Commercial Seaweed Market by Product (Brown Seaweed, Red Seaweed, and Green Seaweed), by Form (Leaf, Powdered, and Flakes), and by End-User (Agriculture, Food & Beverage, Animal Feed, Cosmetic, and Pharmaceutical) – Global Opportunity Analysis and Industry Forecast, 2024–2030

Market Definition

The global Commercial Seaweed Market size was valued at USD 12.04 billion in 2023 and is predicted to reach USD 18.66 billion by 2030 with a CAGR of 6.52% from 2024-2030. Commercial seaweed refers to seaweed species cultivated and harvested for various industrial applications, including food products, pharmaceuticals, cosmetics, and agriculture.

Commercial seaweed represents a valuable resource with diverse uses across industries. It is cultivated and processed on a commercial scale to extract key components or compounds for incorporation into a wide range of products. The industry perspective emphasizes the sustainable cultivation and utilization of seaweed to meet growing market demands for natural, environmentally friendly, and versatile raw materials in different sectors.

Market Dynamics and Trends

The increasing global demand for commercial seeds in the food industry, propelled by their capacity to enhance digestion and cognitive function among consumers, is significantly fuelling the market growth. As seaweed is rich in fibers and prebiotics, it promotes a healthy gut microbiome, aiding digestion and nutrient absorption. Its rich content of omega-3 fatty acids, antioxidants, and essential minerals contributes to the support of cognitive function, positively influencing overall brain health.

Also, the rising cosmetic industry along with the growing demand for fucoxanthin, a natural ingredient obtained from brown seaweed to create emollient and skin-conditioning properties, particularly in the cosmetic industry is propelling the growth of the commercial seaweed market. This ingredient not only aligns with the rising trend of consumers favoring sustainable and plant-derived options but also caters to the growing desire for effective skincare solutions.

Moreover, the growing demand for vegan and plant-based products in the consumer sector is propelling the growth of the market. With a growing emphasis on healthier and sustainable lifestyles, consumers are actively seeking plant-based alternatives. This trend is driven by factors such as health consciousness, environmental concerns, and ethical considerations.

As a result, businesses offering vegan and plant-based products are witnessing heightened demand, creating opportunities for market expansion and profitability. However, seaweed farming is subject to various regulations related to environmental impact, food safety, and aquaculture practices is restraining the market growth. Adhering to these regulations can be challenging, and non-compliance may lead to operational setbacks.

On the contrary, the introduction of the latest seaweed cultivation methods such as offshore farming and integrated multi-trophic aquaculture, represents a major shift towards making the seaweed industry more efficient, scalable, and sustainable. These innovations not only overcome spatial limitations but also make seaweed production more resource-efficient and environmentally friendly. This is expected to create significant growth opportunities in the commercial seaweed market.

Market Segmentation and Scope of Study

The commercial seaweed market is segmented on the basis of product, form, end-user, and region. On the basis of product type, the market is categorized into brown seaweed, red seaweed, and green seaweed.

On the basis of form, the market is classified into leaf, powdered, and flakes. On the basis of end-users, the market is divided into agriculture, food & beverage, animal feed, cosmetic, pharmaceutical, and human consumption. Regional breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and Rest of the World (RoW).

Geographical Analysis

Asia-Pacific holds the dominant share of the commercial seaweed market and is expected to continue its dominance during the forecast period. This is attributed to factors such as the growing food service sector in countries including China and India that are adopting macro-algae for the production of plant-based food products.

For instance, in November 2023, Nestle India launched plant-based protein products aligning 113+ startups, meeting the rising demand for alternative protein sources. This reflects a global shift towards sustainability, influencing the commercial seaweed market as consumers seek diverse and eco-friendly food options.

This continued dominance of sustainable practices, including commercial seaweed, underscores a broader trend towards environmentally conscious choices and varied dietary preferences, supporting the market's growth in the region. 

Also, the presence of prominent market players such as Cargill Inc., Buhler Group, and Givaudan that are adopting various market strategies including business expansion is boosting the market growth in the region.

For instance, in September 2022, Cargill Inc., Buhler Group, and Givaudan launched a program to help start-ups that are innovating in plant-based protein with alternative protein sources such as seaweed, to address the needs of a growing global population. This initiative is leading to the development of new commercial seaweed-based flavors and fragrances, contributing to market expansion.

On the other hand, North America is expected to show steady growth in the commercial seaweed market, due to the growing demand for healthy and sustainable plant-based food products in the consumer sector, especially in countries including U.S. and Canada.

According to the report published by Good Food Institute (GIF) as of August 2023, U.S. distributor sales of plant-based proteins reached USD 304 million with 8% growth in the year 2022. This growth emphasizes the increasing benefits associated with seaweed consumption and the promising trajectory in embracing plant-based food products in the region. Moreover, the government launched a pioneering initiative to promote sustainable cultivation of macro-algae in agricultural and aquaculture sectors in U.S. and other regional countries.

This initiative not only aligns with ecological priorities but also presents a lucrative opportunity for the growth of the market. The U.S. Department of Energy initiated the Algae Prize competition in January 2022, to promote innovation in algae-based technologies, fostering sustainable bioenergy solutions. This progress corresponds with the commercial seaweed industry's pursuit of innovation and sustainability, as both initiatives align in their commitment to advancing bioenergy solutions.

Competitive Landscape

The commercial seaweed market trends comprise various market players including Acadian Seaplants, Cargill Inc, CP Kelco, Cascadia Seaweed, Mara Seaweed, Roullier Group, Seasol International Pty. Ltd, Chase Organics GB, Dupont De Nemours and Company, Ocean Harvest Seaweed, and others. These market players are adopting various strategies such as product launch and collaboration to maintain their dominance in the commercial seaweed market.

For instance, in July 2023, Cascadia Seaweed collaborated with Refeed Canada to launch Cascadia’s first agricultural product which is a liquid plant-based food made from seaweed extract and helpful for both commercial and environmental benefits as a biostimulant.

Also, in November 2021, Cascadia Seaweed collaborated with Tsawout First Nation to farm seaweed off James Island. This helped the company to increase the production of seaweed in order to meet the growing demand for seaweed.

Moreover, in November 2021, Acadian SeaPlus launched chondracanthus chamissoi, a type of red algae, in response to the growing demand for diverse seaweed products. This launch aligns with market trends and consumer preferences, offering applications in functional foods, nutraceuticals, cosmetics, and pharmaceuticals.

Key Benefits

• The report provides quantitative analysis and estimations of the commercial seaweed market from 2024 to 2030, which assists in identifying the prevailing market opportunities.

• The study comprises a deep dive analysis of the commercial seaweed market including the current and future trends to depict prevalent investment pockets in the market.

• Information related to key drivers, restraints, and opportunities and their impact on the commercial seaweed market is provided in the report. 

• A competitive analysis of the players, along with their market share is provided in the report.

• SWOT analysis and Porter's Five Forces model are elaborated in the study.

• Value chain analysis in the market study provides a clear picture of roles of stakeholders.

Commercial Seaweed Market Key Segments

By Product

• Brown Seaweed

• Red Seaweed

• Green Seaweed

By Form

• Leaf

• Powdered

• Flakes 

By End User

• Agriculture

• Food & Beverage

• Animal Feed

• Cosmetic

• Pharmaceutical

By Region

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The UK

  • Germany

  • France        

  • Italy        

  • Spain        

  • Denmark        

  • Netherlands        

  • Finland        

  • Sweden        

  • Norway        

  • Russia        

  • Rest of Europe    

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia Pacific

• RoW

  • Latin America

  • Middle East

  • Africa

REPORT SCOPE AND SEGMENTATION:

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