Commercial Seaweed Market

Commercial Seaweed Market Size by Product Type (Red Seaweed, Green Seaweed, Brown Seaweed, and Others), Form (Leaf, Powdered, Flakes, Liquid, and Others), Application (Agriculture Fertilizer, Animal Feed Additives, Food and Beverages, Pharmaceuticals, Cosmetics and Personal Care, Biofuels, Textiles, and Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2024 to 2033

Base Year: 2023 Historical Data: 2020-22
  • Report ID: TBI-14402
  • Published Date: Jun, 2024
  • Pages: 238
  • Category: Consumer Goods
  • Format: PDF
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The global commercial seaweed market was valued at USD 10 billion in 2023 and grew at a CAGR of 5% from 2024 to 2033. The market is expected to reach USD 16.28 billion by 2033. The increasing awareness about the health benefits of seaweed will drive the growth of the global commercial seaweed market.

Market Introduction:

Seaweed is microalga which is found in salt water and fresh water. They are present in diverse types and can be differentiated based on colour. The dominant three colours are red, green and brown. Some of them are of very large size while others are small sized and they also come in different shapes. seaweeds serve various industries such as agriculture, food and beverages, cosmetic products, pharmaceuticals, among others. They consist of vitamins and minerals. They are valuable in the modern health and wellness trends. Seaweed in different forms is available for easier handling and use. it is found in the form of powder, liquid or leaves. They also have properties like anti-inflammatory and are packed with antioxidants making them valuable in pharma and healthcare industries. they also prove to be valuable in skin and hair care products in the personal care and cosmetics industry. They are also being utilized more often in environmental application whereby they are used in waste water treatment or in water purification because they are able to absorb excess nutrients, heavy metals, and carbon dioxide from water. They are also used in the making of bio-fuels, bio-plastics which are very popular or demanded products in the current environment friendly world.

Commercial Seaweed Market Sizd

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Recent Development
  • The Simply Blue Group, with its headquarters in Ireland, joined the North Sea Farm 1 (NSF1) project collaboration in order to create the first seaweed farm on a commercial size in the world, situated inside an offshore wind farm. Situated in the North Sea off the coast of the Netherlands, the 10-hectare farm is scheduled to go into operation in autumn 2024 after being deployed and seeded. The first harvest is anticipated to occur in spring 2025. Under the direction of the nonprofit organisation North Sea Farmers (NSF), a group of scientific experts and partners from the seaweed business oversee the initiative.

Market Dynamics:

Drivers

The increasing awareness about the benefits of seaweed – the ever-rising population has led to an increasing demand for food. However, this increasing demand exhibit a pattern which prefers convenient, nutrition packed yet easy to make and ready to eat food products given the rapid urbanization accompanied by busy lifestyles of the consumers. the growth of internet has also contributed to the growing consumer awareness and them making more informed purchasing decisions. This has led to an increasing demand for seaweed infused/based food products. seaweeds are known to offer therapeutic benefits, and exhibit other health-promoting effects such as anti-inflammatory, antimicrobial, and antioxidant properties. Therefore, as the awareness about seaweed and its multiple health benefits increases, it will lead to the increasing demand for commercial seaweed and drive the market’s growth.

Restraints:

Infrastructural and cost challenges Infrastructure for commercial seaweed cultivation require seaweed faming, processing, packaging and distribution networks. The coastal sites with access to water and sunlight for the growth of abundant seaweed yield throughout the year demand significant capital investments. The processing units and transportations costs also contribute significantly to increasing costs. the rising climate consciousness has increased regulatory hurdles for necessary approvals to extract seaweeds. The costs incurred for acquiring processing equipment, devices and other necessary components also adds to costs. therefore, the infrastructural and costs challenges hamper the market’s growth.

Opportunities:

The expanding applications of seaweeds – the increasing research and development, innovation and growing experimentation exploring the potential benefits of seaweed beyond its traditional applications has led to expansion of seaweed applications across multiple varied industries. they are increasing being used in several medications in the pharmaceuticals industries give their biocompatible and health benefitting properties. The hydrating, soothing, and anti-aging properties of seaweed extracts are facilitating the production of seaweed-based skin care and hair care products driving their demand in the personal care and cosmetics industry. They are also being used in waste water treatments, environmental remediation, animal feed and agriculture as well as industrial applications. therefore, the expanding applications of seaweeds will contribute to the market’s growth and development during the forecast period.

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. Asia Pacific emerged as the most significant global commercial seaweed market, with a 40% market revenue share in 2023.

Seaweed has been a part of traditional cuisines of many cultures in the region, thereby establishing it as a staple ingredient in the food industry. The coastlines and freshwater reserves ensure steady supply of seaweed for the large consumer market. the increasing research and development have also led to the introduction of enhanced and sustainable farming practices, processing technologies and packaging solutions to improve yield and facilitate demand for seaweed products.

Asia Pacific Region Commercial Seaweed Market Share in 2023 - 40%

 

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  • Off the coast of Ekas, Indonesia, Sea6 Energy, a technology business based in Lombok, Indonesia, inaugurated a massive automated tropical seaweed farm. The one-square-kilometer farm's goal is to produce biofertilizers and bioplastics for use in large-scale industrial applications. Through its investments, Sea6 is fostering the growth of local talent, generating opportunities, and establishing a sustainable local economy in Indonesia.
Product type Segment Analysis

The product type segment is divided into red seaweed, green seaweed, brown seaweed, and others. The red seaweed segment dominated the market, with a market share of around 42% in 2023. Red seaweed is scientifically categorized under the subclass known as Rhodophyta. It is a kind of red or the purplish color Seaweed. it is derived from Seaweeds such as Gelidium and Gracilaria. it finds applications in different industries such as food, medicines, and cosmetics. This species is reported to be versatile and thus has the flexibility of surviving in numerous fluctuating and demanding environments. This ensures that they provide consistent yield. they have low rates of maintenance and year around availability. They are extensively used as thickeners and stabilizers which increases their value over other types. red seaweeds stand offer economic value, and adaptability, making them the predominant type in commercial seaweed production.

Form Segment Analysis

The form segment is divided into leaf, powdered, flakes, liquid, and others. The powdered segment dominated the market, with a market share of around 38% in 2023. Powdered form of Seaweed is easier to integrate and more flexible in use compared to its other forms. It can be added to a wide variety of products including food products, beverages, dietary supplements, cosmetics and drugs. these ingredients are better absorbed adding to their value in the market as this ensures that consumers can derive maximum nutritional benefits from seaweed-based products. Moreover, it offers extended shelf life. Powdered form leads to consistency in particle size, moisture content, and nutrient composition, which means it offers standard quality over time.

Application Segment Analysis

The application segment is divided into agriculture fertilizer, animal feed additives, food and beverages, pharmaceuticals, cosmetics and personal care, biofuels, textiles, and others. The food and beverages segment dominated the market, with a market share of around 37% in 2023. Seaweed has a variety of vitamins, minerals, antioxidants and essential fatty acids. all of which makes it a very attractive ingredient for food and beverage manufacturers who are seeking to develop products that are healthier and more functional. Besides, it has versatility in culinary uses to make it highly sought after in the industry.  Moreover, seaweed addresses the increasing trend of people seeking vegetarian and vegan products by providing food additives from plant origin that provide protein as well as other nutrients instead of animal-based products.

Some of the Key Market Players:
  • Acadian SeaPlus
  • Aushadh Limited.
  • BLUE EVOLUTION
  • Cascadia Seaweed
  • Earaybio
  • KwangcheonKIm
  • Ocean Rainforest
  • Organic Irish Seaweed-Emerald Isle
  • Springtide Seaweed, LLC
  • Wild Irish Seaweeds

Report Description:

Attribute Description
Market Size Revenue (USD Billion)
Market size value in 2023 USD 10 Billion
Market size value in 2033 USD 16.28 Billion
CAGR (2024 to 2033) 5%
Historical data 2020-2022
Base Year 2023
Forecast 2024-2033
Region The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East and Africa. Furthermore, the regions are further analyzed at the country level.
Segments Product Type, Form and Application

Frequesntly Asked Questions

As per The Brainy Insights, the size of the global commercial seaweed market was valued at USD 10 billion in 2023 to USD 16.28 billion by 2033.

Global commercial seaweed market is growing at a CAGR of 5% during the forecast period 2024-2033.

The market's growth will be influenced by the increasing awareness about the benefits of seaweed.

Infrastructural and cost challenges could hamper the market growth.

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This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global commercial seaweed market based on below mentioned segments:

Global Commercial Seaweed Market by Product Type:

  • Red Seaweed
  • Green Seaweed
  • Brown Seaweed
  • Others

Global Commercial Seaweed Market by Form:

  • Leaf
  • Powdered
  • Flakes
  • Liquid
  • Others

Global Commercial Seaweed Market by Application:

  • Agriculture Fertilizer
  • Animal Feed Additives
  • Food and Beverages
  • Pharmaceuticals
  • Cosmetics and Personal Care
  • Biofuels
  • Textiles
  • Others

Global Commercial Seaweed Market by Region:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Spain
  • Asia-Pacific
    • Japan
    • China
    • India
  • South America
    • Brazil
  • Middle East and Africa  
    • UAE
    • South Africa

Methodology

Research has its special purpose to undertake marketing efficiently. In this competitive scenario, businesses need information across all industry verticals; the information about customer wants, market demand, competition, industry trends, distribution channels etc. This information needs to be updated regularly because businesses operate in a dynamic environment. Our organization, The Brainy Insights incorporates scientific and systematic research procedures in order to get proper market insights and industry analysis for overall business success. The analysis consists of studying the market from a miniscule level wherein we implement statistical tools which helps us in examining the data with accuracy and precision. 

Our research reports feature both; quantitative and qualitative aspects for any market. Qualitative information for any market research process are fundamental because they reveal the customer needs and wants, usage and consumption for any product/service related to a specific industry. This in turn aids the marketers/investors in knowing certain perceptions of the customers. Qualitative research can enlighten about the different product concepts and designs along with unique service offering that in turn, helps define marketing problems and generate opportunities. On the other hand, quantitative research engages with the data collection process through interviews, e-mail interactions, surveys and pilot studies. Quantitative aspects for the market research are useful to validate the hypotheses generated during qualitative research method, explore empirical patterns in the data with the help of statistical tools, and finally make the market estimations.

The Brainy Insights offers comprehensive research and analysis, based on a wide assortment of factual insights gained through interviews with CXOs and global experts and secondary data from reliable sources. Our analysts and industry specialist assume vital roles in building up statistical tools and analysis models, which are used to analyse the data and arrive at accurate insights with exceedingly informative research discoveries. The data provided by our organization have proven precious to a diverse range of companies, facilitating them to address issues such as determining which products/services are the most appealing, whether or not customers use the product in the manner anticipated, the purchasing intentions of the market and many others.

Our research methodology encompasses an idyllic combination of primary and secondary initiatives. Key phases involved in this process are listed below:

MARKET RESEARCH PROCESS

Data Procurement:

The phase involves the gathering and collecting of market data and its related information with the help of different sources & research procedures.

The data procurement stage involves in data gathering and collecting through various data sources.

This stage involves in extensive research. These data sources includes:

Purchased Database: Purchased databases play a crucial role in estimating the market sizes irrespective of the domain. Our purchased database includes:

  • The organizational databases such as D&B Hoovers, and Bloomberg that helps us to identify the competitive scenario of the key market players/organizations along with the financial information.
  • Industry/Market databases such as Statista, and Factiva provides market/industry insights and deduce certain formulations. 
  • We also have contractual agreements with various reputed data providers and third party vendors who provide information which are not limited to:
    • Import & Export Data
    • Business Trade Information
    • Usage rates of a particular product/service on certain demographics mainly focusing on the unmet prerequisites

Primary Research: The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. Primary research mainly involves in telephonic interviews, E-mail interactions and face-to-face interviews with the raw material providers, manufacturers/producers, distributors, & independent consultants. The interviews that we conduct provides valuable data on market size and industry growth trends prevailing in the market. Our organization also conducts surveys with the various industry experts in order to gain overall insights of the industry/market. For instance, in healthcare industry we conduct surveys with the pharmacists, doctors, surgeons and nurses in order to gain insights and key information of a medical product/device/equipment which the customers are going to usage. Surveys are conducted in the form of questionnaire designed by our own analyst team. Surveys plays an important role in primary research because surveys helps us to identify the key target audiences of the market. Additionally, surveys helps to identify the key target audience engaged with the market. Our survey team conducts the survey by targeting the key audience, thus gaining insights from them. Based on the perspectives of the customers, this information is utilized to formulate market strategies. Moreover, market surveys helps us to understand the current competitive situation of the industry. To be precise, our survey process typically involve with the 360 analysis of the market. This analytical process begins by identifying the prospective customers for a product or service related to the market/industry to obtain data on how a product/service could fit into customers’ lives.

Secondary Research: The secondary data sources includes information published by the on-profit organizations such as World bank, WHO, company fillings, investor presentations, annual reports, national government documents, statistical databases, blogs, articles, white papers and others. From the annual report, we analyse a company’s revenue to understand the key segment and market share of that organization in a particular region. We analyse the company websites and adopt the product mapping technique which is important for deriving the segment revenue. In the product mapping method, we select and categorize the products offered by the companies catering to domain specific market, deduce the product revenue for each of the companies so as to get overall estimation of the market size. We also source data and analyses trends based on information received from supply side and demand side intermediaries in the value chain. The supply side denotes the data gathered from supplier, distributor, wholesaler and the demand side illustrates the data gathered from the end customers for respective market domain.

The supply side for a domain specific market is analysed by:

  • Estimating and projecting penetration rates through analysing product attributes, availability of internal and external substitutes, followed by pricing analysis of the product.
  • Experiential assessment of year-on-year sales of the product by conducting interviews.

The demand side for the market is estimated through:

  • Evaluating the penetration level and usage rates of the product.
  • Referring to the historical data to determine the growth rate and evaluate the industry trends

In-house Library: Apart from these third-party sources, we have our in-house library of qualitative and quantitative information. Our in-house database includes market data for various industry and domains. These data are updated on regular basis as per the changing market scenario. Our library includes, historic databases, internal audit reports and archives.

Sometimes there are instances where there is no metadata or raw data available for any domain specific market. For those cases, we use our expertise to forecast and estimate the market size in order to generate comprehensive data sets. Our analyst team adopt a robust research technique in order to produce the estimates:

  • Applying demographic along with psychographic segmentation for market evaluation
  • Determining the Micro and Macro-economic indicators for each region 
  • Examining the industry indicators prevailing in the market. 

Data Synthesis: This stage involves the analysis & mapping of all the information obtained from the previous step. It also involves in scrutinizing the data for any discrepancy observed while data gathering related to the market. The data is collected with consideration to the heterogeneity of sources. Robust scientific techniques are in place for synthesizing disparate data sets and provide the essential contextual information that can orient market strategies. The Brainy Insights has extensive experience in data synthesis where the data passes through various stages:

  • Data Screening: Data screening is the process of scrutinising data/information collected from primary research for errors and amending those collected data before data integration method. The screening involves in examining raw data, identifying errors and dealing with missing data. The purpose of the data screening is to ensure data is correctly entered or not. The Brainy Insights employs objective and systematic data screening grades involving repeated cycles of quality checks, screening and suspect analysis.
  • Data Integration: Integrating multiple data streams is necessary to produce research studies that provide in-depth picture to the clients. These data streams come from multiple research studies and our in house database. After screening of the data, our analysts conduct creative integration of data sets, optimizing connections between integrated surveys and syndicated data sources. There are mainly 2 research approaches that we follow in order to integrate our data; top down approach and bottom up approach.

Market Deduction & Formulation: The final stage comprises of assigning data points at appropriate market spaces so as to deduce feasible conclusions. Analyst perspective & subject matter expert based holistic form of market sizing coupled with industry analysis also plays a crucial role in this stage.

This stage involves in finalization of the market size and numbers that we have collected from data integration step. With data interpolation, it is made sure that there is no gap in the market data. Successful trend analysis is done by our analysts using extrapolation techniques, which provide the best possible forecasts for the market.

Data Validation & Market Feedback: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helps us finalize data-points to be used for final calculations.

The Brainy Insights interacts with leading companies and experts of the concerned domain to develop the analyst team’s market understanding and expertise. It improves and substantiates every single data presented in the market reports. The data validation interview and discussion panels are typically composed of the most experienced industry members. The participants include, however, are not limited to:

  • CXOs and VPs of leading companies’ specific to sector
  • Purchasing managers, technical personnel, end-users
  • Key opinion leaders such as investment bankers, and industry consultants

Moreover, we always validate our data and findings through primary respondents from all the major regions we are working on.

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