Demand for Alternative Proteins, Vegan Foods Driving Demand for Seaweed

WELLESLEY, Mass., April 24, 2021 (Newswire.com) - There's no doubting the versatility of seaweed--in food, cosmetics and skincare, livestock feed, plant bio stimulants and more.

Global commercial seaweed was valued at $21 billion in 2019 and is anticipated to reach $20 billion by 2025, thanks to several factors: market positioning of seaweed as alternative protein source, growing vegan populations in western regions, increasing popularity of seaweed snacks over unhealthy ones and developing nations placing greater emphasis on seaweed cultivation and improvement in technologies to bring in revenues from exports.

Regionally, Asia Pacific led the production as well as consumption of commercial seaweeds. This growth is mainly led by China and Japan owing to increase in domestic consumption. Indonesia and Philippines also emerged as leading producers and exporters of commercial seaweed, according to the BCC report, Seaweed Extract: Global Markets.

Report Highlights

• The global market volume consumption for commercial seaweed reached 31 million tons in 2020 and should reach 33.6 million tons by 2025, at a compound annual growth rate (CAGR) of 1.8%.
• In the Asia-Pacific region, market volume for commercial seaweed should reach 32 million tons by 2025 from 29.1 million tons in 2020, at a CAGR of 1.9%.
• Key market players include: Cargill, Irish Seaweeds and Acadian Seaplants.

Explore the full report here: https://www.bccresearch.com/market-research/food-and-beverage/seaweed-extract-market.htm

Source: BCC Research