Click here for more information about Algenuity
Click here for more information about LiqofluxPhenometrics Buy 3 Get 1 Free
Visit cricatalyst.com!Evodos Separation Technology

Money

Global seaweed market passes $4 billion in new study

June 10, 2018
AlgaeIndustryMagazine.com

Click image to enlarge.

According to a new report published by Allied Market Research, titled “Seaweed Market by Product and Application: Global Opportunity Analysis and Industry Forecast, 2018 to 2024,” the global seaweed market was valued at $4.1 billion in 2017, and is projected to reach $9.1 billion by 2024, registering a CAGR of 12.0% from 2018 to 2024. In 2017, red seaweed accounted for nearly 90% of the global market, in terms of value.

Seaweed, or macroalgae, is classified into three broad groups based on pigmentation, which include red, brown, and green seaweed. The major utilization of these seaweeds as food and food ingredients is in Asia-Pacific, particularly in China, Indonesia, Philippines, Korea, and Japan where seaweed cultivation has developed into a huge industry. Seaweed farming is becoming an increasingly competitive market for food and related products across the globe.

The growing application of seaweed in various end-use industries is anticipated to drive the market growth. The human food segment accounts for the highest market share, owing to increase in utilization of seaweed for human consumption. Substances that are extracted from seaweeds such as hydrocolloids make up most of the remaining market share, while smaller application such as fertilizers, animal feed additives, aquaculture, biomass for fuel, and wastewater treatment make up the rest.

Seaweeds are being extensively explored as a fuel, due to their high photosynthetic efficiency and their ability to produce lipids, a biodiesel feedstock which is anticipated to open new avenues for the seaweed manufacturers. High untapped market potential in North America and Europe is expected to boost the consumption of seaweed during the forecast period. However, unfavorable climatic conditions and fluctuation in the prices of seaweed hamper the market growth.

Red seaweeds are the largest and most abundant of the seaweeds, and thus hold a dominant position in the global market. Furthermore, they have an economically important role throughout Asia-Pacific, due to the presence of phycocolloids such as carrageenan. The carrageenan produced from seaweed has a variety of applications in food production as a thickener and stabilizer. Thus, higher consumption of red seaweed in the food industry is anticipated to drive the seaweed market growth.

Key findings of the seaweed market report include:

  • In 2017, Asia-Pacific accounted for the highest market share, growing at a CAGR of 11.4% from 2018 to 2024.
  • In 2017, human food application segment accounted for the highest market share, and is expected to growth at a significant CAGR of 11.8%.
  • Red seaweed was the highest contributor in 2017, and is projected to grow at a CAGR of 12.3%.
  • In 2017, China accounted for more than one-fifth of market share, and is anticipated to grow at a significant CAGR of 11.6%.
  • North America is anticipated to grow at the highest CAGR of 13.0% from 2018 to 2024.

In terms of value, Asia-Pacific and LAMEA collectively contributed more than half of the market share in the global seaweed market in 2017.

Some of the major players analyzed in this report are Cargill Inc., DuPont, Groupe Roullier, Irish Seaweeds, Qingdao Gather Great Ocean Algae Industry Group (GGOG), Annie Chuns Inc., Chase Organics, GimMe Health Foods, Maine Coast Sea Vegetables, and Mara Seaweed.

Read More

More Like This…

Copyright ©2010-2019 AlgaeIndustryMagazine.com. All rights reserved. Permission required to reprint this article in its entirety. Must include copyright statement and live hyperlinks. Contact editorial@algaeindustrymagazine.com. A.I.M. accepts unsolicited manuscripts for consideration, and takes no responsibility for the validity of claims made in submitted editorial.

twittertopbarlinks_eventstopbarlinks_requesttopbarlinks_archives

From The A.I.M. Archives

— Refresh Page for More Choices
Trade Arabia reports that the Oman Centre for Marine Biotechnology (OCMB) recently signed a memorandum of understanding with Swedish Algae Factory to support the domestic...
Judith Lewis Mernit writes in e360.yale.edu that an experiment being conducted by animal science professor Ermias Kebreab at the University of California, Davis, is testi...
“The Israeli food-tech industry has been growing in leaps and bounds in recent years and is taking a leading role worldwide with a broad range of innovative companies and...
AlgaEnergy, a Spanish biotechnology company specializing in the production and commercial applications of microalgae, and Yokogawa Electric Corporation, a leading provide...
Jessica D'Lima writes in AdvancedScienceNews.com that medicine is moving towards minimally invasive procedures, which have important patient-oriented benefits such as sho...
Algae and corals have been leaning on each other since dinosaurs roamed the earth, much longer than had been previously thought, according to new research led by scientis...
Baillargues, France’s Microphyt, a leading company in microalgae-based natural solutions for nutrition and well-being, has announced a fundraising of €28.5 million (US$32...
Foodbev.com reports that French marine ingredients company Algaia will install a new specialty seaweed extract unit at its facility in Brittany, France, after securing €4...
Julianna Photopoulos writes in Horizon EU Research and Innovation magazine that UK start-up Skipping Rocks Lab aims to use natural materials extracted from plants and sea...
Susan Kraemer writes in solarpaces.org that to use solar thermal energy to convert farmed algae to fuel, the solar fuels research team at Australian National University (...
Globally, an increase in water pollution is pushing scientists and environmental care specialists to seek best ways of preserving and maintaining sources of safe drinking...
Israeli-based Algatechnologies, Ltd. (Algatech) has become the major shareholder in Supreme Health New Zealand, Ltd. (Supreme) to supply the rapidly growing markets in Ch...