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Commercial Seaweed Market to Hit USD 23.04 Billion by 2027; Increasing Demand for Plant-based Products to Favor Growth

September 28, 2020 | Food & Beverages

The global commercial seaweed market size is expected to showcase an exponential growth by reaching USD 23.04 billion by 2027 backed by the increasing consumption of plant-based products that favor the demand for this seaweed across the globe. Fortune Business Insights, published this information in its latest report, titled, “Commercial Seaweed Market Size, Share & COVID-19 Impact Analysis, By Type (Red Seaweed, Brown Seaweed, & Green Seaweed), Form (Flakes, Powder, & Liquid), End-uses (Food & Beverages, Agricultural Fertilizers, Animal Feed Additives, Pharmaceuticals and Cosmetics & Personal Care), and Regional Forecast, 2020-2027.” The report mentions that the market stood at USD 13.33 billion in 2019 and is likely to exhibit a CAGR of 5.8% between 2020 and 2027.


Nestle Partners Corbion to Develop Next-Gen Plant-based Products


In November 2019, Nestle, a prominent food and beverage company, announced its partnership with Corbion, a leading emulsifiers company. The partnership is aimed at developing next-generation microalgae derived ingredients to manufacture sustainable and nutritious plant-based food products.


Microalgae-based ingredients are proven to be a good source of vegan protein, along with containing several micronutrients. In addition to this, they have a low land, carbon, and water footprint that promotes sustainable cultivation. Stefan Palzer, Chief Officer of Nestle, said, “We are excitedly exploring the adoption of microalgae as an alternative micronutrient and protein source. Our partnership with Corbion is aimed to provide tasty and nutritious products by innovating across our commercial seaweed product categories.” Such initiatives by the companies are expected to bode well for the growth of the global marine algae market during the forecast period.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/commercial-seaweed-market-100077


Increasing Consumption of Plant-based Products to Stoke Demand


According to the data by the Vegan Society, it is estimated that about 600,000 people are vegans across the globe and the number is rising every year. The increasing demand for plant-based diet presents a significant opportunity for commercial seaweed growth across the globe. The manufacturers are leveraging this opportunity by developing innovative products that are expected to boost the demand for the global market in the forthcoming years.


Major Companies Focus on Development of Innovative Products to Expand Their Product Portfolio


The global commercial seaweed market is consolidated by the presence of major companies such as Cargill, Inc that is focusing on investing in R&D activities to innovate and expand their commercial seaweed product portfolio. The other key players are adopting strategies such as partnership, collaboration, and merger and acquisition that is expected to favor the market growth in the forthcoming years.


Industry Development:



  • May 2018 – Algaia, a French F&B company involved in commercial seaweed, announced the expansion of its production facility in the region. According to the company, it aims to leverage on the opportunities provided by the surging demand for marine ingredients and seaweed extracts to gain a competitive edge in the global marketplace.


List of the Companies Profiled in the Market:



  • DowDuPont, Inc. (Delaware, U.S.)

  • Cargill, Inc. (Minnesota, U.S.)

  • J.M. Huber (New Jersey, U.S.)

  • Corbion N.V. (Netherlands)

  • Kerry Group Plc (Tralee, Ireland)

  • FMC Corporation (Pennsylvania, U.S.)

  • Acadian Seaplants Limited (Nova Scotia, Canada)

  • Gelymer S.A. (Santiago, Chile)

  • Ocean Harvest Technology limited (Milltown, Ireland)

  • Roullier Group (Brittany, France)


Further Report Findings:



  • Asia-Pacific is expected to dominate and hold the highest position in the global marine algae market during the forecast period. This dominance is attributable to the growing utilization of the commercial seaweed across the foodservice sector in countries such as China, Vietnam, and Japan. The region generated USD 10.21 billion in terms of revenue in 2019.

  • The region in North America is expected to experience a significant growth owing to the growing consumption of plant-based food products in the region between 2020 and 2027.

  • The red seaweed segment, based on type, is anticipated to showcase an exponential growth during the forecast period. This is ascribable to the nutritional benefits provided by the red seaweed such as high protein and vitamin content.


Table of Segmentation:


















































 ATTRIBUTE



  DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD billion)



Segmentation



  By Type, Form, End Uses, and Geography



By Type


 




  • Red Seaweed

  • Brown Seaweed

  • Green Seaweed



By Form


 




  • Flakes

  • Powder

  • Liquid



By End Uses


 




  • Food and Beverages

  • Agricultural Fertilizers

  • Animal Feed Additives

  • Pharmaceuticals

  • Cosmetics and Personal Care



By Geography


 




  • North America

    • By Type

    • By Form

    • By End Uses

    • By Country

      • USA

      • Canada

      • Mexico





  • Europe

    • By Type

    • By Form

    • By End Uses

    • By Country

      • Germany

      • France

      • Italy

      • Spain

      • U.K.

      • Belgium

      • Russia

      • Rest of Europe







  • Asia Pacific

    • By Type

    • By Form

    • By End Uses

    • By Country

      • China

      • India

      • Japan

      • Australia

      • Rest of Asia Pacific





  • South America

    • By Type

    • By Form

    • By End Uses

    • By Country

      • Brazil

      • Argentina

      • Rest of South America





  • Middle East & Africa

    • By Type

    • By Form

    • By End Uses

    • By Country

      • South Africa

      • UAE

      • Rest of the Middle East & Africa






Commercial Seaweed Market
  • PDF
  • 2019
  • 2016-2018
  • 160

    CHOOSE LICENSE TYPE

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