New Delhi, August 06, 2020: The commercial seaweed market is projected to attain noteworthy growth on account of increasing its use as a key ingredient in various consumer products. Seaweeds help in improving resistance to diseases as well as aids in maintaining the balance of micronutrients.
In the livestock sector, seaweeds are used to minimize cow fever and mastitis rate. It also helps in improving fat level and iodine content of cattle milk. Growing share of seaweeds in regular diets could improve the energy derived from complex carbohydrates as well as develop microbes’ adaptability. Considering its significance, Global Market Insights, Inc., predicts that the commercial seaweed market might touch USD 85 billion by the year 2026.
Growing use of commercial seaweed in the animal feed industry could broaden the business horizon for market players. The product is majorly used for feeding animals like horses, sheep, and cattle as it is a rich source of magnesium, potassium, sodium, phosphorous, Sulphur, chlorine, and calcium along with several other vitamins.
Several governments across the world are implementing supportive initiatives to promote the use and development of seaweeds. Taking India for example, in 2020, the government allocated a sum of Rs 637 crores (around US$84 million) to encourage the cultivation of nutrition-rich seaweeds and marine plants.
Based on forms, the industry is mainly divided into wet and dry seaweeds. Out of these, wet commercial seaweeds are anticipated to garner tremendous growth owing to its widespread application as fertilizers, industrial material, and food ingredients. These goods are consumed in heavy volumes across APAC regions and are a common form of staple food in countries like Japan, China, and Korea.
Wet seaweeds are also witnessing significant demand from far eastern regions like Australia. Apart from food ingredients, industry participants are using seaweeds to create a new segment of biodegradable packaging. Citing an instance, in July 2020, Notpla released its new lineup of packaging known as ‘Ooho’which is made from plants and seaweeds for storing liquids.
On the regional front, North America is expected to emerge as a lucrative ground for commercial seaweed manufacturers and is likely to surpass USD 9.5 billion within the predicted timeframe. The region has a rich presence of pharmaceutical companies. In fact, earlier in 2019, North America had a control over almost 50% of the global pharmaceutical market share. Mounting consumption of commercial seaweeds across the regional pharmaceutical sector could massively benefit local business outlook over the forecast timeframe.
Currently, companies like CP Kelco, Qingdao Seawin Biotech Group Co. Ltd., W Hydrocolloids, Inc., Acadian Seaplants Ltd, Mara Seaweed, and Pacific Harvest are leading the commercial seaweed industry with their pioneering products and services.
Source: – https://www.gminsights.com/industry-analysis/commercial-seaweed-market
Corporate Comm India (CCI Newswire)
