North America Commercial Seaweeds Market Growth Analysis - Forecast Trends, Market Size, Share and Outlook (2024-2032)

North America Commercial Seaweeds Market Outlook

The North America commercial seaweeds market size reached approximately USD 2.15 billion in 2023. The market is projected to grow at a CAGR of 7.9% between 2024 and 2032, reaching a value of around USD 4.30 billion by 2032.

Key Trends in the Market

Seaweed, or scientifically known as macroalgae, is a term used to refer to all the types of marine plants and algae. These plants are usually found at the bed of ocean and seas or rock structures. The type of seaweed can differ depending on the water level. A wide number of seaweeds are edible and hold commercial value for humans. Some of the known edible seaweeds include nori, wakame, kombu, and arame, among others.

• Consumer awareness regarding the nutritional benefits of seaweed has been a pivotal factor in the North America commercial seaweeds market growth. Seaweed is recognised as a superfood due to its high nutrient content, including vitamins, minerals, antioxidants, and essential amino acids. It is low in calories and packed with beneficial nutrients, making it a popular choice among health-conscious consumers. As people seek healthier food options, the demand for seaweed-based products has increased substantially.

• The versatility of seaweed has proven to be one of the key factors propelling the North America commercial seaweeds market demand, leading to its widespread adoption across various sectors. In the food sector, seaweed is used in the production of snacks, seasonings, sushi, and as a natural food additive for its nutritional value and umami flavour. Moreover, the pharmaceutical sector is exploring seaweed's potential in drug formulations due to its bioactive compounds that exhibit various therapeutic properties.

• Technological advancements in seaweed cultivation techniques have played a crucial role in enhancing the North America commercial seaweeds market value. Innovations in farming methods, such as integrated multitrophic aquaculture (IMTA) and the use of automated systems for cultivation, have increased efficiency and lowered production costs. These advancements have contributed to the scalability of seaweed farming, making it more economically viable.

UMARO, a California based company, announced to develop a high-tech offshore sea farm together with the New Hampshire University and Otherlab. The project (spanning the year 2018-2023) boasts an advanced design, including a robotic anchoring system that is efficient at deploying sustainable helical anchors without causing disturbance in the seabed. The design also includes a passive, wave-driven upwelling system that will be used to bring nutrient rich seawater to the surface.

North America Commercial Seaweeds Market Segmentation

Based on type, the market can be segmented into brown seaweed, red seaweed, and green seaweed. The market categorisation, based on form, includes leaf, powdered, and flakes. The market, based on application, is divided into agriculture, animal feed, and human consumption, among others. The major regional markets for commercial seaweeds in North America are the United States and Canada.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the North America commercial seaweeds market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Cargill Inc.

• DuPont de Nemours, Inc.

• CP Kelco U.S., Inc.

• Cascadia Seaweed

• Premium Oceanic, LLC

• Others

Market Share by Type

According to the North America commercial seaweeds market analysis, red seaweed is expected to be the fastest growing type, among other variants, owing to its wide range of health benefits. It has shown great ability in controlling blood sugar levels and helps lower bad cholesterol. It also possesses the highest levels of protein, which is the reason for its red tint.

The demand for red seaweed is also growing as consumers and companies increasingly seek out meat alternatives. One of the most popular red seaweeds, Nori, is being increasingly consumed in various regions of North America due to the rising adoption of Asian cuisine.

Market Share by Country

The United States is expected to account for a major portion of the North America commercial seaweeds market share. The aquaculture sector in the country is growing rapidly owing to various factors, such as technological advancements, and rising emphasis on sustainable aquaculture practices.

The country is also one of the major exporters of a red seaweed extract product known as Carrageenan. It is one of the major seaweed extract products, accounting for more than 94% of the country’s  total seaweed exports.

Competitive Landscape

Cargill Inc. is a US-based, privately held global corporation and one of the largest agricultural companies in the world. It operates in various sectors such as food, agriculture, financial, and industrial products, and services. Cargill is involved in the production and trading of agricultural commodities, processing of food products, providing financial and industrial solutions, and managing supply chains for various sectors.

DuPont de Nemours, Inc., now known as DowDuPont after a merger (and later, split into separate companies), is a multinational conglomerate that operates in various sectors, including agriculture, materials science, and speciality products. Historically known for its contributions to science and innovation (particularly in materials, chemicals, and agriculture), DuPont has been involved in diverse sectors, focusing on research and development of various technologies and products.

CP Kelco U.S., Inc. is a leading global producer of speciality hydrocolloid ingredients. They offer a wide range of products derived from natural raw materials such as citrus fruits, seaweed, and other plants. These ingredients find applications in various fields including food and beverage, pharmaceuticals, personal care products, and industrial applications due to their thickening, stabilising, and gelling properties.

Other key players in the North America commercial seaweeds market are Cascadia Seaweed, and Premium Oceanic, LLC, among others

.

Key Highlights of the Report