Seaweed, often known as macro-algae, is a group of marine macroscopic, multicellular algae that includes numerous species. Based on color, it can be divided into three major categories: red, brown, and green seaweed. The Asia-Pacific region, specifically China, Indonesia, the Philippines, Korea, and Japan, where seaweed cultivation has grown into a massive industry, is where these seaweeds are primarily used as food and culinary components. The global market for food and related items is becoming more and more competitive due to the growing popularity of seaweed farming.
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The region that dominated the global commercial seaweeds market in 2021 was Asia-Pacific with the highest commercial seaweeds market share and this dominance is anticipated to continue during the forecast period. The main producers of seaweed include China, South Korea, Japan, and Indonesia. In this location, there is a huge market demand for seaweed for use in animal feed and other pharmaceutical applications. The region's market is expanding due to the rising use of commercial seaweeds, particularly in nutraceuticals, food, medications, personal care products, gels, and adhesives. All these commercial seaweeds market trends are creating commercial seaweeds market opportunities.
Leading Key Players:
The major players analyzed for global commercial seaweeds industry are Cargill Incorporated, CJ Cheiljedang Corporation, Corbion NV, Gimme Health Foods Inc., Irish Seaweeds, J.M. Huber Corporation, Mara Seaweed, Ocean Harvest Technology Limited, Qingdao Gather Great Ocean Algae Industry Group Co., Ltd (GGOG), Roland Foods, LLC, SeaSnax, Seasol, Seaweed & Co., Singha Corporation Co. Ltd., and Taokaenoi Food & Marketing PCL.
KEY FINDINGS OF STUDY
- By product, the red segment was the highest revenue contributor to the market, with $15,683.7 million in 2021, and is estimated to reach $40,729.2 million by 2031, with a CAGR of 10.0%.
- By form, the powder segment was the highest revenue contributor to the market, with $8,795.8 million in 2021, and is estimated to reach $22,373.7 million by 2031, with a CAGR of 9.8%.
- Depending on the application, the food and beverage industry segment was the highest revenue contributor to the market, with $14,375.4 million in 2021, and is estimated to reach $36,124.9 million by 2031, with a CAGR of 9.7%.
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