Commercial Seaweed Market – Market size Growth, Development, Growth and Demand Forecast till 2023
Commercial Seaweed Market Overview
Seaweed is the collective name given to the plethora of species of macroscopic, multicellular marine algae present in the world’s oceans. The broad categorization is on the basis of color and they are segmented as red, brown and green algae.
Commercial Seaweed has many applications in human food, pharmaceutical productions, cosmetics, animal feed, agricultural production, alternative fuel source and management of waste among others. The figures in recent years show that Indonesia is the world’s largest seaweed producer with the Philippines coming a close second. In more specific applications, alginates are commonly used in wound dressings, and production of dental molds in the medical field. Also applications in microbiology research are found for agar — a plant-based goo similar to gelatin and made from seaweed — is extensively used as culture medium.
The growth of the Commercial Seaweed market is mainly driven by increase in investments from several multinational manufacturers, and extensive R&D initiatives have been taken for exploring the applications of seaweeds in several fields. Seaweeds are also used on a large scale for human consumption due to their high nutritive value and applications of seaweed in Chinese, Japanese, and Korean cuisines is quite popular providing additional impetus for the market growth. As for the restraints of the market, the high costs as well as the fact that the market remains a specialty sector are the main problems faced by the industry.
Commercial Seaweed Market Forecast Report (2018-2023)
Commercial Seaweed Market is expected grow at a robust CAGR during the forecast period (2018-2023)
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Commercial Seaweed Market Segmentation
The Global Commercial Seaweed market is broadly classified based on Applications into Agriculture, Animal Feed, Human Feed and Other, based on Type into Brown, Red and Green Seaweed, and based on Form into Liquid, Powdered and Flakes.
Based on geography, the global market is analyzed under various regions namely North America, Europe, Asia-Pacific, Latin America and Middle East and Africa. The Commercial Seaweed Market is dominated by North America in 2018 with the region accounting for 36% of the overall market share. North America was followed next in line by Europe and Asia-Pacific. Asia-Pacific is expected to grow rapidly in the coming years as is evident from the high CAGR value for the region. Another promising region for the market is Latin America, which is expected to show high growth rates in coming years.
The major companies dominating this market for its products and services are
- Cargill, Incorporated. (U.S.),
- Roullier Group (France),
- E. I. du Pont de Nemours and Company (U.S.),
- Gelymar SA (Chile),
- Biostadt India Limited (India),
- Acadian Seaplants Limited (Canada),
- Compo GmbH (Germany),
- CP Kelco (U.S.),
- Seasol International Pty. Ltd. (Australia).