Macroalgae Market Demand and Growth Trends by 2033
According to Future Market Insights (FMI), the worldwide Macroalgae market is valued at US$ 9,302.6 million in 2023 and it is anticipated to reach US$ 18,305.1 million by 2033. Over the next decade, global Macroalgae demand is likely to increase at a CAGR of 7.8%.
Macroalgae or seaweed refers to large, multicellular species of algae. They have gained wider traction amongst consumers due to their several applications across a wide range of sectors. Macroalgae also play a crucial role in capturing carbon and producing oxygen.
Macroalgae is rich in proteins and other essential nutrients. As a result, manufacturers are finding increased demand across the food & beverage industry. Rising preference for high-nutrition foods globally is expected to stimulate growth in the macroalgae industry.
Various species of macroalgae have a high relative abundance of long-chain polyunsaturated fatty acids (PUFA). These are essential components in human and animal nutrition.
The potential applications of macroalgae in pharmaceutical, food, nutraceutical, and cosmetics sectors due to their biologically active and regenerative properties will boost the market.
Growing usage of macroalgae in cosmetic and personal care products will elevate demand in the global market. Macroalgae contain minerals such as calcium, manganese, potassium, zinc, etc. It possesses anti-inflammatory, antioxidant, and detoxifying properties. As a result, it is being used in various cosmetics products.
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The market is also anticipated to expand as a result of the quick development of novel strains and scientific developments that can withstand high salinity and boost energy effectiveness. The urgent requirement for early contaminant detection is expected to create new growth opportunities for novel photobioreactor microalgae producers.
Key Takeaways from the Macroalgae Report:
- The global macroalgae market is expected to reach a valuation of US$ 18,305.12 million by 2033.
- Global demand for Macroalgae is likely to soar at 7.8% CAGR over the forecast period.
- The global macroalgae market is valued at US$ 18,305.12 million by 2023 for historical period.
- United States is projected to hold a dominant value share of 33.1% in the global market by 2033.
- Japan is projected to hold a dominant value share of 11.0% in the global market by 2023
“The market for macroalgae is expanding as a result of rising interest in environmentally friendly, plant-based food sources as well as growing public awareness of the advantages of seaweed farming. Its expansion is having an effect on the world by giving the food, cosmetics, and pharmaceutical industries a nourishing and adaptable ingredient. It also helps to sequester carbon and improves ocean health.” – says a lead analyst at Future Market Insights (FMI)
Who is Winning?
Cargill, Incorporated, Acadian Seaplants Limited, CP Kelco, Dow Chemical Company, E. I. du Pont de Nemours and Company, Gelymar SA, Irish Seaweeds, Marcel Trading Corporation, Qingdao Gather Great Ocean Algae Industry Group (GGOG), Seasol International Pty Ltd, Yan Cheng Hairui Food Co., Ltd., Ocean Harvest Technology Limited
Mara Seaweed, Algatechnologies are key Macroalgae companies listed in the report.
These companies are concentrating on expanding their portfolios by launching new products. They also use strategies such as advertisements, partnerships, acquisitions, agreements, and mergers to stay relevant in the market. For instance,
- In 2020, Algaia French company the company launched a new line of organic seaweed-based products for the food industry, including vegan gelling agents and texture enhancers.
Macroalgae Market Segmentation
By Type:
- Red Macroalgae
- Green Macroalgae
- Brown Macroalgae
By Application:
- Food & Beverages
- Agriculture
- Pharmaceuticals
- Cosmetics & Personal Care
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
