Commercial Seaweeds Market Worth $21. 11 Billion by 2023 - Exclusive Report by MarketsandMarkets

CHICAGO, October 19, 2018 /PRNewswire/ --

According to the new market research report "Commercial Seaweeds Market by Type (Red Seaweeds, Brown Seaweeds, Green Seaweeds), Method of Harvesting (Aquaculture, Wild Harvesting), Form (Liquid, Powder, Flakes), Application (Food, Feed, Agriculture), and Region - Global Forecast to 2023", published by MarketsandMarkets, the market for commercial seaweeds is estimated at USD 14.08 billion in 2018; it is projected to reach USD 21. 11 billion by 2023, at a CAGR of 8.4%.

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Seaweeds are plant-like organisms that are also known as marine microalgae; they are generally attached to a rock or other hard substratum in coastal areas. The classification of seaweeds is based on various properties, such as pigmentation, the organization of photosynthetic membranes, the chemical nature of the photosynthetic storage product, and other morphological features. The application of seaweeds dates back to the fourth and sixth centuries in Japan and China, respectively. Since then, increasing investment and focus on R&D activities pertaining to seaweed were undertaken globally, which encouraged the cultivation of seaweeds. Currently, seaweeds account for more than 90% of the global markets demand.

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72 - Tables
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139 - Pages

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The brown seaweeds segment is projected to be the fastest growing in commercial seaweeds market through 2023 

In 2018, the brown seaweeds segment is estimated to account for the largest share, by type, in the commercial seaweeds market, in terms of value. The inclusion of brown seaweeds in food helps in improving the joint and bone health, aids in digestion, balances hormones, and reduces hypothyroidism, fatigue, menstrual problems, cellulite, cough, asthma, stomach ailments, headaches, and hemorrhoids. In addition, consumption of brown seaweeds prevents the growth of cancer cells, helps in weight management, and protects from the adverse effects of radiation due to contact with hazardous electromagnetic pollution. Furthermore, increasing usage of alginates, extracted only from brown seaweeds in dental material has led companies to mainly manufacture alginates from brown seaweeds.