Numerous health benefits coupled with naturally derived source will stimulate commercial seaweed market share over the forecast timeframe. Different types of edible seaweeds can be used in pharma, food and several other applications. The product offers the best source of iodine and nutrition which counters the deficiency of vitamins A and C.
Rising concerns for climate change along with increasing awareness for need to conserve the resources has led industries to adopt more sustainable options. Emerging demand for environment-friendly fertilizers is the key reason for the growth of commercial seaweed industry size. This trend is expected to influence the demand for commercial seaweed in the forthcoming years owing to wide application in the production of fertilizers.
A major shift in the preference of customers towards healthier consumption would increase the demand for organic pulses and other food products which will heavily influence the product demand. Fertilizers made of seaweeds are more favorable compared to the chemical ones due to the high amount of organic matter, micronutrients, vitamins, minerals, and fatty acids content present. This will help improve the agricultural yield significantly, bolstering commercial seaweed market size.
The nutrition provided by seaweed is helpful in addressing critical ailments and improving the health of the consumers. Its antifungal, antiviral and antibacterial properties make it perfect for application in medicinal purposes and across the pharmaceutical industry, securing a higher demand from the manufacturers and suppliers.
Rising volume of biofuel generation with the help of seaweed is one of the fastest-growing segments worldwide. Several research & development activities involved in the efforts to innovate an efficient technology that is capable of producing biofuel can drive the demand for seaweeds and influence commercial seaweed market outlook.
Red seaweed is projected to exhibit one of the highest rate of growth over the analysis time frame. The product is prominently used as ingredients for soups in Japan, China, and Korea. Its utilization as a binder in the food industry will drive its demand. Brown seaweed has exhibited a major demand in the medical and the pharma industry. Rise in the utilization of the product type in several applications like food additives, pharmaceuticals, cosmetics are bound to expand the commercial seaweed industry share.
Powdered seaweed segment is expected to grow at a CAGR of 8% over the forthcoming years due to higher acceptance of the product in comparison with the liquid form in numerous industry verticals such as textile, food additives, pharma & medical, direct food, among others.
Seaweeds in the form of liquid are dominantly used to manufacture fertilizers that make them more nutritional and productive and help enhance agricultural produce. Rise in the agricultural activities around the world has necessitated a higher demand for fertilizers blended with seaweed which in turn will drive liquid commercial seaweed market trends.
Asia Pacific accounts for a major share of global seaweed market owing to the extensive consumption of the product in some Asian countries. Countries like China, Japan and Korea use seaweed in making rice balls, sushi, sweets and cooking soup. The product carries major health benefits to its credit and has herbal properties that can cure wounds. APAC commercial seaweed market size is estimated to grow at a robust 8% CAGR between 2017-2024.
Companies like Chase Organics, Acadian Seaplants Ltd., CP Kelco, Pacific Harvest, Indigrow Ltd., Mara Seaweed and Aquatic Chemicals are some key market players involved in the production and distribution of commercial seaweed products.