to exhibit a considerable CAGR during the forecast period and retain its leading position in terms of volume-wise sales. The segment held the second position in terms of revenue contribution to the global market in 2016 and is expected to witness a rise in its global market share by the end of the forecast period.
Asia Pacific Market to Register Strong Growth
This study segments the commercial seaweed market in terms of geography into North America, Europe, Asia Pacific, Middle East and Africa (MEA) and Latin America.
Of these, the market in Asia Pacific held more than 60% of the commercial seaweed market in 2016. This region consists high-growth potential countries such as Japan, China, and India, which contribute extensively to the global demand for commercial seaweed. The Europe market is expected to witness considerable market share in commercial seaweed market. France, UK, Germany are some of the important economies in Europe that are contributing to the growth trajectory of global commercial seaweed market. In this region, the demand for alginate and agar based hydrocolloids has significantly increased over the past few years.
North America is expected to remain the leading regional market for commercial seaweed in terms of growth rate over the report’s forecast period. Large concentration of Japanese restaurants in this region has increased the demand for Asian Cuisines, thus accelerating the demand for commercial seaweed. Scarcity in the production of red seaweeds coupled with higher demand for this seaweed have increased prices, thus increasing the market share of this seaweed in the region. In North America, red seaweed held the dominant market share in terms of revenue. Green seaweeds, utilized as organic fertilizers, are also high in demand in this region.
Some of the leading players operating in the global commercial seaweed market are Cargill Corporation (U.S.), E.I. Du Pont de Nemours and Company (U.S.), CP Kelco (U.S.), CEAMSA (Spain), Acadian Seaplants Ltd. (Canada), Gelymar SA (Chile), Seasol International Pvt Ltd (Australia), Brandt Agricultural Products Ltd (Canada), The Cornish Seaweed Company (U.K.), and Leili Group (China).