The seaweed cultivation market size is estimated to be valued at USD 16.7 billion in 2020 and is projected to reach USD 30.2 billion by 2025, recording a CAGR of 12.6% during the forecast period, in terms of value. Seaweeds are plant-like organisms that are also known as marine microalgae; they are generally attached to a rock or other hard substratum in coastal areas. The classification of seaweeds is based on various properties, such as pigmentation, the organization of photosynthetic membranes, the chemical nature of the photosynthetic storage product, and other morphological features. The application of seaweeds dates back to the fourth and sixth centuries in Japan and China, respectively. Since then, increasing investment and focus on R&D activities pertaining to seaweed were undertaken globally, which encouraged the cultivation of seaweeds. Currently, seaweeds account for more than 90% of the global market’s demand.
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Geographical Prominence
Asia Pacific is estimated to account for the largest market share in the seaweed cultivation market, in terms of value, in 2020. The large market size of the Asia Pacific for seaweed cultivation is attributed to the expansion of the seaweed industry in Asian countries such as China, Indonesia, Korea, and the Philippines, owing to factors such as ease of raw material availability, favorable climatic conditions for the production of seaweeds, low labor cost, and usage of seaweeds directly in food preparations. The North American and European seaweed industries are still developing and are projected to witness significant growth in the coming years. Awareness about the nutritional benefits of seaweeds, the presence of valuable nutrients such as iodine, calcium, magnesium, iron, vitamins, and antioxidants, and its growing usage in industrial applications drive the market for seaweeds in these regions.
Key Market Players
The seaweed cultivation market is dominated, with a large number of players. Key players in the market include Cargill (US), DuPont (US), Groupe Roullier (France), CP Kelco U.S., Inc. (US), Qingdao Gather Great Ocean Algae Industry Group (China), and Qingdao Seawin Biotech Group Co. Ltd. (China), among others. Through strategies, such as expansions & investments, new product launches, acquisitions, and partnerships & agreements, companies are expanding their global presence and offering new products, which is projected to increase their operational capabilities in the market.
Increase in the application of seaweed extracts such as agar, carrageenan, and alginate in processed food driving the market
The food segment is estimated to dominate the market for seaweed cultivation, by application, in terms of value, in 2020. Seaweeds are widely regarded as a health food, owing to the presence of nutrients such as high iodine, calcium, magnesium, iron, vitamins, antioxidants, and fiber. This has been driving the market for seaweeds as a source of food in regions such as North America & Europe. In processed food, seaweeds have a wide range of applications: as a thickening and gelling agent in products, such as sausages, bread, creams, cheese, dairy drinks, and candies. Additionally, the use of seaweeds for the manufacturing of low-calorie ice creams and cakes is likely to fuel the market growth.
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By application, dairy sub-segment in the food segment is projected to account for the largest share in the seaweed cultivation market during the forecast period
The seaweeds used in the dairy products under the food segment dominates the application segment throughout the forecasted period. Seaweed extracts such as agar, carrageenan, and alginate have wide applications in the dairy industry. These extracts are used as a thickening and gelling agent in products such as cheese, creams, desserts, ice creams, dairy powder, and dairy drinks. Alginates are also used as stabilizers to improve the viscosity of milk drinks, such as chocolate milk drinks.