Global Seaweed Extracts Market Overview
The Seaweed extract Market Size was valued at USD 3.5 billion in 2023. The Seaweed Extracts industry is projected to grow from USD 3.7065 Billion in 2024 to USD 5.23 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.90 % during the forecast period (2024 - 2032). Due to the increasing use of seaweed extract such as agar, alginate, etc. The rising demand for biofuels is the critical market driver enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Seaweed ExtractsMarket Trends
The demand for cosmetic items has increased due to improving living standards and awareness. This has resulted in a favorable development prognosis for the seaweed extract industry. Seaweeds have advantages since they are renewable, widely distributed, and rich in versatile bioactive compounds that can be used as ingredients, additives, and active components in creating skincare products.
Seaweed extracts can be used alone or in combination with various other components. These include hyaluronic acid, vitamin B3, peptides, and plant extracts. Due to Seaweed's long-term functional qualities, the market for cosmetic goods is also growing. As a result, seaweeds are used to make skin-whitening chemicals. As a result, skin-whitening agents generated from seaweeds create lucrative business opportunities for the beauty industry.
Therefore, increased food consumption for snacks and the pharmaceutical industry will propel the Seaweed extracts market growth as it contains a high amount of alginate that helps in weight loss. Further, its application in manufacturing biofuels, biomass, and wastewater management has also increased market CAGRglobally in recent years.
However, These are used in cosmetic products, including creams, soaps, and shampoo, as gelling agents. These factors are expected to propel another factor driving the Seaweed Extracts market revenue growth.
Seaweed Extracts Market Segment Insights
Seaweed ExtractsBy Type Insights
The Seaweed extract market segmentation, based on Type, seaweed extract is defined as in which form it can be used. Seaweed extract is a industry, and it has been classified as Liquid, Powder, Flakes, And Others. The seaweed extract in liquid form is expected to have a more significant and fastest Seaweed Extract market revenue due its increased benefits and ease of availability
In 2019 Tradecorp launched Phylgreen, a unique seaweed extract used in crops, especially vegetables and flowers.
September 2020 W Hydrocolloids, Inc. successfully acquired a stake in Philippine Bio-Industries Inc., a company that operates a seaweed-producing facility. With this acquisition, W Hydrocolloids, Inc. acquired PBI's fully automated refined carrageenan facility, which produces carrageenan and carrageenan blends. Moreover, the companies focus on acquiring more quality certificates across various regions and using stringent product testing procedures to serve customers.
Figure 1: Seaweed Extracts Market, by Type, 2022 & 2030(USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Seaweed Extracts By Application Insights
The Seaweed Extracts market segmentation, based on the application seaweed extract market, has vast scope in many fields based on its applications. It can be used in the healthcare industry's food and beverage, cosmetics, and personal care products. The seaweed extract market would show immense growth in the agriculture and horticulture industries. The availability of seaweed extract as a raw material is abundant and can be cultivated easily. Hence, rising applications of Seaweed extract such as agar, alginate, etc. Seaweeds are rich in vitamins like vitamin B12 and E and used in personal care products, impacting market growth.
The widespread use of seaweed extract in numerous industries has propelled the growth of the seaweed industry. It is widely utilized in the cosmetic and personal care industries because of its all-natural ingredients, which help with skin hydration and cell regeneration. Serums, lotions, and moisturizing creams function as natural ingredients. The pharmaceutical business also employs it. Tyrosine and iodine found in seaweed extract support thyroid function. It even includes antioxidants that repair harm and damage to body cells by free radicals.
The Seaweed Extracts market data showed that the demand for seaweed extracts has increased as customers' health awareness has grown. It is also in high demand in the food and supplement industries. Seaweed is high in fiber, riboflavin, thiamin, iron, calories, protein, and fat.
Seaweed Extracts Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific Seaweed Extracts market accounted for USD 1.6 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. This is attributed to the growing incidence of spine abnormalities such as scoliosis, kyphosis, and lordosis, as well as an aging population across the Region.
Further, the significant countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: GLOBAL SEAWEED EXTRACTS MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Seaweed Extractsmarket accounts for the third-largest market share due to its application in the food & beverage, agriculture, cosmetics, and pharmaceutical industry. Further, the Germany Seaweed Extractsmarketheld the largest market share, and the UK Seaweed Extracts market was the fastest-growing market in the European Region.
The Asia-Pacific Seaweed Extracts Market is expected to grow at the fastest CAGR of 5.3% from 2022 to 2030. This is due high value in the market of cosmetics and food. Moreover, the JapanSeaweed Extractsmarket held the largest market share, and the India Seaweed Extracts market was the fastest-growing market in the Asia-Pacific region.
For instance, the China Seaweed Extracts market is the second-highest consumer of brown algae. Kelp is sourced from Brown seaweed. The presence of iodine and iron makes kelp great food. It contains potassium and vanadium, which act as medicine for diabetics. Hence, Asia-Pacific is anticipated to register the highest growth rate over the forecast period from 2022–2030.
Seaweed ExtractsKey Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Seaweed extract market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Seaweed extract industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies manufacturers adopt in the Seaweed Extracts industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. The seaweed extract industry has provided pharmaceutical products with some of the most significant benefits in recent years. The Seaweed Extractsmarket major player such as Grow More Inc. (US), Kelp Products International (South Africa), Algae, the Arctic Company (Norway), Shigawake Organics Ltd. (Canada), Ocean Organics Natural and Organic Fertilizers (US), Mycsa AG (US), Humate (Tianjin) International Limited (China), Technaflora Plant Products Ltd (China), Suboneyo Chemicals & Pharmaceuticals P Limited (India), Algerian Seaweed Products (Ireland), Chase Organics (UK)and others are working on expanding the market demand by investing in research and development activities.
Cargill, Incorporated, is a privately held American food corporation based in Minnetonka, the largest privately held corporation in the United States in revenue.
Cargill launched red seaweed powder in 2021 from an organoleptic perspective to Accenture's smooth and creamy texture in dairy. The product is produced without chemical modification, keeping the natural components intact.
W Hydrocolloids, Inc. has always been centered on growth, innovation, and providing only the best ingredients in the food solutions business.WHI has established itself as the optimum food ingredients service provider covering seven continents.
W Hydrocolloids, In September 2020, Inc. successfully acquired a stake in Philippine Bio-Industries Inc., a company that operates a seaweed-producing facility. With this acquisition, W Hydrocolloids, Inc. acquired PBI's fully automated refined carrageenan facility, which produces carrageenan and carrageenan blends. Moreover, the companies focus on acquiring more quality certificates across various regions and using stringent product testing procedures to serve customers.
Key Companies in the Seaweed Extracts market include
Seaweed Extracts Industry Developments
March 2024: The world’s first commercial seaweed farm in North Sea was approved by an Irish company called Simply Blue Group”. It may be difficult to find another place on Earth more hostile than an offshore wind array, however congested as the North Sea can be, there are very few other options for seaweed farmers.
March 2024: Recently launched the world's first large-scale mechanized tropical seaweed farm off Ekas, located on Lombok Island in Indonesia by Sea6 Energy, a technology pioneer in the Blue Economy.
October 2023: FlexSea, which had its origins at Imperial, announced completion of a seed round at £3 Million consisting of equity and grants. This will enable this company to take its range of sustainable packaging solutions including plastics based on seaweeds into commercialization processes.
In August 2023 JRS Group acquired leading producer of sustained algae extracts and hydrocolloids – Algaia SA. JRS Group is one of the top providers of fibers and hydrocolloids worldwide making green wares from renewable herbaceous materials suitable for many industries.
In January 2023 UPL AgroSolutions Canada (UPL), globally recognized provider of sustainable agricultural solutions received approval from Canadian Food Inspection Agency to launch WAVE biostimulant in Canada. WAVE biostimulant employs liquid seaweed extract that helps crops’ nutrient uptake thus improving their total healthiness, growth and vitality. This regulatory permission opens up new avenues for agricultural innovation and sustainability in Canada.
For example, according to a review published in Wiley Open Library during July 2022,Carrageenans and oligo-carrageenans are polysaccharides commonly present in red seaweeds, have been found to improve the growth and development of various plants by inducing changes in important physiological and biochemical processes.
In February of 2021 Cargill introduced red seaweed powder as a strategic move to compete with Accenture’s smooth and creamy dairy products. The product is unique because it ensures that the natural components of seaweed are maintained through a production process that does not involve any chemical modifications. This has significantly broadened the potential for expansion within the seaweed extract industry.
2021 Cargill launched red seaweed powder from an organoleptic perspective to Accenture's smooth and creamy texture in dairy. The product is produced without chemical modification, keeping the natural components intact.
Seaweed Extracts Market Segmentation
Seaweed Extracts By Type Outlook
Seaweed Extracts By Application Outlook
Seaweed Extracts Regional Outlook
North America
Europe
Asia-Pacific
Rest of the World
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 3.5 billion |
| Market Size 2024 | USD 3.7065 billion |
| Market Size 2032 | USD 5.228050393 billion |
| Compound Annual Growth Rate (CAGR) | 5.90% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019- 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, By Application, and By Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Grow More Inc. (US), Kelp Products International (South Africa), Algae, the Arctic Company (Norway), Shigawake Organics Ltd. (Canada), Ocean Organics Natural and Organic Fertilizers (US), Mycsa AG (US), Humate (Tianjin) International Limited (China), Technaflora Plant Products Ltd (China), Suboneyo Chemicals & Pharmaceuticals P Limited (India), Algerian Seaweed Products (Ireland), Chase Organics (UK) |
| Key Market Opportunities | Liquid-based Seaweed extracts are in high demand |
| Key Market Dynamics | Increasing the use of various seaweeds extracts |
Seaweed Extracts Market Highlights:
Frequently Asked Questions (FAQ) :
The Seaweed Extracts market size was valued at USD 3.5 Billion in 2023.
The market is projected to grow at a CAGR of 5.90 % during the forecast period, 2024-2032.
North America had the largest share of the market
The key players in the market are Grow More Inc. (US), Kelp Products International (South Africa), Algae, the Arctic Company (Norway), Shigawake Organics Ltd. (Canada), Ocean Organics Natural and Organic Fertilizers (US), Mycsa AG (US), Humate (Tianjin) International Limited (China), Technaflora Plant Products Ltd (China), Suboneyo Chemicals & Pharmaceuticals P Limited (India), Algerian Seaweed Products (Ireland), Chase Organics (UK)
Massive demand for seaweeds in the food processing industry is the primary driver of the seaweed extracts market.
The liquid Seaweed extract had the largest share of the market.
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