Commercial Seaweeds Market Seaweeds are plant-like organisms that are also known as marine microalgae; they are generally attached to a rock or other hard substratum in coastal areas. The commercial seaweeds market is estimated to account for USD 14.08 billion in 2018. It is projected to reach USD 21.11 billion by 2023, at a CAGR of 8.4%, in terms of value.
The commercial seaweeds market is projected to witness a significant growth attributed to the functional properties of edible seaweeds that widen new prospects for the food processing industry and the application of seaweeds and seaweed extracts, such as agar, carrageen, and alginate. These are increasingly used as gelling, binding, and thickening agents in the food, textile, and other manufacturing industries.
The food segment is projected to dominate the commercial seaweeds market throughout the forecast period. Dairy products in the food sub-segment are projected to lead in the commercial seaweeds market over the forecast period. Seaweed extracts such as agar, carrageenan, and alginate find applications in the dairy industry. These extracts are used as thickening and gelling agents in products such as cheese, creams, desserts, ice creams, dairy powder, and dairy drinks.
The red seaweeds segment in the commercial seaweeds market is estimated to dominate in terms of volume in 2018. These seaweeds are mainly consumed directly in countries such as China, Japan, South Korea, and Indonesia. They are also used in the preparation of foods such as soups, salads, and sushi. These seaweeds also find application in other industries such as pharmaceutical and cosmetics, due to high vitamin, mineral, and antioxidant content. On account of these factors, the growth of the red seaweeds segment is projected to remain positive.
The liquid form of seaweeds is projected to grow at the highest CAGR between 2018 and 2023. The liquid form of seaweeds finds application in the food, cosmetics, agriculture, and pharmaceuticals industries. They are increasingly used in the agriculture sector as fertilizers and soil conditioners due to their ease of application, which is projected to drive the growth of the liquid segment.
The commercial seaweeds market growth is also attributed to the strategies adopted by the leading companies. This report provides a qualitative analysis of the prominent market players and their preferred development strategies. Key players such as such DowDuPont (US), Cargill (US), Roullier Group (France), COMPO EXPERT (Germany), Biostadt India (India), CP Kelco (US), BRANDT (US), Acadian Seaplants (Canada), Gelymar (Chile), Seasol international (Australia), Algea (Norway), Algaia (France), CEAMSA (Spain), and Seawin biotech (China) were profiled in the report.