Commercial Seaweed Market to Reach $22 Billion by 2024
By 2024, the commercial seaweed market is forecasted to reach $22.13 billion globally, according to Grand View Research. This represents a compound annual growth rate (CAGR) of 8.9% from 2016.
Demand for seaweed grows as it is used increasingly for industrial applications and for food. It also is used in cosmetics, skin-care products and toothpaste.
In 2015, red seaweed was 52.5% of the market and is expected to continue to grow.
Human consumption was 81% and more than half of all seaweed was consumed in liquid form. The food market is forecasted to grow 9% by 2024.
Photo: Seaweed farming at Uroa, a fishermen village on Zanzibar's center-east coast (By Moongateclimber, Public Domain) https://adalidda.net/posts/ZsAwfjBDArH9ojQa6/commercial-seaweed-market-to-reach-usd22-billion-by-2024