Commercial Seaweed Market to Register 7.51% CAGR by 2028; Increasing Consumption of Plant-based Supplements to Prove Favorable for the Market

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.

Industry Development

• April 2019: Atlantic Sea Farms announced the release of a slew of commercial seaweed products, which include Sea-Beet Kraut, made from skinny kelp and beets, a fermented seaweed salad, and Sea-Chi, which is seaweed kimchi. With these launches, the company aims at foraying into the retail space and competing with established players.

List of Key Players Profiled in this Report

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  • Ocean Harvest Technology limited (Milltown, Ireland)
  
  
  • Acadian Seaplants Limited (Nova Scotia, Canada)
  
  
  • Kerry Group Plc (Tralee, Ireland)
  
  
  • J.M. Huber (New Jersey, U.S.)
  
  
  • DowDuPont, Inc. (Delaware, U.S.)   
  
  
  • Roullier Group (Brittany, France)
  
  
  • Gelymer S.A. (Santiago, Chile)
  
  
  • FMC Corporation (Pennsylvania, U.S.)
  
  
  • Corbion N.V. (Netherlands)
  
  
  • Cargill, Inc. (Minnesota, U.S.)
  
  
  
  

Further Report Findings

• At 45.71%, the red segment led the global market share in 2020, principally due to the presence of carrageenan in red seaweed, which is a common ingredient in the food industry. This segment also led the China market with a share of 46.26% in 2020.


• Asia Pacific is anticipated to dominate the commercial seaweed market share during the forecast period on account of the growing demand for algae-based products in the region’s thriving foodservice sector. The region’s market size was USD 10.73 billion in 2020.

Table of Segmentation