The seaweed market is expected to reach USD$22.13 billion by 2024, according to a new report by Grand View Research, Inc.
The report gives an analysis of the current and future use of brown, red and green seaweed in different forms (liquid, powdered and flakes) in different applications (agriculture, animal feed and human food).
The market report states that the growth, from USD$10.31 billion in 2015 to USD$22.13 billion by 2024, is the result of the increasing application of the seaweeds in all of the sectors. Industrial acceptance of seaweed extracts such as alginate, agar, and carrageenan is expected to spur market growth over the forecast period.
Red seaweed emerged as the leading product segment and accounted for 52.5% of total market revenue in 2015. Red seaweeds are also projected to grow at the highest CAGR on account of its functional qualities, easy accessibility, and its application in almost all industrial sectors. Most of the commercial seaweeds are consumed in liquid form, and the segment accounted for 52.0% of total market revenue in 2015. The demand for seaweeds in the form of liquid is projected to grow on account of its ease of application and its growing industrial demand.
Human consumption emerged as the leading application segment and accounted for 81% of total revenue in 2015. The segment is also expected to witness the highest growth of 9.0% over the forecast period.
Asia Pacific dominated the commercial seaweed market with demand share exceeding 80% in 2015. The growing demand for seaweeds in the food, cosmetics, medicine, fertilisers, and animal feed sector is anticipated to drive the market demand over the forecast period. Asia Pacific is also expected to witness the highest growth of 9.0% over the forecast period.