(MENAFN- EIN Presswire) commercial seaweed market size 2023
global commercial seaweed market is projected to expand at a compound annual growth rate (CAGR) of around 8% from 2022-2032.
NEW YORK CITY, NEW YORK, UNITED STATES, March 18, 2023 /einpresswire.com / -- Market Overview
The commercial seaweed market encompasses both edible and non-edible seaweeds used for various applications in industries such as food, pharmaceutical, and agriculture. According to market analysts, the global commercial seaweed market is projected to expand at a compound annual growth rate (CAGR) of around 8% from 2022-2032.
Key Takeaways
The global commercial seaweed market is expected to expand at an impressive clip during the forecast period due to rising demand for seaweed-based products in the food, pharmaceutical, and agriculture industries.
Asia-Pacific is the leading market for commercial seaweed, followed by North America and Europe. Red seaweed is the most widely cultivated variety, followed by brown and green varieties.
The food industry is the primary end-use market for commercial seaweed products, accounting for the majority of the market share.
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Drivers
Rising demand for seaweed-based foods due to their nutritional properties and health benefits. Seaweed is becoming more widely utilized in the pharmaceutical industry for developing drugs and medicines due to its anti-inflammatory and anti-cancer properties. Agriculture also sees an uptick in demand for natural and organic fertilizers made from seaweed extracts, with certain restrictions still remaining in place.
Restraints
High production costs and the need for large-scale cultivation to meet commercial seaweed product demand.
Lack of awareness and understanding regarding the advantages of seaweed-based products in some regions.
Opportunities
Seaweed-based products have seen a burgeoning demand in the cosmetic and personal care industry due to their natural and sustainable characteristics.
Researchers are developing innovative products like seaweed-based snacks, beverages, and supplements.
Investments in research and development to uncover new applications and benefits of seaweed continue to rise.
Environmental factors like pollution and climate change pose challenges to the cultivation and quality assurance of this essential food source.
Seaweed-based products often lack standardization and quality assurance in their production processes.
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Recent Developments
In 2021 Acadian Seaplants Limited acquired Norway-based Blue Ocean Mariculture, a leader in sustainable fishing of Red Drum fish. This will provide Acadian Seaweed Limited with additional nutrients for its seaweed cultivation operations.
In 2020, Cargill announced a collaboration with Renmatix, an innovative start-up, to develop seaweed-based food ingredients that could replace artificial additives and enhance the sustainability of the food industry.
In 2019, DowDuPont unveiled a seaweed-based film for food packaging, providing an environmentally friendly and biodegradable alternative to traditional plastic containers.
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