Application of seaweed in agriculture has become a critical contributor to the expansion of commercial seaweed industry. Rising consumer demand for natural cosmetics and personal care products will further complement market growth.
DUBAI, UAE / ACCESSWIRE / March 3, 2020 / The global commercial seaweed market is set to reach a value of US$ 15 Bn by the end of 2029, as projected by a new study of Fact.MR. Leading producers of commercial seaweed are prioritizing investments for sustainable harvesting to gain traction among the environment-conscious consumer clusters.
"Application base of commercial seaweed continues to expand, generating revenues in the long term. Although a readily consumable product, its inconsistent production and supply scene remains a challenge for pricing of seaweed in market," says the Fact.MR report.
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Commercial Seaweed Market: Key Findings
- Red seaweed accounts for more than 50% of the overall market value, majorly driven by pharma applications.
- Increasing use of red seaweed-extracted carrageenan in infant supplements will generate new avenues for revenue.
- Emerging economies such as Indonesia, China, and India stand as the key seaweed producers.
- Asia Pacific accounts for a whopping 70% market share; developed regions reflect strong potential markets owing to favorable government policies.
Key Driving Factors
- Government grants towards ocean farming will be the key driver bolstering commercial seaweed market growth.
- Applications in nutraceuticals, pharmaceuticals, biotechnology, and antimicrobial products are pushing market growth in developed regions.
- Food applications of seaweed in Asian countries would add value to market growth.
- Rising popularity of organic farming has contributed to the growth of the commercial seaweed market.
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Key Market Restraints
- High density seaweed farming activities have increased the risk of disease outbreaks impacting production.
- Pollution of water bodies around the globe hampers the growth of seaweed farms.
- Uncertain production and supply scenario of seaweed continues to pose a challenge facing commercial seaweed market players.
The global commercial seaweed market is moderately fragmented. Niche players are leveraging government grants to capture market share. Manufacturers are also investing in research and development projects to expand their product portfolios. The report has also profiled key players in the global commercial seaweed market, including but not limited to Du Pont de Nemours & Co., CP Kelco, Cargill Inc., and Yan Cheng Hairui Food.
About the Report
This 200+ pages study provides in-depth forecast data on the commercial seaweed market. The key categories encompassed by the report include product type (red, green, and brown), form type (liquid and powder), end user (direct consumption, textiles, food additives, pharma & personal care, paper, animal feed, and fertilizers) and 25+ countries in key regions (North America, Latin America, Europe, South Asia and Pacific, East Asia, and Middle East & Africa).
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