Seaweed Market By Product Type (Red, Brown, Green) , By Application (Food, Medicines, Chemical & Fertilizers, Animal Feed Additives, Building Materials, Energy Sources) : Global Opportunity Analysis and Industry Forecast, 2024-2033
Seaweed Market
The seaweed market was valued at $7.0 billion in 2023 and is projected to reach $16.1 billion by 2033, growing at a CAGR of 8.7% from 2024 to 2033.
Seaweed is a general term given to algae, which are multicellular eukaryotic organisms lacking special reproductive structures. Present in marine environments, seaweed consists of rootlike structures called holdfasts that provide anchorage to the bottom of waterbody. Unlike the conventional weeds that destroy their own habitat of occurrence, seaweeds form an essential part of the aquatic environment as they offer food and shelter to several other marine organisms. Moreover, a variety of seaweeds are edible in nature and are characterized by their low calorific content and presence of healthy bioactive compounds.
Increase in awareness regarding the role of seaweed as superfood, owing to its high nutritional and fiber content is a significant driver of the market. In addition, rise in the popularity of vegan lifestyle is boosting the demand for seaweed as a competent alternative for meat. With upsurging applications of seaweed across different industries, including health supplements & snacks, bioplastics, cosmetics, and polymers, the creation of dedicated seaweed farms is trending in the market. Seaweed farming is projected to alleviate climatic change & biodiversity loss by serving as a substitute for terrestrial food and reducing greenhouse gas emissions associated with conventional land agriculture.
However, the availability of seaweed is subject to seasonal variations and growth patterns, which restrains the growth of the market. Moreover, the demand for seaweed remains restricted to a certain segment of consumers owing to limited awareness regarding its existence and health benefits. These factors hamper the development of the seaweed market significantly. On the contrary, with upsurging concerns regarding climate change, the growth of seaweed market is poised to witness new avenues due to its ability to sequester large amounts of carbon dioxide. BBC reports that seaweed sequesters approximately 200 million tonnes of carbon dioxide yearly. Therefore, the cultivation of seaweed is expected to increase considerably in the future.
Segment ReviewThe seaweed market is segmented into product type, application, and region. On the basis of product type, the market is divided into red, brown, and green. Depending on application, it is classified into food, medicines, chemical & fertilizers, animal feed additives, building materials, and energy sources. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsOn the basis of product type, the red segment held a high share of the market in 2023.
Depending on application, the food segment acquired a high stake in the market in 2023.
Region wise, Asia-Pacific was the highest revenue generator in 2023.
Competition AnalysisThe leading players operating in the global seaweed market include COMPO EXPERT GmbH & Co. KG, GimMe Health Foods LLC, Cargill, Incorporated, Irish Seaweeds, Mara Seaweed Ltd., Brandt, Inc., Groupe Roullier SA, Maine Coast Sea Vegetables, Inc., Annie Chun's, Inc., and Qingdao Gather Great Ocean Algae Industry Group Co., Ltd. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, to strengthen their foothold in the competitive market.
Key Market SegmentsBy Product TypeRed
Brown
Green
By ApplicationFood
Medicines
Chemical Fertilizers
Animal Feed Additives
Building Materials
Energy Sources
By RegionNorth America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
Spain
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
South Africa
Saudi Arabia
Argentina
Rest of LAMEA
Key Market PlayersCOMPO EXPERT GmbH & Co. KG
GimMe Health Foods LLC
Cargill, Incorporated
Irish Seaweeds
Mara Seaweed Ltd.
Brandt, Inc.
Groupe Roullier SA
Maine Coast Sea Vegetables, Inc.
Annie Chun's, Inc.
Qingdao Gather Great Ocean Algae Industry Group Co., Ltd.