Seaweed Cultivation Market May Top Valuation Of USD 41 Bn By 2031: Study
The global seaweed cultivation market is expected to register growth at a CAGR of over 8% through 2031, and top a valuation of USD 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 and beverage industry is surging. This is driving consumption and preference for plant-based food products among consumers.
In India, there is largescale cultivation of 60 varieties of seaweeds or macroalgae in process, which have multiple commercial applications in medicine, fertilizer, animal feed and food, being a rich source of amino acid and several micronutrients.
Meanwhile, the government has proposed substantial investments for the development of fishing harbours, fish landing centres and promote seaweed farming.
India’s plans are to raise seaweed production from the current level of about 20,000 tonnes, valued at around $500 million (Rs 50 crore) to 11.2 lakh tonnes by 2025.
Speaking at an event earlier, Sundeep Nayak, managing director, National Co-operative Development Corporation, had said that the government is very serious about the promotion of seaweed cultivation as it holds tremendous business potential.
Besides, it has the potential to transform farming along India’s coastal belt and improve livelihood and create jobs.
The Market Report
"With high nutritional value, seaweeds are widely used in nutraceuticals, pharmaceuticals, and food. Thus, it would be profitable for seaweed cultivators to offer their products in these end-use industries," says a Persistence Market Research analyst.
Persistence Market Research, in its new report, offers an impartial analysis of the global seaweed cultivation market, presenting historical data (2016-2020) and estimation statistics for the forecast period of 2021-2031.
The study offers compelling insights on the basis of type (red seaweed, green seaweed, and brown seaweed), method of harvesting (aquaculture and wild harvesting), form (flakes, powder, liquid, and sheets), and application (food industry, feed industry, agriculture, pharmaceuticals, and others), across seven major regions of the world.
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.
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.
For the full report: https://www.persistencemarketresearch.com/checkout/32335
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