Seaweed Cultivation Market to Hit $30.2 billion by 2025
The seaweed
cultivation market size is estimated to be valued at USD 16.7 billion
in 2020 and is projected to reach USD 30.2 billion by 2025, recording a CAGR of
12.6% during the forecast period, in terms of value. Seaweeds are plant-like
organisms that are also known as marine microalgae; they are generally attached
to a rock or other hard substratum in coastal areas. The classification of
seaweeds is based on various properties, such as pigmentation, the organization
of photosynthetic membranes, the chemical nature of the photosynthetic storage
product, and other morphological features. The application of seaweeds dates
back to the fourth and sixth centuries in Japan and China, respectively.
Asia Pacific is projected to dominate the regional
seaweed cultivation market through 2025
Due to the increasing presence of tropical rainforests in
the Asia Pacific, various species of seaweeds are found in this region. With a
wide variety of seaweed species in this region and increasing production of the
seaweed-based products, Asia Pacific remains the largest supplier of seaweeds
to both domestic and export markets. In addition, the bulk of seaweeds in this
region is obtained from culturing (harvested through aquaculture). The key
seaweed types that are in demand in this region include nori, kombu, and
wakame. They are increasingly used in food preparations in the Chinese and
Japanese diets. As seaweeds are nutrition-dense and are increasingly used as an
ingredient in processed food, consumers prefer spending on processed food for
healthy diets. The demand for clean labels and organic products is on the rise,
which is also leading to the increasing use of seaweeds as organic fertilizers
in the agriculture industry. The other industrial applications of seaweeds in
the region include pharmaceuticals, agriculture, cosmetics, biofuel, and feed
additives.
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Key Players in the Market
This report includes a study on the marketing and
development strategies, along with the product portfolios of leading companies.
It consists of profiles of leading companies, such as Cargill, Incorporated
(US), DuPont (US), Groupe Roullier (France), CP Kelco U.S., Inc. (US), Acadian
Seaplants (US), Qingdao Gather Great Ocean Algae Industry Group (China),
Qingdao Seawin Biotech Group Co. Ltd. (China), Qingdao Bright Moon Seaweed
Group Co. (China), Seaweed Energy Solutions AS (Norway), The Seaweed Company (Netherlands),
Algea (Norway), Seasol (Australia), Gelymar (Chile), Algaia (France), CEAMSA
(Spain), COMPO EXPERT (Germany), Leili (China), Irish Seaweeds (Ireland) and
AtSeaNova (Belgium).
The food segment is projected to account for a major
share in the market during the forecast period
Seaweed is used as an ingredient in food products and is
consumed directly in countries such as Japan, Korea, and China since ancient
times. As it is rich in nutrients such as high iodine, calcium, magnesium,
iron, vitamin, antioxidant, and fiber, seaweed, is widely considered a healthy
food. Moreover, seaweeds have various applications as a thickening and gelling
agent in processed food products such as sausages, bread, creams, cheese, dairy
drinks, and candies. In addition, the use of seaweeds for the manufacturing of
low-calorie ice creams and cakes is further projected to fuel the market
growth.
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