Seaweed is a very versatile product and has been a popular food product for human consumption. Though it has been used as human food since ages, especially in China, Korea and Japan, the commercial exploitation of this product began only a few decades ago. Commercially, seaweed is used for different purposes in different sectors. In the food and beverage sector, seaweeds are used for emulsification, thickening, and stabilization of many processed food items, including dairy products, ice cream, sour cream, and more. They are also widely used in baked food items, confectionery items, meat and poultry items, soups, salads, and beverages. Loaded with essential minerals, vitamins, and antioxidants, seaweeds provide many health benefits and prevent the occurrence of diseases. In agriculture, seaweeds are used for making fertilizers and animal feed products. Seaweed extracts such as hydrocolloids, are widely used in the pharmaceutical and cosmetic industry. Other areas where seaweed find use include wastewater treatment, biofuel production, and integrated aquaculture.
The growing
applications of seaweeds is contributing to the commercial seaweed market
growth. The use of seaweeds in the food and beverage industry contributes a
significant portion to the overall market share. Moreover, the growing
awareness about the benefits and medicinal uses of seaweeds and the changing
tastes and lifestyles of consumers are some other factors catalyzing the market
growth. Intensive research and development (R&D) efforts on technological
innovations to expand the applications of various types of hydrocolloids across
several industries are creating lucrative opportunities for the growth of the
market for commercial seaweeds. According to the research firm, Allied Market
Research, the global commercial
seaweeds market is expected to amass a sum of $45.6 billion by
2031, thereby exhibiting a CAGR of 9.8% during the forecast period, 2022 to
2031.
The outbreak of
the Covid-19 pandemic led to the decline of the market growth in 2020, owing to
the implementation of lockdowns and stringent norms, thereby hampering the
production of seaweeds. Exporters in developed and developing countries faced
many challenges, owing to the closure of international trade and borders,
leading to reduced company sales and suspension of operations. Nevertheless,
the market is gaining traction with the growing demand for healthy food and the
trend is likely to continue in the years to come.
Many startups
entered the commercial seaweeds market in recent years. Though they are in
their infancy, it is estimated that several of them will grow by leaps and
bounds in the future. Established players in the industry adopt strategies such
as launches, partnerships, mergers & acquisitions, geographic expansions,
and more to grow and expand their business. For instance, in April 2022,
Zeewaar, an Amsterdam-based organically certified seaweed farm, was acquired by
The Seaweed Company, a producer of high-quality seaweed products. With the
acquisition, the latter fortifies its position in the 'Blue Food' market to put
seaweed applications and ingredients on the menu of consumers and firms in
Europe.
In August 2022,
German-based BASF Venture Capital inked a partnership with Aqua-Spark, an
investment fund focused on sustainable aquaculture businesses, to invest in
Sea6 Energy Pvt. Ltd., a leading producer of tropical red seaweed. Based in
Bangalore, Sea6 Energy is highly experienced in the field of biotechnology and
focuses on cultivating and processing tropical seaweed species. The company
established a fully-owned subsidiary in Indonesia that operates commercial
seaweed farming. Sea6 runs many plants in India for processing of red seaweed
for various uses. For instance, it produces biostimulants for use in
agriculture and now focuses on the development of bioplastics and biofuels from
red seaweed.
In September
2022, Central Marine Fisheries Research Institute (CMFRI) launched a
nutraceutical product called LivCure extract to treat non-alcoholic fatty liver
disease (NAFLD). The product is an amalgamation of natural bioactive
ingredients extracted from finest seaweeds. Clinical trials showed that LivCure
extract has the ability to suppress various enzymes and target receptors linked
to dyslipidemia and pathophysiology, which leads to NAFLD. The formulation
helps enhance liver health, minimize the accumulation of fatty products, and
maintain other liver/lipid parameters.
In September
‘22, more than 50 players in the European seaweed industry came together to
launch the SeaMark Horizon Europe project, aiming to deliver 12 seaweed-based
products for commercial exploitation. The group works with the goal of
upscaling circular ocean seaweed cultivation and land-based integrated
multi-trophic aquaculture (IMTA) systems. They also plan to create new
processing methods regarding fermentation and biotransformation into 12 unique
products based on seaweeds.
Author’s Bio:
Sharmistha Bose has always had a keen interest in reading and writing. An engineering graduate, she forayed into the field of writing due to her love for words and the urge to do something different. Allied Market Research has given her the chance to gain knowledge about different subjects as a Specialist Content Writer. She can be reached at sharmistha.bose@alliedanalytics.com
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