The global seaweed cultivation market is pegged at 41,849 KT in 2022 and is set to reach 82,727 KT by the end of 2032. Worldwide demand for seaweed is on the rise, especially across the North American and European regions.
Globally, consumers are shifting toward plant-based food products and many people are following vegan diets. Seaweed, if extracted in adequate quantities using cost-effective methods, can be considered as a great alternative source that is ideal for vegan and vegetarian consumers due to its amino acid profile that is similar to that of eggs.
Red seaweed is a promising alternative containing 9-25% of protein depending upon the season of collection and harvesting.
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- Teagasc, the Agriculture and Food Development Authority of Ireland, has initiated the BioAlgae Project to discover new methods to isolate protein from seaweeds using novel methods and add more economic value to it.
The seaweed market is also seeing huge demand from the nutraceutical sector, which is primary attributable to the nutrient-dense profile of seaweed. Global players are entering into strategic partnerships to distribute their products across countries to meet high consumer demand.
- In 2020, CP Kelco expanded its strategic partnership with Biesterfeld to distribute its carrageenan, pectin, and other products in Germany, Poland, and a few others.
Key Takeaways from Market Study
- Asian countries are the production hotspots of seaweed, with China alone holding over 55% volume share in this region.
- Globally, aquaculture is a popular method employed to produce seaweed and it is expected to hold a market valuation of US$ 17.2 Bn in 2022.
- Utilization of seaweed in the food industry is set to experience two-fold growth during the forecast period (2022-2032).
- Demand for red seaweed is slated to reach 21,242 KT in 2022.
- Use of powdered seaweed across industries accounts for a valuation of US$ 8.42 Bn in 2022.
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“Seaweed is gaining popularity across the world with demand for aquatic-sourced food products rising. The highly imbalanced consumption and production across geographic regions imply a great potential for seaweed cultivation. The combined efforts of all stakeholders including governments, scientific community, international organizations, and key cultivators in the industry will bolster industry growth,” says a Persistence Market Research analyst.
Competitive Landscape
Key players involved in seaweed cultivation are adopting bio-based management systems for the sustainable harvesting of seaweed. They are also leveraging their partnerships to improve distribution and maintain a transparent and traceable supply chain.
- In July 2021, CP Kelco extended its distribution relationship with Azelis to distribute Genu Carrageenan products in the Netherlands. It has also collaborated with Azelis to extend the distribution of its products in India, Indonesia, Malaysia, and Thailand.
- In 2020, Algaia announced its plan to accelerate company growth with new product lines and has made an investment of US$ 2.59 Mn.
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