COMMERCIAL SEAWEED MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)
The global commercial seaweed market is estimated to be valued at USD 10.66 Bn in 2024 and is expected to exhibit a compound annual growth rate (CAGR) of 2.5% from 2024 to 2031. The global commercial seaweed market has been witnessing steady growth over the past few years. Seaweed refers to macroscopic, multicellular, benthic algae that include various red, green and brown species. They are found in oceans, estuaries, and other salt-based sources around the world. Seaweeds find extensive applications across diverse end-use sectors such as food, pharmaceuticals, agricultural fertilizers, and cosmetics. Rising awareness about seaweed's nutritional benefits and functional properties have boosted its demand in the food industry. Additionally, growing inclination towards organic and natural ingredients is further augmenting the market. Expanding seaweed cultivation areas and technological advancements in harvesting techniques will continue to drive the overall commercial seaweed industry growth during the forecast period.
Market Dynamics:
The global commercial seaweed market is growing at a rapid pace, owing to various factors such as growing awareness about health benefits of seaweeds, surging demand from the food industry, rising application scope in agriculture sector. Furthermore, ongoing R&D activities to explore potential of seaweeds in industrial applications along with ban on single use plastics in many countries are expected to create numerous growth opportunities for market players over the coming years. However, unstable supply of raw materials along with high production costs associated with seaweed cultivation may hamper the industry progression. Also, lack of standardization in production and government regulations pertaining to seaweed trade pose challenges. Nonetheless, increasing investments to develop innovative seaweed based products and expand cultivation facilities worldwide will help mitigate such hindrances in the long run.
Key Features of the Study:
Market Segmentation
Table of Contents
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