COMMERCIAL SEAWEED MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)

Commercial Seaweed Market Size and Trends

The Global Commercial Seaweed Market is estimated to be valued at USD 10.66 Bn in 2024 and is expected to reach USD 12.67 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 2.5% from 2024 to 2031.

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The demand for commercial seaweed is expected to grow significantly over the next years. Key factors such as increasing application of seaweeds in the food industry for texture and flavor enhancement, rising usage of seaweeds for agricultural applications such as soil conditioners and fertilizers, growing consumer preference for vegan diet and plant-based foods, surging adoption of alginate from seaweeds in industries like textile printing, paper manufacturing, etc., and rising consumption of carrageenan in dairy and personal care products are expected to drive the demand for commercial seaweeds. Moreover, the increasing consumption of seaweeds as dietary supplements owing to rising health awareness among consumers is further expected to propel the market growth during the forecast period.

Utilization in food and beverages

The utilization of seaweed in food and beverages is a major factor influencing the expansion of the commercial seaweed market. Seaweed is being widely used in diverse food and beverage products due to its various health benefits and functional properties. Seaweed contains vital micronutrients like vitamins, minerals, antioxidants and fibers. It has proven anti-inflammatory and cardio-protective effects. Seaweeds are also a sustainable and eco-friendly source of proteins, carbohydrates and antioxidants. Given these compelling benefits to health and wellness, food and beverage manufacturers are increasingly exploring different ways to incorporate seaweeds into their existing product lines as well as developing new seaweed-based food innovations. Snacks and salads are among the most popular food categories where seaweed finds widespread usage. Seaweeds add unique textures and flavors to snacks while also fortifying them nutritionally. Beverages infused with seaweed extracts are also gaining foothold. For example, according to Food and Agriculture Organization (FAO) data, the consumption of seaweed-based snacks grew by 83% between 2016-2020 in advanced markets like North America and Europe. The rise of health-conscious consumers, clean label trends and the shift towards plant-based diets are propelling this sector. Looking forward, factors such as continuous seaweed production expansion by cultivators, the scaling up of seaweed-based product development through technological advancements and innovative product marketing by food giants will further cement the role of seaweed in the future of food and beverages. This will, in turn, drive sustained growth of the commercial seaweed marketplace globally.

Commercial seaweed finds application as fertilizer, soil conditioner, and feed additive in agriculture and animal husbandry. Kelp meal obtained from seaweed biomass is a bio-stimulant that enhances plant growth and crop yields when added to soil. It improves the water retention and aeration of soil. Seaweed extracts act as natural biostimulants that stimulate the growth of roots which helps plants withstand drought and diseases. The rise of organic and sustainable farming practices has driven interest in seaweed based inputs. For the livestock industry, seaweeds act as prebiotics that promote the growth of beneficial gut bacteria. Their use in animal feed modulates immunity and oxidative stress. Seaweeds help improve feed conversion efficiency and productivity. The aqua-culture sector also utilizes seaweeds as natural fertilizers and food for shrimp, salmon, and other farmed fish. As commercial seaweed production increases to meet the rising demands from agriculture and animal husbandry, more investments are being made in seaweed cultivation and processing infrastructure.