The global seaweed cultivation market is expected to register growth at a CAGR of over 8% through 2031, and top a valuation of US$ 41 Bn, as per estimates by Persistence Market Research.
Increased utilization of seaweed as a natural thickening and gelling agent, which is beneficial for the production of cheese, creams, desserts, and other products, is driving its demand. Demand for healthy ingredients in the food & beverage industry is surging. This is driving consumption and preference for plant-based food products among consumers.
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Companies are scrambling to acquire certifications that would help in authenticating their products, thereby driving their sales.
- In 2020, Pacific Harvest became a New Zealand FrenMark Licensee, which is an official accreditation program of the New Zealand Government. This license ensures the authenticity of products and builds trust among customers, which is helping the company improve its sales.
- Z-Company focuses on offering standard and certified products to its customers and meets all existing quality specifications. The company acquired quality and standard certification for organic production by Skal BioControl in 2021.
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Key Takeaways from Market Study
- High growth potential for seaweed cultivation is shown by North America, the Middle East and Africa, and Europe, with expected value CAGRs of 11.5%, 10.8%, and 9.9%, respectively.
- Based on application, high growth potential is depicted by the animal feed industry and pharmaceuticals sector at value CAGRs of 9.3% and 8.8%, respectively.
- Ever-growing demand for supplements and people looking for alternative protein sources are driving market growth.
- East Asia and South Asia are dominating the industry with a market share of more than 90%.
- The Covid-19 pandemic had a significant impact on the global market for seaweed cultivation. But as the situation improves, the market is anticipated to get back to its normal growth trajectory over the coming months.
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Companies are investing in research & development activities to come up with new and improved products. They are also concentrating on improving their market penetration across various regions.
- DuPont de Nemours, Inc. focuses on research & development for offering innovative products to its customers along with a strong emphasis on quality.
- VitaminSea Seaweed focuses on improving and expanding its product portfolio through product innovation and developments. Research for new products is being carried out to deliver safe, pure, and organic natural products to customers.
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