Government Grants for Ocean Farming to Augment Growth of Commercial Seaweed Market
The global market for seaweed accounted for ~US$ 10.5 Bn in 2018 and is expected to cross ~US$ 15 Bn by the end of forecast period (2019-2029). Seaweed cultivation has been expanding rapidly for its use in pharmaceuticals, nutraceuticals, antimicrobial products, and biotechnological applications.
The presence of various nutritional and medicinal properties in seaweed is likely to boost the overall commercial seaweed Demand. While seaweeds are mostly grown in coastal regions, their increasing end use is promoting the cultivation of seaweed in other regions such as Europe and North America. Regulatory authorities like WHO and FAO have approved the use of seaweed in infant formula.
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The use of seaweed in agriculture as a fertilizer is also going to bring in exponential growth in the foreseeable future. Companies are investing large sums of money in seaweed extracts for their cosmetics and personal care products range. With these projections in mind, Fact.MR says that the global commercial seaweed market is forecasted to account for an absolute dollar opportunity of ~US$ 15 Bn between 2019 and 2029.
Key Takeaways of Commercial Seaweed Market
- APAC accounts for 70% share in global Commercial Seaweed market, and is expected to present an ongoing growth trend.
- Europe and North America collectively are expected to grow the fastest among other regions and are anticipated to grow 1.7X in terms of value in 2019 owing to abundant government grants.
- The use of Carrageenan from red seaweed in infant supplements is likely to create new revenue streams.
- Red seaweed is expected to acquire more than 50% market share among other seaweed types during the forecast period.
- Emerging economies like China, India, and Indonesia are key producers of seaweed.
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Commercial Seaweed Manufacturers Eyeing Potential Markets for Revenue Generation
Currently, the commercial seaweed market is consolidated in East Asia and South Asia, as a large number of players have originated from this region. The growing demand for seaweed is encouraging manufacturers to increase their reach and product portfolio in the global market. Europe is an emerging region as approved applications of seaweed in pharmaceuticals and food and beverage industry are increasing.
The recent past states that Europe imports about 40% of total seaweed from Indonesia. Inconsistent production is affecting the price of seaweed which in turn is pushing more players to enter the commercial seaweed market space to bring in regularity in production and supply. The trend for organic and natural products is likely to give a rise to marine extract ingredients in cosmetics, health supplements and others.
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