Commercial Seaweed Market Is Anticipated to Surpass Us$ 20.3 Bn

According to a report by Fact.MR, the global commercial seaweed market was valued at US$ 11.5 billion in 2020 and is expected to reach US$ 23.7 billion by 2031, with a CAGR of 7.3% during the forecast period (2021-2031). The market growth can be attributed to the increasing demand for seaweed-based products in the food and beverage industry, as well as in the pharmaceutical, cosmetics, and agriculture industries.

The report suggests that the red seaweed segment dominated the market in 2020 and is expected to continue to hold a significant market share during the forecast period due to the high demand for carrageenan, which is widely used as a food thickener and stabilizer. Regionally, Asia Pacific is expected to hold the largest market share due to the high consumption of seaweed-based products in countries such as China, Japan, and South Korea.

The report also highlights some of the key players operating in the global commercial seaweed market, including Cargill, Inc., E.I. Dupont De Nemours and Company, Gelymar SA, Seaweed Energy Solutions AS, Irish Seaweeds, and Ocean Harvest Technology. These companies are focusing on product innovation, partnerships and collaborations, and mergers and acquisitions to expand their market presence and improve their product offerings.

Furthermore, the report suggests that the COVID-19 pandemic has had a mixed impact on the commercial seaweed market. While the closure of restaurants and food service establishments has led to a decline in demand for some seaweed-based products, the growth in the health and wellness trend and the increasing adoption of plant-based diets have led to an increase in demand for seaweed-based products in the retail sector. This trend is expected to continue during the forecast period, driving the growth of the global commercial seaweed market

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