Demand for seaweed products has been spurred by changing consumer tastes and lifestyles, increased awareness of the health advantages of seaweeds.
PORTLAND, OR, US, April 19, 2023 /EINPresswire.com/ — The Commercial Seaweeds Market size was valued at $17.9 billion in 2021, and is estimated to reach $45.6 billion by 2031, growing at a CAGR of 9.8% from 2022 to 2031. Seaweed, often known as macro-algae, is a group of marine macroscopic, multicellular algae that includes numerous species. Based on color, it can be divided into three major categories: red, brown, and green seaweed.
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The increasing use of seaweed across a range of end-use industries is predicted to fuel market expansion. The industry’s product application scope is anticipated to increase as the pharmaceutical sector grows. This is also anticipated to positively impact the global commercial seaweeds market growth during the forecast period. Due to an increase in the consumption of seaweed by humans, the food and beverage industry segment dominates the market.
The region that dominated the global commercial seaweeds market in 2021 was Asia-Pacific with the highest commercial seaweeds market share and this dominance is anticipated to continue during the forecast period. The main producers of seaweed include China, South Korea, Japan, and Indonesia. In this location, there is a huge market demand for seaweed for use in animal feed and other pharmaceutical applications. The region’s market is expanding due to the rising use of commercial seaweeds, particularly in nutraceuticals, food, medications, personal care products, gels, and adhesives. All these commercial seaweeds market trends are creating commercial seaweeds market opportunities.
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By form, the market is divided into flakes, powder, and liquid. The powder segment is growing at a moderate rate during the commercial seaweeds market forecast period. A small number of marine microalgae is added to the natural seaweed used to make seaweed powder. Seaweed polysaccharides, mannitol, amino acids, proteins, vitamins, potassium, iron, calcium, phosphorus, iodine, selenium, cobalt, and other trace elements are all abundant in natural seaweed powder.
Leading Key Players
The major players analyzed for global commercial seaweeds industry are Cargill Incorporated, CJ Cheiljedang Corporation, Corbion NV, Gimme Health Foods Inc., Irish Seaweeds, J.M. Huber Corporation, Mara Seaweed, Ocean Harvest Technology Limited, Qingdao Gather Great Ocean Algae Industry Group Co., Ltd (GGOG), Roland Foods, LLC, SeaSnax, Seasol, Seaweed & Co., Singha Corporation Co. Ltd., and Taokaenoi Food & Marketing PCL.
Key Findings of the Study
-> By product, the red segment was the highest revenue contributor to the market, with $15,683.7 million in 2021, and is estimated to reach $40,729.2 million by 2031, with a CAGR of 10.0%.
-> By form, the powder segment was the highest revenue contributor to the market, with $8,795.8 million in 2021, and is estimated to reach $22,373.7 million by 2031, with a CAGR of 9.8%.
-> Depending on the application, the food and beverage industry segment was the highest revenue contributor to the market, with $14,375.4 million in 2021, and is estimated to reach $36,124.9 million by 2031, with a CAGR of 9.7%.
-> Region wise, Asia-Pacific was the highest revenue contributor, accounting for $8,972.4 million in 2021, and is estimated to reach $22,023.1 million by 2031, with a CAGR of 9.4%.
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According to commercial seaweeds market analysis, the market is analyzed on the basis of product, form, application, and region. By product, the market is divided into red, brown, and green. Among these, the red segment occupied the major share of the market in 2021, and is projected to maintain its dominance during the forecast period. Red seaweeds dominate the global market because they are the biggest and most plentiful of all seaweeds.
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