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Commercial Seaweed Market Size
- Report ID: GMI1658
- Published Date: Jun 2024
- Report Format: PDF
Commercial Seaweed Market Size
Commercial Seaweed Market size was valued at USD 60.5 billion in 2023 and is anticipated to register 7.8% CAGR between 2024 and 2032, driven by the rising demand for seaweed-based products in various industries. Lately, seaweed is widely recognized for its nutritional benefits, making it an inclusion in multiple diets. The abundance of vitamins, minerals, antioxidants, and other essential nutrients has made it popular among health-conscious consumers who seek natural, sustainable food. Moreover, numerous cosmetic and personal care companies use seaweed extracts for their moisturizing and anti-aging properties.
The production of seaweed requires no fresh water or fertilizers, making it a sustainable agriculture practice with minimal environmental impacts. Coinciding with global efforts to address climate changes, it helps separate carbon and reduce ocean acidification.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Commercial Seaweed Market Size in 2023: | USD 60.5 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 7.8% |
| 2032 Value Projection: | USD 120.5 Billion |
| Historical Data for: | 2021 - 2023 |
| No. of Pages: | 374 |
| Tables, Charts & Figures: | 280 |
| Segments covered: | Product, Form, End-use |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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For example, in February 2022, SeaWeed Naturals combined the benefits of restoratively farmed seaweed and marine algae with the cannabis plant. The collection of topical and edible wellness products united the land and sea through restorative practices. Economically, seaweed production generates additional income for coastal communities and diversifies the marine economy. Innovations in agricultural technologies and methods have increased the efficiency and scalability of seaweed production with reduced costs and turning seaweed more accessible as raw materials for various purposes.
Seaweed farming requires specific environmental conditions, which can limit suitable farming locations and lead to inconsistent supply. The lack of standardized regulations and quality control mechanisms across industries is also posing a challenge, affecting market credibility and consumer confidence. Low consumer awareness and acceptance of seaweed products outside of traditional markets, and the need for significant investment in education and marketing may also restrict the product uptake to some extent.
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Commercial Seaweed Market Scope
