Published Date : 08 May 2023
In 2022, the commercial seaweed industry revenue was estimated at USD 11.45 billion. It is predicted to expand to USD 14.47 billion by 2032, displaying a compound annual growth rate of 2.37% from 2023 to 2032. Consuming industrial kelp is linked to numerous digestive and nutritional health advantages, which is anticipated to positively affect industry expansion.
Market Growth:
Commercial seaweed is an edible aquatic plant that is frequently used in food and medication. Commercial seaweed is also known as oceanic algae and is colored green, brown, and scarlet. It has sphere-like, broad-like, and delicate-like finger forms. Commercial kelp has been used for many millennia all over the world. The coastal population relies on seaweed as a sustenance supply. Commercial seaweed is now being used more frequently in the drinking and culinary industries.
A broad range of goods with a total projected yearly worth of US$ 5.5–6 billion is offered by the seaweed business. About $5 billion of this comes from foods for human ingestion. The remaining billion dollars are primarily made up of hydrocolloids, which are substances derived from seaweeds, with the remainder going to minor, sporadic uses like fertilizers and animal feed additives. Every year, the business consumes 7.5-8 million tonnes of moist seaweed. This is obtained either from developed (farmed) products or locally occurring (wild) seaweed. As the demand for seaweed has outpaced the supply from natural resources, seaweed cultivation has grown quickly.
Commercial Seaweed Industry Report Scope:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 11.72 Billion |
| Projected Forecast Revenue in 2032 | USD 14.47 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 2.37% |
| Largest Market | Asia Pacific |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America and Middle East & Africa |
Regional Snapshot:
In some regions of South America and the United States. Over the past fifty years, rising demand has outpaced the capacity of native (wild) populations to meet needs. Due to research into these seaweeds' life cycles, businesses dedicated to their production have grown to meet more than 90% of industry demand. A distinct kind of seaweed is being consumed in Nova Scotia (Canada), Ireland, and Iceland, and this industry is growing. Seaweeds for household and restaurant use have been promoted by some governmental and business groups in France, with varying degrees of success. In some emerging nations, there is an unofficial industry among coastal residents for raw seaweeds that are used in salads and as vegetables.
China harvests about 5 million wet tonnes of edible seaweed annually, making it the world's biggest supplier. The majority of this is for Kombu, which is made from Laminaria japonica, a brown seaweed cultivated on suspended cables in the water over hundreds of kilometers.
Market Dynamics:
Drivers:
Increasing use of baked goods, cosmetics, drinks, and confections
The creation of liquid seaweed extracts is the field of development for seaweed nutrients. These can be made in condensed form for the consumer to dilute. Several can be sprinkled around the root regions of plants or applied straight to the plants. Numerous scientific investigations have demonstrated the efficacy of these goods. It was calculated in 1991 that 1000 tonnes of seaweed products, worth US$ 5 million, were produced from approximately 10,000 tonnes of moist seaweed. However, the industry has likely increased in the past ten years due to greater acceptance of the product's usefulness and the rise in appeal of organic farming, where they are particularly efficient in the growth of vegetables and some other crops.
On the packaging of cosmetic goods like creams and balms, "marine extract," "extract of alga," "seaweed extract," or words to that effect are occasionally listed as ingredients. This typically indicates the addition of one of the hydrocolloids made from kelp. Alginate or carrageenan could enhance the product's epidermis moisture-retaining capabilities. The industry will increase as a result of the expanding use of industrial seaweed in baked goods, cosmetics, drinks, and confections. The industry for processed and convenience foods will accelerate the development of the industrial seaweed industry.
Restraints:
Oceanic and coastal natural disasters
The industrial seaweed industry will suffer from natural disasters like typhoons, diseases, earthquakes, floods, and volcano events. There will be significant productivity barriers. And during the projected time, all of these variables will impede industry expansion. Vendors use organic methods to boost the production of industrial seaweed.
Opportunities:
Seaweeds are cyanobacteria that develop quickly. They absorb minerals and carbon dioxide from the ocean as well as solar energy. Seaweed, according to scientists, may be able to mitigate climate change and reduce carbon pollution. To construct a comparable system in California, where there is potential in creating industrialized seaweed production for future biodiesel, Ocean Rainforest recently received money from the US Department of Energy.
Product Insights:
The majority of red seaweed's sustenance supply comes from Porphyra types. Porphyra, also called nori and laver in more informal contexts, is desiccated and transformed into thin purplish-black strips. One of its frequent applications is in Japanese sushi, where it is wound around a tiny portion of soused, and boiled rice and garnished with raw seafood.
Laminaria, Undaria, and Hizikia are the three most common species of dark seaweeds used as food. The only source at first was harvests of wild seaweeds, but since the middle of the 20th century, demand has progressively outpaced the supply from natural resources, and techniques for growing have been created. Nowadays, aquaculture is the primary supply of edible seaweed, not wild sources.
Application Insights:
With a revenue share in 2021, the application sector's human-consuming segment took the lead. The rise in the desire for more organic and natural food and beverage items is one reason for the development, along with greater knowledge of seaweed's nutrient enrichment and health advantages. In addition to being used for human and animal sustenance, seaweed is also used to make biofuel, taste and fragrance boosters, coloring additives, chemical research and production, medicines, cosmetics, and clinical research.
Recent Development:
Major Key Players:
Market Segmentation:
By Product
By Application
By Form
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