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The global commercial seaweed market size is projected to reach USD 24.92 billion by 2028 owing to the rising research for developing alternative natural protein sources, states Fortune Business Insights™ in its report, titled “Commercial Seaweed Market Size, Share & COVID-19 Impact Analysis, By Type (Red Seaweed, Brown Seaweed, and Green Seaweed), Form (Flakes, Powder, and Liquid), End-uses (Food & Beverages, Agricultural Fertilizers, Animal Feed Additives, Pharmaceuticals, and Cosmetics & Personal Care), and Regional Forecast, 2021-2028”. The report further states that the value of the market was USD 14.11 billion in 2020 and in 2021 it is expected to touch USD 15.01 billion, growing at a CAGR of 7.51% from 2021 to 2028.
The COVID-19 pandemic has moderately affected the commercial seaweed market growth, mainly due to the reduced movement and availability of raw materials amid the lockdown and social distancing regulations imposed by governments in most countries. As a result, the market grew at a relatively low rate of 5.85% in 2020. However, the soaring demand for plant-based nutrients among consumers and recovered coronavirus patients will rejuvenate the market in the post-pandemic period.
Nestle Collaborates with Corbion to Develop Microalgae-based Ingredients
Nestle joined forces with Corbion in November 2019 to formulate and produce advanced ingredients for plant-based food products from microalgae compounds and extracts. The partnership will leverage Nestle’s expertise in plant-based products and combine it with Corbion’s competencies in microalgae and fermentation to create a wide range of next-generation organic food offerings for consumers. Being known sources of proteins, healthy lipids, and multiple micronutrients, as well as having low-carbon properties, microalgae will strengthen Nestle’s dynamic plant-based portfolio. In addition, it will also augment Corbion’s technological and research capabilities, along with expanding its sales network in this market.
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Experiments with Red Seaweed as Cancer Treatment to Create Opportunities
Scientists have shown increasing interest in experimenting and investigating the properties of red seaweed and their potential in fighting cancer. In May 2020, for instance, a group of researchers from the Advanced Centre for Treatment, Research and Education in Cancer in Mumbai and the CSIR-Central Salt & Marine Chemicals Research Institute in Gujarat synthesized a seaweed compound into a nanocomposite that can inhibit the growth of breast, colon, and blood cancers. Containing agar, a red-seaweed-derived polysaccharide, and silver nanoparticles, the nanocomposite formulation was found to kill select cancer cells and spare the healthy ones. Similarly, in February 2017, a team from the USCI University of Malaysia found that red seaweed slows down the growth rate of mammary tumors, based on an experiment conducted on rats. These studies can evoke wider interest in the potentiality of algae in aiding cancer treatment, fueling investments, and in commercial seaweed aquaculture in the process.
New Launches for the Food Industry to Invigorate the Market
Keeping in mind the growing popularity of algae-based ingredients, key commercial seaweed producers are focusing on developing and launching products for the food & beverage industry. The high micronutrient content in plant-derived ingredients in prompting many food industry companies to formulate offerings infused with organic materials such as seaweeds. Furthermore, the introduction of such items is also enabling companies to cater to the rapidly expanding vegan populations across North America and Europe.
List of Key Players Profiled in this Report
Further Report Findings
Table of Segmentation
Value (USD Billion)