The Seaweed Market
The Opportunities are Boundless
The value of the seaweed market is projected to reach almost US$25 billion by 2028
This staggering growth is a direct result of the world’s quest for sustainability and environmentally friendly products. Many countries are introducing punitive measures for the use of non-biodegradable products, including bans on single use plastics.
Major brands such as Cargill, Kerry Group, Danone, L’Oreal, Nestlé, Unilever and DowDuppont have recognised the potential and are already heavily invested in seaweed based components.
There continues to be research conducted on the health giving properties of seaweed, and in particular the potential for red seaweed to act as a treatment for cancer.
As long ago as the 1960’s DuPont has been a pioneer in making seaweed harvesting as efficient and sustainable as possible. Not just environmentally, but socio-economically, too. True sustainability is only possible when everyone in the supply chain is happy: from the farmers harvesting the seaweed, to the companies that make it into a product.
Around the world, every seaweed supply is unique. Recognising this DowDupont adapts how it’s harvested, and how often under the principle of biology-based management. This, combined with making sure they work inclusively throughout the value chain, is how they endeavour to make their approach sustainable.
A key resource
Cargill launched its Red Seaweed Promise (TM) in 2019 with a more recent update in 2021, reinforcing its commitment to secure a long-term sustainable red seaweed supply. Many of the larger corporates are engaged on an acquisition strategy in the seaweed sector to enhance their product offerings.
Cargill states in its paper that seaweeds are among the most productive plants on the planet, capturing carbon more efficiently than tropical forests, reversing ocean acidification and eutrophication, and helping to build up depleted fish stocks.
The growth of seaweed cultivation
Environmental concerns have increasingly led to the development of solutions that mitigate the effects of pollution and emissions on the environment, and consumer preferences have become a driver for more sustainable products. Macro algae cultivation is just one area that has witnessed extraordinary growth. The algae are sustainable, fast growing, nutrient rich and absorb carbon dioxide and release oxygen.
The rising demand for macro algae production is partly driven by the growth in veganism and plant based products in the animal welfare sector. A press release from Proveg International claims the market for plant-based meat alternatives will double within the next five years. According to figures provided by Markets and Markets, the market is valued at 12.1 billion US$ in 2019 and is predicted to grow at an annual rate of around 15%, reaching almost 28 billion US$ by 2025. The global meat market, by comparison, is only predicted to grow by 3% per year, according to Kearney