Seaweed Extract Market By Source (Red Seaweed, Green Seaweed, and Brown Seaweed) Form (Liquid, Powder, Flakes, and Others) End-use (Food & Beverages, Agricultural Products, Animal Feed Additives, Pharmaceuticals, and Others), and Region - Market Perspective, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecast for 2023-2032
The global Seaweed Extract Market size was worth around USD 2.4 billion in 2022 and is predicted to reach a valuation of USD 6.9 billion by 2032 at a CAGR of around 11.1%.
Seaweed extract is gaining significant attention due to its expanding use in human health and its antioxidant properties. It is widely used as a nutrient supplement in integrated crop nutritional programs, improving plant resistance and tolerance to environmental stressors. As a result, companies in the food and beverage industry are using seaweed extracts as natural preservatives and additives to meet the increasing demand for natural ingredients. Additionally, the cosmetic and personal care industries are also incorporating seaweed extracts into their products. The market for seaweed extracts is expected to grow as living standards improve and awareness of these products increases globally.
Key Insights for the Global Seaweed Extract Market
- Based on the source, the red seaweed segment held the largest market share
- Based on form, the powder segment dominated the market
- Based on end-use, the agricultural products segment generated the highest revenue
- On the basis of region, Asia Pacific accounted for largest market share
Proliferating Demand for Seaweed Extracts to Improve Plant Productivity is Augmenting the Market Growth
Seaweed extracts have been widely used in agriculture due to the increase in crop productivity. The improvements and developments in seaweed extract are achieved by stimulating various physiological processes involved in plant growth and development. It is also achieved by applying seaweed extract to corn during the grain filling stage and improving the product quality for its effect in increasing seed yield under optimal water conditions. Improve yield parameters such as the number of grains per cob and cob length.
As a result, seaweed extracts can be involved in improving the water and nutrient utilization efficiency of plants, and other algal components besides minerals and B. phytohormones. Several research studies are being conducted to investigate seaweed extracts as a source of phytohormones which are driving the market growth over the forecast period.
Increasing Application of Seaweed Extracts in Bakery Products to Offer Growth Opportunities for the Market Growth
Increased consumption of baked goods, greater acceptance of foods with long shelf lives, and a growing working-class population due to changing lifestyle patterns are having a significant impact on how consumers choose the products they consume. Studies have been conducted to examine the gelling, thickening, and medicinal properties of seaweed when used separately. Consumer preferences have led major food manufacturers to use ingredients that tend to extend the shelf life of the final product, directly impacting the seaweed extract market. Increasing applications of extracts create growth opportunities, driving the seaweed extract market through the consumption of seaweed extracts in the food industry.
Increased consumption of baked goods, increased acceptance of foods with long shelf lives, and a growing working-class population due to changing lifestyle patterns are having a significant impact on how consumers choose the products they consume. Studies have been conducted to examine the gelling, thickening, and medicinal properties of seaweed when used separately. Consumer preferences have led major food manufacturers to use ingredients that tend to extend the shelf life of the final product, directly impacting the seaweed extract market. The increased application of seaweed has increased, creating opportunities for the growth of the market.
High Cost of Production and Stringent Government Regulations Pose a Challenge for the Market Growth
Seaweed extract, for purposes including fertilizer production, has the potential to improve environmental conditions in coastal habitats, especially concerning toxic algal blooms. This is because algal extracts absorb excess nutrients resulting from runoff, thereby inhibiting the growth of toxic algal blooms that locally damage ecosystems. Humans use algae for food, industrially as animal feed and plant fertilizer, and ecologically to improve environmental conditions.
The growth of the global seaweed extracts market is being driven by the rising concerns regarding environmental and health issues associated with the use of chemical fertilizers. Farmers are shifting towards seaweed extract fertilizers because of the increased demand for crop nutrients and concerns associated with chemical fertilizers. As seaweed extracts contain all the necessary growth stimulants, they are being used as a replacement for chemical fertilization. The seaweed extracts market is hampered by a lack of awareness among farmers. The growing demand for clean-label products is another factor inhibiting the growth of the seaweed extract market.
In December 2022: KRIBHCO launched an innovative and sustainable product, SIVARIKA, which is a seaweed bio-stimulant derived from red and brown algae. The SIVARIKA Seaweed functions as a metabolic bio enhancer and it fulfills the need of farmers and also uplifts their livelihood.
In March 2022: Umaro Foods secured USD 3 million in funding, which supports the launch of an umami-rich, highly realistic plant-based bacon made with its proprietary red protein. This bacon contains extracts that are a functional replacement for heme, the red molecule which produces plant-based meat bleed.
In May 2020: Algaia launched VegAlg, a new algae-based line that supports the shape and structure of plant-based meats, and a range of alginates as thickeners in cordon bleu processed cheese. The company aims to provide sustainably produced natural seaweed, seaweed, and other herbal extracts and solutions to various industries.
Based on the source, the market is categorized into red seaweed, green seaweed, and brown seaweed. The red seaweed segment dominates the seaweed market during the forecast period due to rising health awareness, increasing use of red seaweed in food products, and increasing demand for agar and carrageenan hydrocolloids in several countries.
Based on form, the seaweed extract market is segmented into liquid, powder, flakes, and others. The powder form segment is the most dominating segment in the seaweed extract market. The demand for seaweed powder from the food and cosmetics industry is driven by several benefits such as high shelf-life and ease of transport and storage which are expected to reinforce the growth of the market.
Based on end-use, the seaweed market is mainly segmented into food & beverages, agricultural products, animal feed additives, pharmaceuticals, and others. The food and beverage segment is expected to capture the largest share of the seaweed market due to rising demand for organic foods, increasing consumption of plant-based protein and vegan products, and increasing use of seaweed for human consumption.
Asia Pacific is Dominating the Market Share Due to Proliferation in the Commercial use of Seaweed Extract
Asia-Pacific hold the most dominating share in the seaweed extract market owing to the proliferating demand for commercial use majorly in agriculture and the food & beverage industry. China is a significant seaweed producer and has been utilizing the same in various food products due to its high nutrient quality. Seaweeds enumerate different textures and flavours to food and a natural aroma, and the long-term functional properties of seaweed have increased its demand for cosmetics thereby, enhancing the demand for seaweeds in Asia-Pacific.
In addition to this, several active substances in seaweeds are crucial, such as sulphated polysaccharides, which are valued for their anti-inflammatory and anti-tumour characteristics and various health benefits of seaweed consumption, it is a significant driver, especially in Asia. With the improvement in living standards and increasing consumer awareness, the consumption demand for cosmetics has increased significantly. This has provided positive growth prospects for the overall seaweed extract market.
North America is the Fastest Growing Market Owing to Increased Demand for Organic and Herbal Products
North America is leading the global seaweed extract market due to strong demand from food industry and ongoing research and development activities for organic and herbal products. The growing use of seaweed extract in cosmetics and shower gels are driving up the product demand. Increased use of algae in agriculture, animal feed, and human food are expected to sustain the growth of the algae industry in the long term.
The commercial availability and cultivation of seaweed extracts across the region are growing at a rapid pace which accelerates the overall market growth. Mexico's agricultural industry is mainly concentrated in northern and central Mexico as it relies on fertilizers imported from the United States. Local production of fertilizers is boosting agricultural production in the Caribbean. Moreover, the high growth of the market is attributed to the expanding applications of liquid seaweed extracts in the agriculture and horticulture industry have strengthened the growth of the global seaweed extracts market.
- ACURO ORGANICS LIMITED
- Humates and Seaweeds Pvt Ltd
- Merck KGaA
- OCEAN HARVEST TECHNOLOGY Group plc
- Suboneyo Chemicals Pharmaceuticals
The global seaweed extract market is segmented as follows:
- Red Seaweed
- Green Seaweed
- Brown Seaweed
- Food & Beverages
- Agricultural Products
- Animal Feed Additives
- North America
- The U.S.
- The UK
- Nordic countries
- Benelux Reunion
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America