Transparency Market Research reports that the competitive landscape in the global commercial seaweed market is likely to be extremely competitive. Vendors are focusing on expanding their product portfolio in the coming years. The growing investment toward research and development and widening the scope of application are expected to some of the key strategies of the companies operating in the global market. Players are also expected to cut down their operation costs and focus on making their profit margins bigger for sustainable business models. Some of the leading players in the global commercial seaweed market are Gelymar SA, Acadian Seaplants Ltd., Cargill Corporation, E.I. Du Pont de Nemours and Company, CEAMSA, and CP Kelco.
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According to the research report, the global commercial seaweed market is expected to be worth US$26,107.9 mn by the end of 2025 from US$10,570.3 mn in 2016. During the forecast years of 2017 and 2025, the global market for commercial seaweed is likely to surge at a CAGR of 10.8%. Out of the various types of seaweed, the red seaweed is expected to hold a lion’s share in the global market. As of 2016, the red seaweed segment held a share of 52.6% in the overall market in terms of revenue. From a geographic point of view, Asia Pacific is expected to lead the global market in the coming years as it held a share of 60% in the overall market in 2016.
Consumption of Seaweed in Various Industries Boosts Market
The growing awareness about the health benefits of consumer seaweed on regular basis is the primary growth driver for the global commercial seaweed market. Seaweed is known to be high in folic acid, minerals, and vitamins. In addition, regular consumption of seaweed also allows healthy intake of iron, copper, and other important minerals that are essential for boosting the immune system and cardiovascular diseases. The report also points out that the demand for commercial seaweed will remain on the rise as it offers an effective solution for maintaining blood pressure. Owing to this reason, the demand for seaweed has been remarkably high in sectors such as pharmaceutical, personal care, food, and cosmetics.
The demand for seaweed has also been high in the production of animal feed and fertilizers as they are rich source of vitamins and minerals. Seaweed-enriched animal feed helps the livestock to live better, makes them fertile, and enhances milk production. Furthermore, the demand for commercial seaweed will also be propelled by the flourishing hydrocolloid industry for gelling. Their ability to thicken food items makes them a popular choice amongst many food and beverages manufacturers. The demand for commercial seaweed is also expected to improve as it is directly consumed as food in countries such as Japan, South Korea, and China.
High Price of Seaweed and Water Pollution Challenge Global Market
On the other hand, the global commercial seaweed market is being challenged by several factors. High pricing of seaweed is one of the key factors restraining the market’s growth. Furthermore, the global market for seaweed is also being threatened by rising levels of water pollutions and consistent influx of plastics, chemicals, and other pollutants into the sea.
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