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The global commercial seaweed market size valued at USD 11.48 billion in 2017 and is projected to reach USD 21.75 billion by the end of 2025, exhibiting a CAGR of 8.42% in the forecast period.
Commercial seaweed, also known as marine algae, come in a variety of colors such as red, brown, and green. Commercial seaweed has been utilized around the world for many centuries and was also considered to be a source of food in a few coastal communities. seaweed is widely used in the food and beverage industry for its hydrocolloid properties and has various applications in other industries such as pharmaceuticals, agricultural products, animal feed additives, cosmetics, and personal care products.
The commercial seaweed market is projected to grow at a rapid pace over the forecast period due to increased demand for seaweeds by the food industry. The escalation in production and demand of commercial seaweed hydrocolloids such as carrageenan, alginate, and agars due to their increased application in dairy, meat and poultry processing, jelly, desserts, canned fish, animal feed, pharmaceutical, textiles, and other industries is expected to contribute significantly to market growth. Health benefits associated with the consumption of seaweed products are also motivating people to include seaweed in their daily food. Fluctuation in prices and supply-demand variations can obstruct the growth of the market during the forecast period.
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Food and beverage industry stakeholders have recognized the biomass originating from algae as an alternative protein source to secure the global food and protein demand. Commercial seaweeds or microalgae or marine algae have significant potential in the food and beverage industry, owing to the presence of health benefit contents and its various functional properties. due to these valuable properties, commercial seaweed farming is booming nowadays globally.
Commercial seaweed has various macro and micronutrients in it, such as sodium, potassium, magnesium, calcium, copper, zinc, chlorine, sulfur, phosphorous, and other nutrients. There are more than 200 species of seaweed types cultivated or naturally grown, in which few of them are explored commercially for their beneficial properties in various industries.
"The Cosmetics & Personal Care Industry is Forecasted to Exhibit Strong Growth"
By the end-user segment, the food and beverage industry is expected to hold the largest share in terms of value in the commercial seaweed market throughout the forecast period, owing to the high demand for its various functional properties in the food products. Seaweed has various applications in cosmetics and personal care industry due to its antioxidants properties and is used as an ingredient in many of the products such as body lotions, moisturizing soaps, and creams, hair creams, and shampoos.
The derivatives or extracts of seaweeds function in stimulating cells act as moisturizing agents. Considering the increasing uses of seaweed in the cosmetics and personal care products, growth of the end-use segments is projected to support the healthy growth of consumption of seaweed in cosmetics and personal care industry during the forecast period from 2018 to 2025 in the overall market.
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Aquafarming highly depends on the marine wild catch for fish meal and oil as feed and nearly 17-18% of the global catch fish is converted into fish meal and oil to feed the farmed fish and other animals. According to the FAO, 70% of the fish meal and 73% of the fish oil is consumed by the aquaculture industry, and the fishmeal production declined by 2.4% during the period from 2005 to 2015 mainly due to shifting in demand from the aquaculture industry.
The increasing need for protein and the high cost of fish meal and oil in recent years has created the need for alternatives in the aquafarming. The presence of a wide range of physiological and biochemical characteristics, microalgae or seaweed is identified as a sustainable alternative for the needs of aquaculture as feed. Companies such as ADM, DSM, Corbion, and Evonik are involved in producing microalgae-based feed products as alternatives to fish meal and oil.
"Amplified Demand for Hydrocolloids from the Food & Beverage Industry"
The demand for commercial seaweed from the food industry across the globe is rising due to the product efficiency in adding value to the food products. Alginate, agar, and carrageenan extracts are the common seaweed extracts that are used as gelling, stabilizing, emulsifying, and thickening agent in various food products, such as ice-cream, jam, fruit juices, bakery products, and others.
Food manufacturers are actively in search of functional ingredients to develop novel functional foods. Seaweeds being a rich source of diversity of biochemicals, such as amino acids, proteins, lipids, vitamins, polysaccharides, peptides, and minerals, are efficient of exerting bioactivities in food, hence increasing its functionality as well as market value. This factor is expected to ramp the commercial seaweed market growth. For instance, in July 2018, Cargill Inc. launched Satiagel Seabird, a new variety of carrageenan extract that is based on 100% cultivated seaweed and can help dairy manufacturers achieve premium textures for creamy dairy desserts.
Asia Pacific Commercial Seaweed Market Share, 2017
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According to research findings, a strong growth trajectory has been observed in the launch of seaweed-flavored food & beverage products across developed regions, especially in Europe. Increased focus on R&D activities and cultivation technology of seaweeds is expected to accelerate the growth of the market during the forthcoming years.
"Cargill and CP Kelco to Account for More than Half of the Market Share in Terms of Revenue"
Cargill, Inc. & CP Kelco have emerged as leading players with a large market share in 2017 in the commercial seaweed market. The companies' R&D investments helped in launching new products to meet the growing requirement among consumers. Large companies in the industry are majorly focusing on R&D and product innovation and developments while outsourcing the production and processing operations of seaweed to small companies through the agreement for long-term trade relationships.
The market report provides qualitative and quantitative insights on the commercial seaweed industry and detailed analysis of commercial seaweed market size and growth rate for all possible segments in the market. The market is segmented by type, form, and end-use. On the basis of type, the market is categorized into red seaweed, green seaweed, and brown seaweed. Based on the form, the global market is segmented into flakes, powder, and liquid.
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Various end uses covered in the report are food and beverage, animal feed additives, agricultural fertilizers, pharmaceuticals, and cosmetics and personal care. Geographically, the market is segmented into five major regions which are North America, Europe, Asia Pacific, South America, and Middle East & Africa. The regions are further categorized into countries.
Along with this, the commercial seaweed market report provides an elaborative analysis of the market dynamics and competitive landscape. The report provides insights into the overview of hydrocolloids industry, health benefits of commercial seaweed, recent industry developments such as mergers & acquisitions, trade analysis and the regulatory scenario in key countries, and key industry trends.
By End Uses
Fortune Business Insights says that the commercial seaweed market is projected to reach USD 21.75 Billion by 2025.
In 2017, the global commercial seaweeds market was valued at USD 11.48 Billion.
The market is projected to grow at a CAGR of 8.42% during the forecast period (2018-2025).
The food and beverage sector is the leading sector in the commercial seaweed market and is expected to hold the largest share across the globe.
The significant utility of commercial seaweed in the manufacturing of food and beverage products is the key factor driving the market across the globe.
Cargill, Incorporated, CP Kelco, Corbion, and Kerry Group PLC are the key active players in the global commercial seaweed market.
Asia Pacific is expected to hold the highest market share in the commercial seaweed.
The health benefits associated with the commercial seaweed are motivating the consumers to consume commercial seaweed-based products which is expected to drive the adoption of commercial seaweed across the world.
Food & beverages sector accounts for major share in the adoption of commercial seaweed.
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