The global commercial seaweed market size is expected to reach USD 48.00 billion by 2030 according to a new study by Polaris Market Research. The report “Commercial Seaweed Market Share, Size, Trends, Industry Analysis Report, By Product (Brown Seaweed, Red Seaweed, Green Seaweed); By Form (Liquid, Powdered, Flakes); By Application (Agriculture, Animal Feed, Human Consumption, Others); By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The growth is mainly driven by the factors such as increasing the use of seaweed for clinical benefits and raising awareness among people about the various lifestyle associated with chronic disorders such as diabetes and cardiovascular disorders. Additionally, the emerging applications of seaweeds in the cosmetic industry and in the agricultural sector, along with the increasing consumption of seaweeds as animal feed, are expected further to boost the industry growth of commercial seaweed during the forecast timeframe.
Globally, animal food producers are trying to reduce the use of antibiotics, such as in pig production. Many of the global farms favor the use of seaweed as a healthy supplement to produce antibiotic-free pork. Liquid seaweed extracts are complex, and studies have shown that they have novel mechanisms for increasing crop productivity by improving root structures and improved soil microbiology and hence, seaweed extracts are being increasingly employed in the agricultural sector.
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Many new developments are taking place in the global market of commercial seaweed by industry players to increase their presence in the market. For instance, in January 2021, Unilever and Innova Partnerships have launched a joint venture biotechnology company, Penrhos Bio.
The new company will commercialize a patented technology developed by Unilever, and the company has got a breakthrough organic compound named Lactam isolated from seaweed, which can block or inhibit the growth of bacteria and can mold itself on any surface. The Indian government announced INR 640 crore to enhance seaweed cultivation in the country in July 2020.
The emergence of the COVID-19 pandemic is expected to hinder the growth of the global market. Due to the lockdown imposed in many countries, there is a disruption of seaweed's supply chain, which is used as a raw material for the production of animal feeds.
Market Participants such as AtSeaNova, Acadian Seaplants Limited, Beijing Leili Marine Bioindustry INCBrandT Consolidated, Inc, Biostadt India Limited, Cargill Inc., Chase Organics GB Limited, Cascadia Seaweed Corp., COMPO, CP Kelco., DuPont, Leili Group, Gelymar SA, Kelp Industries PTY, Ltd., Indigrow Ltd., KwangcheonKim, Organic Irish Seaweed - Emerald Isle, Nantong Xinlang Seaweed & Foods Co., Ltd., Pacific Harvest, Roullier Group, Seasol International Pty. Ltd., Travena Organic Solutions Ltd., and West Coast Marine Bio-Processing Corp are some of the key players operating in the global commercial industry.
Polaris Market Research has segmented the commercial seaweed market report on the basis of product, form, application, and region:
Commercial Seaweed, Product Outlook (Revenue - USD Billion, 2018 - 2030)
Commercial Seaweed, Form Outlook (Revenue - USD Billion, 2018 - 2030)
Commercial Seaweed, Application Outlook (Revenue - USD Billion, 2018 - 2030)
Commercial Seaweed, Regional Outlook (Revenue - USD Billion, 2018 - 2030)