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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.
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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.
List of the Companies Profiled in the Market:
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Table of Segmentation:
Value (USD billion)
By Type, Form, End Uses, and Geography
By End Uses