Seaweed Algae Market to Cross a Valuation of 20,345.0 Million By 2033

As per a new research report by Fact.MR, a provider of market research and competitive intelligence, the global Seaweed Algae Market is valued at US$ 15,000.0 million in 2023 and it is anticipated to reach US$ 20,345.0 million by 2033. Over the next decade, global Seaweed Algae demand is likely to increase at a CAGR of 3.1%.

Domestic production of seaweed has increased in the recent past owing to the increasing awareness and demand for sustainable alternatives. Seaweed algae are increasingly used in pharmaceutical as they are rich in bio-active compounds used to make medicines, drugs and supplements. Additionally, direct consumption not a new concept. Seaweeds like brown and red seaweeds are increasingly consumed in Asian countries like Japan and China.

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Seaweeds are used in a variety of dishes like salads, soups, stews and more. They are rich in protein content, vitamins and minerals and omega 3 and omega 6 fatty acids that are required by the human body.

Moreover, substituting seaweed algae with conventional animal feed has shown visible results in cattle’s and broiler chickens with improved growth and dairy production in cattle. Animal feed that contains seaweed also helps reduce the risk of infection. Cattles and farmed animals have a lower risk of developing infections that can harm their health.

Seaweed extract is used as a thickening and gelling agent in the food and beverage industry. Food sector is growing a steady rate and such innovations that are more environment friendly and sustainable are expected to experience a surge in demand over the next decade.

Key Takeaways from the Seaweed Algae Report:

The global Seaweed Algae market is expected to reach a valuation of US$ 20,345.0 million by 2033.
Global demand for Seaweed Algae is likely to soar at 3.4% CAGR over the forecast period.
Japan is projected to hold a dominant value share of 17.4% in the global market by 2033.
The United States Seaweed Algae market is projected to reach a valuation of US$ 5,187.9 million by 2033.
Germany market is estimated to witness a value CAGR of 2.7% during the projection period.

“There is an increase in demand for seaweed-based products due to their applications across various industries like food processing, cosmetics, pharmaceuticals animal feed and bioplastics” – says a lead analyst at Fact.MR

Who is Winning?

These companies are concentrating on expanding their portfolios by launching new products. They also use strategies such as advertisements, partnerships, acquisitions, agreements, and mergers to stay relevant in the market. For instance,

2021: Cargill Foods, launched new seaweed powder food ingredient for food producers in order to increase their eco-friendly, organic and sustainable ingredients. It also claims to be the first company to offer this at a commercial scale in Europe.
2021: ICAR-Central Institute of Fisheries Technology (ICAR-CIFT), launched three seaweed based products ZAFORA Seaweed Hand Sanitizer, ZAFORA Gargle, and ZAFORA-360 Enriched Fucoidan Capsule. Containing seaweed extract as major ingredient, these products are said to have anti-inflammatory, anti-viral and anti-cancer properties.

Key Companies Profiled