(Entertainment-NewsWire.com, October 17, 2019 ) The commercial seaweeds market is estimated at USD 14.08 billion in 2018. It is projected to reach USD 21.11 billion by 2023, at a CAGR of 8.4%. The market is driven by its functional properties, which widens the new growth prospects for the food processing industry and the application of seaweeds and seaweed extracts, such as agar, carrageen, and alginate, which are used as gelling, binding, and thickening agents in the food, textile, and other manufacturing industries.
The growth of the brown seaweed segment, in terms of value, is estimated to dominate the global commercial seaweeds market in 2018. Brown seaweeds are increasingly used in the production of high-grade alginates. The increasing use of alginates in dental products is encouraging the leading companies to manufacture alginates from brown seaweeds. In the agriculture sector, brown seaweed extracts are used to produce organic fertilizers due to its potassium-rich content. The growing use of brown seaweeds in the manufacture of bio-plastics is further projected to fuel the market growth.
However, excessive use of seaweed products can adversely affect consumer’s health due to the presence of toxic minerals such as heavy metal residues. This has led to increasing health concerns, globally, which, in turn, serves as a restraining factor for the growth of the commercial seaweeds market.
The red seaweed is estimated to dominate the global commercial seaweeds market, in terms of volume
Red seaweeds are the largest group of seaweeds that are directly consumed as food due to their high content of essential nutrients, such as vitamins, minerals, and antioxidants. As the red seaweeds are nutrition-dense, they are largely used in various food products, such as soups, salads, snacks, and sushi. Red seaweeds are preferred more due to their nutrition and protein-rich properties in comparison to brown and green seaweeds. These seaweeds are also used to manufacture agar and carrageenan, which are widely used as a thickening and gelling agents. On account of these factors, the red seaweed is projected to witness high demand in the global market.
Seaweeds harvested from aquaculture is projected to witness the fastest growth in the commercial seaweeds market from 2018 to 2023
Seaweeds are mainly obtained from aquaculture and are used for extraction and production of carrageenan and alginates. The rise in demand for aquaculture seaweeds as a raw material for the hydrocolloid industry to manufacture carrageenan, agar-agar, and alginates is projected to reflect positively on the overall market growth. Furthermore, the cultivation of aquaculture seaweeds does not require large setups and causes minimum harm to fishery resources and seabed. In the developing countries, this method acts as a sustainable activity, which also provides an alternative livelihood for the small-scale fishing community. Due to these factors, seaweed aquaculture remains high across regions, contributing toward the overall market growth.
North America is projected to be the fastest-growing market for commercial seaweeds from 2018 to 2023
North American is projected to be the fastest-growing market for commercial seaweeds during the forecast period. The demand for commercial seaweeds in North America is driven by various factors such as increasing industrial applications of seaweeds and the growing awareness about its functional properties for enhancing the nutritive value in food as well as feed additives. The use of seaweeds in medical applications is also gaining traction in North America due to its high protein, calcium, antioxidants, iodine, potassium, iron, folic acid, fiber, omega-3, low-fat, and sodium content.
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