What Is The Current and Historic Market Size Analysis Of The Seaweed Extracts Market?
The seaweed extracts market has seen considerable growth due to a variety of factors.
• Over the past few years, the size of the seaweed extracts market has significantly expanded. It is projected to increase from $2.44 billion in 2024 to $2.60 billion in 2025, experiencing a compound annual growth rate (CAGR) of 6.7%.
The accelerated growth during the historic period is due to the heightened demand for organic and natural goods, heightened recognition of the health advantages associated with seaweed, increased funding in marine biotechnology, enhanced application in the food and beverage sector, and a heightened emphasis on functional foods.
What Are The Predictions for The Seaweed Extracts Market in the Coming Years?
The seaweed extracts market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for seaweed extracts is predicted to witness robust expansion in the upcoming years, escalating to a valuation of $3.35 billion in 2029, with a compound annual growth rate (CAGR) of 6.5%.
The proliferation during the forecasted timeline is believed to be driven by factors such as the surging demand for eco-friendly and sustainable ingredients, increased acceptance of seaweed-infused products in the cosmetics and personal care sectors, the upswing in plant-based dietary preferences, a climbing interest in plant-based nutritional enhancement products, and the escalating requirement for biofuels. The key trends projected for this period comprise an amalgamation with biotechnology, adoption of sustainable practices, the inception of novel extraction methodologies, inventive product formulations, and advancements in seaweed farming.
Which Drivers Are Accelerating Growth In The Seaweed Extracts Market?
The growth of the seaweed extracts market is projected to be driven by the increasing demand for biofuels. Biofuels are sustainable energy sources derived from organic materials such as algae, plants, or animal waste, offering an environmentally friendly alternative to fossil fuels. The surge in biofuel demand can be attributed to governmental policies enforcing the use of renewable fuels to decrease greenhouse gas emissions, as well as technological advancements rendering production more economical and sustainable. Seaweed extracts are valuable to biofuels as they offer a sustainable, high-yield feedstock abundant in carbohydrates that can be effectively transformed into bioethanol and biogas, thereby supporting renewable energy production. For example, the International Energy Agency, an intergovernmental organization based in France, predicted in May 2022 that the demand for biofuel will climb by 38 billion liters from 2023 to 2028, almost 30% higher than in the preceding five years. The demand for biofuel is expected to grow by 23% to 200 billion liters by 2028. As a result, the escalating demand for biofuels is propelling the expansion of the seaweed extracts market.
What Are The Core Segments Of The Global Seaweed Extracts Market?
The seaweed extracts market covered in this report is segmented –
1) By Type: Red, Brown, Green
2) By Form: Liquid, Powder, Flakes
3) By Application: Food And Beverages, Agriculture, Pharmaceuticals, Other Applications
Subsegments:
1) By Red Seaweed Extracts: Agar, Carrageenan, Polysaccharides
2) By Brown Seaweed Extracts: Alginates, Fucoidan, Laminarin
3) By Green Seaweed Extracts: Chlorophyll, Ulvan, Proteins And Peptides
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How Are Emerging Trends Reshaping The Dynamics Of The Seaweed Extracts Market?
Major companies operating in the seaweed extracts market are focusing on developing innovative products, such as plant-based solutions, to cater to the growing demand for sustainable and eco-friendly agricultural inputs. Plant-based solutions refer to products made from plant materials, offering sustainable alternatives to animal-derived or synthetic ingredients in industries like agriculture, cosmetics, and food. For instance, in June 2023, Cascadia Seaweed Corporation, a Canada-based manufacturer of seaweed-derived products, partnered with ReFeed Ltd., a Canada-based nutrient upcycle company, and launched its first seaweed-based biostimulant to support agricultural productivity and environmental sustainability. This biostimulant is enriched with bioactive compounds derived from sustainably farmed seaweed, offering natural plant growth stimulation, improved soil health, and enhanced nutrient uptake. The primary feature is its capacity to minimize reliance on synthetic fertilizers, promoting environmentally friendly farming practices.
Who Are the Key Players In The Seaweed Extracts Market?
Major companies operating in the seaweed extracts market are:
• Cargill Inc.
• DuPont de Nemours Inc.
• FMC Corporation
• CP Kelco
• Acadian Seaplants Limited
• Laford Agrotech Limited
• Compania Espanola de Algas Marinas S.A
• Gelymar S.A.
• Seasol International Pty Ltd.
• Grow More Inc.
• Beijing Leili Marine Bioindustry Inc.
• Indigrow Ltd.
• Suboneyo Chemicals Pharmaceuticals (P) Limited
• TBK Manufacturing Corporation
• Kimica Corporation
• Mycsa AG
• Aquatic Chemicals
• Atharv Chemicals and Fertilizers Pvt. Ltd.
• Humate (Tianjin) International Limited
• Ocean organics
• Tagrow Co. Ltd.
• Technaflora Plant Products Ltd.
• Yash Chemicals Ltd.
• Cascadia Seaweed Corp.
What Are The Regional Insights Into The Seaweed Extracts Market?
Europe was the largest region in the seaweed extracts market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the seaweed extracts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
