Advertisement
Sunday, Dec 05, 2021
Outlook.com
Outlook.com

Seaweed Cultivation Market May Top Valuation Of USD 41 Bn By 2031: Study

Demand for healthy ingredients in food and beverage industry is driving preference for plant-based food products among consumers

Seaweed Cultivation Market May Top Valuation Of USD 41 Bn By 2031: Study
| Pixabay
Seaweed Cultivation Market May Top Valuation Of USD 41 Bn By 2031: Study
outlookindia.com
2021-09-23T14:21:20+05:30

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.

 Key Takeaways

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.

 Competitive Landscape

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

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

Kashmir: Tosa Maidan Blast Victims Still Await Compensation

Kashmir: Tosa Maidan Blast Victims Still Await Compensation

While the Army and Airforce vacated the Tosa Maidan meadow as a firing range back in 2014, the victims of the deadly explosions are yet to receive their compensation.

Church In India Cosying Up To BJP To Protect Its Interests

Church In India Cosying Up To BJP To Protect Its Interests

What has led to this change of heart over the past few years for the Church, long seen to be anathemic to the Sangh Parivar?

2nd Test: Ravi Ashwin's 3/27 Puts India On Top At Day 3 Stumps

2nd Test: Ravi Ashwin's 3/27 Puts India On Top At Day 3 Stumps

At the end of Day 3, New Zealand are struggling at 140/5 with 400 more runs to win the second Test in Mumbai. Daryl Mitchell scored a fighting 60. Catch the IND vs NZ highlights here.

World Soil Day 2021: Why Is Soil Conservation Important?

World Soil Day 2021: Why Is Soil Conservation Important?

World Soil Day was first celebrated on December 5th 2014, 7 years ago. This year's theme is, 'Halt soil salinization, boost soil productivity'.

Advertisement