The North American commercial seaweed market was valued at USD 5.75 billion in 2023 and is anticipated to reach USD 6.17 billion in 2024 from USD 10.89 billion by 2032, growing at a CAGR of 7.36% from 2024 to 2032.
Seaweed is the collective name given to the plethora of species of macroscopic, multicellular marine algae present in the world’s oceans. The broad categorization is on the basis of color and they are segmented as red, brown and green algae.
Commercial seaweed has many applications in human food, pharmaceutical production, cosmetics, animal feed, agricultural production, alternative fuel sources, and management of waste, among others. The figures in recent years show that Indonesia is the world’s largest seaweed producer, with the Philippines coming in second. In more specific applications, alginates are commonly used in wound dressings and the production of dental molds in the medical field. Also, applications in microbiology research are found for agar — a plant-based goo similar to gelatin and made from seaweed, which is extensively used as a culture medium.
The growth of the commercial seaweed market is mainly driven by an increase in investments from several multinational manufacturers, and extensive R&D initiatives have been taken to explore the applications of seaweeds in several fields. Seaweeds are also used on a large scale for human consumption due to their high nutritive value, and applications of seaweed in Chinese, Japanese, and Korean cuisines are quite popular, providing additional impetus for market growth. As for the restraints of the market, the high costs, as well as the fact that the market remains a specialty sector, are the main problems faced by the industry.
Based on geography, the North American market is analyzed under USA and Canada. The North American market has the largest market share globally in spite of having a low growth rate in recent years. This is expected as the scope for development in the region is quite low, and the entry of new players into the market is not encouraged by the presence of major market players native to the region.
The Commercial Seaweed market is highly competitive, with a large number of players. Key market players dominating the market with their products are Cargill, Incorporated. (U.S.), Roullier Group (France), E. I. du Pont de Nemours and Company (U.S.), Gelymar SA (Chile), Biostadt India Limited (India), Acadian Seaplants Limited (Canada), Compo GmbH (Germany), CP Kelco (U.S.), and Seasol International Pty. Ltd. (Australia).
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