Forecast Period
|
2024-2028
|
Market Size (2022)
|
USD 9.58 Billion
|
CAGR (2023-2028)
|
3.13%
|
Fastest Growing Segment
|
Brown Seaweeds
|
Largest Market
|
Asia-Pacific
|
Market Overview
Global Commercial Seaweeds Market
has valued at USD 9.58 Billion in 2022 and is
anticipated to project impressive growth in the forecast period with a CAGR of 3.13% through 2028. Commercial seaweeds, also known as
macroalgae, are extensively utilized for their nutritional, industrial, and
agricultural benefits. These large and complex marine algae offer a wide range
of vitamins, proteins, and minerals, providing a nutritional boost to various
dishes. Moreover, they possess antioxidant, anti-inflammatory, and
anti-microbial properties, making them highly valued ingredients in health
supplements and skincare products. Commercial seaweeds are commonly used in the
preparation of sushi rolls, soups, and salads, and are also instrumental in the
extraction of hydrocolloids like agar, alginate, and carrageenan, which serve
as vital thickening and stabilizing agents in the food industry.
The market for commercial seaweeds is experiencing
growth due to the increasing consumption of these seaweeds, which are rich in
omega-3 fatty acids that contribute to heart health. Furthermore, their
utilization in the agricultural sector as biofertilizers and bio stimulants has
gained momentum, as they promote plant growth, increase crop yield, and improve
soil health, thereby supporting sustainable farming practices. The demand for
commercial seaweeds is also driven by their widespread use in Asian cuisine in
restaurants and hotels. Additionally, the employment of commercial seaweeds in
aquaculture plays a crucial role in marine ecosystems, providing food and
habitat for various marine species, further bolstering market growth.
Key Market Drivers
Rising Health Consciousness Among the Masses
The commercial seaweed market is currently
experiencing significant growth. This growth can be attributed to the
increasing health consciousness among the global population. As people become
more aware of the importance of maintaining a healthy lifestyle, there is a
growing interest in consuming natural and organic products. Seaweeds, being a
type of marine vegetable, have emerged as a popular choice due to their rich
nutritional profile.
These marine vegetables are not only low in
calories but also packed with essential nutrients such as minerals, vitamins,
dietary fibers, proteins, and bioactive compounds. As a result, they offer
numerous health benefits, making them an integral part of the modern balanced
diet. For instance, consuming commercial seaweed can help maintain heart
health, control blood sugar levels, enhance digestion, boost immunity, and
promote overall well-being. These benefits have particularly appealed to the
health-conscious segment of consumers. In addition to the rising demand driven
by health consciousness, the commercial seaweed market is also benefiting from
extensive research and development (R&D) activities. This, coupled with
continuous innovations in the food and beverage (F&B) industry, has led to
the incorporation of seaweed into various health-promoting products. The
versatility of seaweed as an ingredient has allowed for its integration into a
wide range of F&B products, catering to different consumer preferences and
needs.
Increasing Demand for Effective Skincare Products
with Natural Ingredients
The commercial seaweeds market is experiencing a
surge in demand due to the growing need for effective skincare products that
harness the power of natural ingredients. Seaweeds, also known as marine
macroalgae, are renowned for their impressive nutrient profile, encompassing
vital vitamins, minerals, amino acids, antioxidants, and fatty acids. These
remarkable bioactive compounds possess a multitude of benefits for skin health
and rejuvenation, including antioxidant, anti-inflammatory, and anti-aging properties.
Recognizing the increasing consumer preference for
skincare solutions with natural ingredients, the global skincare industry is
actively incorporating various species of seaweed into a wide array of
products. From facial cleansers, toners, masks, and serums to moisturizers and
body lotions, seaweed is emerging as a favored ingredient, significantly
impacting the commercial seaweed market.
Furthermore, seaweed extracts offer a protective
shield for the skin against environmental stressors like pollutants and UV
radiation, which are major contributors to premature skin aging. As consumers
become more aware of these advantages, the demand for seaweed-based skincare
products continues to rise, thereby fueling the growth of the commercial
seaweed market. With the convergence of the increasing demand for effective
skincare solutions and the remarkable properties of seaweed, the commercial
seaweed market is poised for even greater expansion and innovation.
Rising
Demand for Seaweed in Biofuels & Bioenergy Production
Currently, the increasing utilization of biofuel as
a sustainable energy source is driving the growth of the commercial seaweeds
market. Biofuels, derived from living organisms or metabolic by-products, offer
a promising solution to the rising energy demands. The pursuit of green energy
alternatives is motivated by the dual objectives of reducing greenhouse gas
emissions and minimizing reliance on fossil fuels. In this regard,
seaweed-derived biofuels, also known as seaweed bioenergy, are emerging as a
viable choice. The market dynamics are also influenced by extensive research
and development (R&D) efforts focused on optimizing the biofuel production
process from seaweed. Advances in biotechnology and genetic engineering are
enhancing the biofuel yield from seaweed, thus increasing their commercial
viability. Moreover, improvements in cultivation methods, harvesting
techniques, and bioconversion processes are enabling more efficient and
cost-effective production of seaweed biofuels, thereby contributing to the
growth of the commercial seaweed market.
Increasing
Use of Seaweed in The Food & Beverage Industry
The global food and beverage industry is witnessing
a rising trend of incorporating seaweed into various products, which is
expected to boost the demand for commercial seaweeds globally. Seaweeds are
touted as a superfood due to their rich nutrient profile, including vitamins,
minerals, and antioxidants. They are low in calories and have high fiber
content, making them a sought-after ingredient in health-conscious diets. With
an increasing consumer shift towards plant-based and organic food products, the
acceptance of seaweeds in regular diets has seen a significant upswing.
Restaurants and food manufacturers are leveraging this trend by offering
innovative seaweed-based products like snacks, beverages, seasonings, and even
desserts. Additionally, seaweeds are being used in food processing as
thickeners, stabilizers, and gelling agents, further driving their demand. The
surge in seaweed’s consumption, backed by their health benefits and versatility
in food preparation, is propelling the growth of the commercial seaweeds
market. With continued innovations and marketing efforts, the trend is set to ascend,
further escalating the global demand for commercial seaweeds.
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Key Market Challenges
Lack Of Uniform Regulatory Standards Across
Different Countries
The growing demand for commercial seaweeds in
industries such as food, agriculture, and cosmetics is notably being hindered
by the lack of uniform regulatory standards across different countries. This
fragmentation of rules and regulations poses a significant challenge to the
global commercial seaweed industry. In one country, a particular type of
seaweed may be considered safe for use in food products, while in another, the
same seaweed may be deemed unfit due to varying standards of toxicity levels.
This inconsistency in regulations creates confusion and uncertainty for
manufacturers, leading to increased costs as they try to adapt to different
regulatory environments. Moreover, the complexity and diversity of the
regulatory landscape can act as a deterrent for new market entrants. This lack
of a standardized global framework for seaweed regulation, therefore, is
expected to decrease the demand for commercial seaweeds globally. As long as
these regulatory disparities persist, the full potential of the commercial
seaweed market will remain unrealized. Thus, it is crucial for stakeholders to
work together towards establishing uniform global standards to foster growth
and sustainability in this industry.
Primitive and Inefficient Harvesting Techniques
The global demand for commercial seaweeds, despite
their myriad of advantageous applications, is expected to be negatively
affected by primitive and inefficient harvesting techniques. Seaweeds are a
renewable marine resource with a wide range of uses in the pharmaceutical,
cosmetic, and food industries. However, the methods used to harvest these
seaweeds often lack the sophistication and efficiency needed to sustainably
meet this demand. Traditional harvesting techniques, such as hand cutting, can
be labor-intensive, time-consuming, and often result in the destruction of the
marine habitat. This not only reduces the total amount of seaweed available for
commercial use, but also disrupts the delicate ecological balance of the marine
environment, which can have far-reaching impacts on marine biodiversity.
Moreover, these outdated techniques do not allow for the selective harvesting
of seaweeds, which is crucial in maintaining the quality and variety of the
products derived from them. As public awareness about environmental
sustainability grows, consumers and industries are increasingly opting for
products that are sourced sustainably. Thus, the continuation of these
primitive and inefficient harvesting techniques could potentially decrease the
demand for commercial seaweeds globally. On the other hand, the adoption of
more modern, environmentally friendly, and efficient harvesting technologies
could reverse this trend, increasing the demand for commercial seaweeds and
ensuring their sustainable use for generations to come.
Key Market Trends
Expansion of the Seaweed Processing Industry
The global commercial seaweeds market is projected
to witness significant growth, largely fueled by the expansion of the seaweed
processing industry. Seaweeds, with their diverse applications in food,
agriculture, pharmaceuticals, and cosmetics, have seen increased commercial
interest. Key to this surge is the versatility of seaweed; it offers
nutritional benefits when consumed directly, and its extracts are increasingly
used in the production of hydrocolloids like agar, alginate, and carrageenan.
However, the most noteworthy factor is the growing awareness of seaweed as a
sustainable food source, aligning with global trends towards environmental
sustainability and food security. The processing industry is rapidly expanding
to accommodate this burgeoning demand, thereby further escalating global
commercial seaweed needs. Moreover, technological advancements in seaweed
cultivation and harvesting are expected to streamline production and boost
yields, contributing to market growth. Lastly, government initiatives
encouraging seaweed farming as an alternate livelihood in coastal communities
are also expected to bolster the supply, thus fueling the upswing in demand for
commercial seaweeds globally.
Advancements in Seaweed Farming Practices
Rapid advancements in seaweed farming practices are
set to fuel the global demand for commercial seaweeds. As a sustainable and
renewable resource, seaweeds are gaining significant attention for their
applications across diverse sectors, including, but not limited to, food and
beverages, pharmaceuticals, and cosmetics. The ongoing innovation in farming
methodologies, such as the introduction of integrated multi-trophic aquaculture
and the development of advanced harvesting techniques, have resulted in
increased production efficiency and yield. Moreover, these advancements are
reducing the environmental impact of seaweed farming, further solidifying its
position as a sustainable industry. Enhanced cultivation techniques, coupled
with the awareness of seaweeds' nutritional benefits and their potential use in
biofuel production, are contributing to the expansion of the commercial seaweed
market. Additionally, the support of governmental policies and subsidies for
seaweed cultivation projects worldwide is creating a conducive environment for
market growth. Therefore, the combination of technological advancements,
growing awareness, and supportive policies is expected to drive an upsurge in
the global demand for commercial seaweeds.
Segmental Insights
Type Insights
Based on the type, the
market was dominated by the green seaweeds segment in 2022, attributed to their
high beta-carotene content, which has demonstrated efficacy in cancer
prevention. The increasing demand for green algae in dietary supplements,
particularly in the form of capsules and tablets, is projected to drive the
growth of this segment during the forecast period. In terms of product segment,
brown seaweed held the highest revenue share in 2022. The brown seaweed segment
is expected to experience rapid growth throughout the forecast period, owing to
its extensive applications in various industries such as agriculture, animal
feed, and food & beverage. Brown seaweeds are primarily utilized as a raw
material for extracting the hydrocolloid alginate, as well as for food
purposes. Additionally, the product serves as an emulsifier and thickener in
syrups, and as a filler in candy bars and salad dressings. Ongoing research on
the use of alginic acid in lithium-ion batteries is anticipated to further
boost the demand for brown seaweeds within the estimated timeframe.
On the other hand, red
seaweeds are primarily consumed as food and are a valuable source of two
hydrocolloids, namely carrageenan and agar. Furthermore, red seaweeds are rich
in vitamins and proteins, making them an excellent alternative protein source.
Notably, red seaweed offers key health benefits such as lowering bad
cholesterol and regulating blood sugar levels. Moreover, it is considered a
good source of antioxidants, contributing to enhanced immunity and nourished
skin. These beneficial properties are expected to drive market growth.
Application Insights
Based on the Application, the
Human Food segment emerged as the leading application segment in 2022,
capturing a significant revenue share. This growth can be attributed to several
factors. There is a growing awareness among consumers about the nutrient
enrichment and health benefits offered by seaweed. People are increasingly
recognizing the value of incorporating seaweed into their diets for its
nutritional properties. There is a rising demand for organic and natural food
and beverage products, which has further fueled the popularity of seaweed as a
key ingredient. This trend is driven by consumers' preference for healthier and
more sustainable food options.
Additionally, the demand
for seaweeds for direct human consumption is particularly high in the Asia
Pacific region, specifically in countries such as China, Indonesia, South
Korea, Malaysia, Japan, and the Philippines. This can be attributed to cultural
factors, as seaweed has long been a staple in the traditional diets of these
regions. The cultural significance of seaweed, coupled with its nutritional
benefits, has led to a higher demand for seaweeds for human consumption in these
countries.