News in Brief:
– Seaweed market in Asia-Pacific surges, driven by rising demand and diverse applications including food, hydrocolloids, and agriculture.
– Local farmers benefit from market growth, especially in leading seaweed-producing nations like China, Indonesia, and Japan, as the industry presents economic opportunities and impacts agricultural practices.
The seaweed market in the Asia-Pacific region is experiencing robust growth, with significant implications for local farmers. Unlike in North America and Europe, where seaweed farming has seen substantial development, Asia-Pacific’s industry is still in its early stages. However, recent initiatives and policies are catalysing its expansion.
European policies, notably part of the European Union’s Blue Growth initiative, are propelling seaweed cultivation forward, a report said. Through subsidies and support programs, European countries are exploring the diverse applications of seaweed across industries. This development underscores a global shift towards recognising seaweed’s potential.
The surge in seaweed consumption, particularly red seaweed in the food sector, is a driving force behind market growth. This trend is significant for maritime nations where seaweed is a traditional food source. Moreover, seaweeds are utilised in various sectors such as fertilisers, animal feed, biofuels, and wastewater treatment, expanding their market scope.
Asia-Pacific dominance in seaweed production
Countries like China, Indonesia, the Philippines, Korea, and Japan lead in seaweed production and consumption. Seaweed farming has become a substantial industry in these nations, impacting local economies and agricultural practices.
The seaweed market’s trajectory is promising, with key players focusing on innovation and expansion. Technological advancements are enhancing seaweed’s applications, particularly in hydrocolloid production for food, pharmaceuticals, and biotechnology.
How seaweed production benefits local farmers
In Asia-Pacific, where seaweed farming is prevalent, local farmers stand to gain from market growth. Increased demand and market value create economic opportunities for coastal communities engaged in seaweed cultivation.
Key seaweed market projections
- The seaweed market was valued at $6,471.9 million in 2021 and is projected to reach $14,613.1 million by 2031, with a compound annual growth rate (CAGR) of 8.7%.
- Brown seaweed is expected to witness significant growth, with a forecasted CAGR of 8.1%.
- Hydrocolloids, derived from seaweed, are poised for substantial growth, especially in applications like food production.
- China leads the Asia-Pacific market, projected to reach $3,519.3 million by 2031, with a CAGR of 8.2%.
