Global Red Seaweed Extract Market Size, Share & Trends Analysis Report, by Product Type, by Application, By Region Forecasts, 2023 - 2030

Global Red Seaweed Extract Market Size, Share & Trends Analysis Report, by Product Type, by Application, By Region Forecasts, 2023 - 2030

Global Red Seaweed Extract Market was valued at US $ 2058.4 million in 2022 and is expected to reach US $ 3018.1 Million by 2030 growing at a CAGR of 4.9% during the forecast period 2023 – 2030.

The global sector focused on the production, collection, processing, and distribution of extracts made from red seaweed species is known as the red seaweed extract market. These extracts are used in a broad variety of industries, including food, cosmetics, pharmaceuticals, and agriculture. They are produced using a variety of techniques, including drying, grinding, and solvent-based extraction. Products like agar, carrageenan, and other red seaweed-derived compounds are available in the market, providing a broad range of uses to meet consumer desires for sustainable, natural, and health-conscious ingredients. It is distinguished by its capacity for economic expansion, innovation, and the development of nutrient-dense, environmentally friendly substitutes in response to shifting consumer demands and international sustainability objectives.

The growing demand for food and drink items made from seaweed is turning into a powerful driver of industry growth. This trend is inextricably related to consumers' increasing awareness of their health and their active pursuit of nutritional and health-improving food choices. Seaweed has been known as a superfood that is packed full of vital vitamins, minerals, and antioxidants, making it a sought-after item for health-conscious people. Moreover, the association of seaweed-derived goods with organic and ecological food sources strikes a deep chord with the ecologically aware tendencies of contemporary customers. Seaweed's low resource footprint—which includes less water used, less land needed, and less pesticide application—aligns with sustainability goals and adds to its appeal. The growing popularity of plant-based and vegan diets has created a sizable market for seaweed-based substitutes for traditional animal-derived goods. This wide variety offers everything from snacks to dairy alternatives. Because of its versatility in the kitchen—which is attributed to its umami qualities and unique flavors—seaweed can be found in a wide range of foods, snacks, and drinks, making it an appealing option for consumers who are looking for a more varied and interesting diet.

“Powder segment, by product type, to be dominating market from 2023 to 2030.”

Powder is the most popular product type in the red seaweed extract market, with more than 60% of the global market share in 2022. Red seaweed extract in powder form has a long shelf life and is convenient to handle and carry. It is also the most adaptable form of red seaweed extract, with applications in food and drink, cosmetics and personal care, pharmaceuticals, and animal feed additives. Liquid red seaweed extract is the product category with the quickest rate of growth in the red seaweed extract market. The rising need for red seaweed extract in the food and beverage sector is fuelling the expansion of liquid red seaweed extract. In certain culinary and beverage applications, liquid red seaweed extract is more convenient to utilise than powdered red seaweed extract.

“Food and Beverage segment, by application, to be dominating market from 2023 to 2030.”

With more than 42% of the global market share in 2022, food and beverage applications are the most popular uses for red seaweed extracts. Red seaweed extracts are thickeners, stabilisers, gelling agents, and flavour enhancers found in a wide range of food and beverage products. Red seaweed extracts are in high demand in the food industry due to consumer preferences for natural and plant-based ingredients, which are fostered by dietary choices such as veganism and health consciousness. Furthermore, its usefulness as a natural element and possible health benefits fit in well with current market trends. On the other hand, the market for red seaweed extract is seeing a sharp rise in the pharmaceutical sector. The main reason for this expansion is the significant research that has shown red seaweed extracts to have therapeutic potential.

“North America to be largest region in Red Seaweed Extract market.”

The Asia-Pacific region holds a dominant market share of over 40% in the global red seaweed extract market in 2022. The region's long coastline, which provides easy access to red seaweed resources, and the rising demand for red seaweed extract in Asia-Pacific's food, cosmetics, and pharmaceutical industries are some of the reasons for this dominance. North America, Europe, and North America are the next two largest regions in the red seaweed extract market, respectively. In these areas, a noteworthy growth trajectory is anticipated in the next years. The expanding popularity of plant-based and vegan diets, as well as the growing awareness of the health benefits of red seaweed extract, are the main drivers of this expansion. Emerging economies like China and India are seeing the fastest growth in the red seaweed extract industry. These markets are expected to grow significantly in the near future due to growing disposable incomes and increased public awareness of red seaweed extract's health advantages.

Red Seaweed Extract Competitive Landscape

The competitive landscape of the Red Seaweed Extract market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Red Seaweed Extract technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Red Seaweed Extract market is highly competitive, with numerous companies vying for market share. Prominent companies in the Red Seaweed Extract Market include:

Major Players:

Cargill, Maine Coast Sea Vegetables, Algaia SA, Kelpak, Aquarev Industries, Humate International Limited, Saosis Biotech, Groupe Roullier, Shemberg, Fuerst Day Lawson Limited, Ceamsa, Extractos Naturales Gelymar S.A., Green Fresh Foodstuff, DuPont Inc., Qingdao Nanshan Seaweed, CP Kelco, Karagen Indonesia, Biolchim SPA, Acadian Seaplants Limited, Annie Chun's Inc.

Recent Developments:

Cargill's Investment in an Indonesian Seaweed Facility, August 2023

Cargill made a big statement in August 2023 about investing in a cutting-edge red seaweed extraction facility in Indonesia. By 2025, the facility is expected to be operational, with a focus on producing agar and carrageenan, two items made from red seaweed extract.

July 2023: Cosmetics-Grade Seaweed Extracts to Be Launched by Algaia SA

Algaia SA unveiled a cutting-edge product line in July 2023 that targets the cosmetics market specifically with products including red seaweed extract. This line includes a wide range of components that can be used to body care, hair care, and skincare products.

June 2023: Sustainable Carrageenan Extraction by Aquarev Industries

Aquarev Industries revealed a ground-breaking advancement in the field of red seaweed extraction in June 2023. They presented a brand-new way of extracting carrageenan from red seaweed that is environmentally friendly and more efficient than traditional techniques.

May 2023: Saosis Biotech's Partnership in the Study of Medicinal Seaweed

In May 2023, Saosis Biotech and a well-known Chinese pharmaceutical company established a strategic alliance with the aim of working together to produce drugs based on red seaweed extracts. The primary focus of this collaboration is on developing and researching drugs that target Alzheimer's disease and cancer.

Shemberg's Red Seaweed Extracts for Use in Food and Beverage Applications, April 2023

Shemberg unveiled a cutting-edge range of red seaweed extract products in April 2023 that are specifically designed for use in the food and beverage industry. This product line contains a variety of substances that can be used in food and beverage applications for purposes like thickening, stabilizing, and gelling.