The Seaweed Market size was valued at USD 9.32 Billion in 2023 and the total Seaweed revenue is expected to grow at a CAGR of 12.36% from 2024 to 2030.
India seaweed market is anticipated to increase at an impressive rate in the forecast period. Seaweed is a type of Communication algae which is green, brown, or dark red in color that grows in the sea or on land nearby to the sea. They are used as a source of long and short-chain chemicals which has significant uses in medicinal and industrial purposes for the production of different products. As the product is plants or extracted from the plant, it is deemed organic, which helps in sustainable development and safeguarding the environment.
Seaweed extracts are considered as the best fertilizer that enhances yield and productivity in the agricultural sector. Apart from these, it is used as animal food, manure in soils, and soil conditioner. In the form of liquid extracts, it helps plants like gardenias, camellias, azaleas, and rhododendrons to protect themselves from pests & diseases and act as a growth promoter by adding iron to the soil. In addition, favorable government policies for organic products and ongoing research to find new applications such as biofuel are expected to propel the demand for the Indian seaweed market in the anticipated period.
Increasing Demand from Food Industry
According to Government of India reports, the Indian government plans to invest about 86.8 million USD in seaweed production. The government aims to increase seaweed production to 1 million tons annually by 2025.
Growing Demand for Medicinal Purposes
In Asian nations, fresh and sun-dried seaweeds have been consumed for thousands of years for medicinal purposes. Diverse varieties of seaweeds have recently been shown to contain many novel chemicals with potential therapeutic uses. Due to the antibacterial, antiviral, and antitumor effects, it is used to cure different problems like HIV, Viral diseases, Cancer pressure and reduce prostate, colorectal, and breast cancers. Alginate, a seaweed component, is frequently used in medicine as a binding agent, a tablet carrier, and for wound treatment. The report stated by the United States Department of Agriculture that 40 % of the drugs sold at pharma retailers are extracted or derived from the plant. Thus, the demand for Indian seaweed is expected to rise in the anticipated period.
Ongoing Research & Development and Favorable Government Policies
Algae and Communication plants have boosted the economy as the growing application due to growing investment in research & development. They are popular softeners in organic cosmetics and skin-care products and efficient binding agents in commercial products like toothpaste and fruit jelly. It is an excellent source of biofuel, known as eco-friendly or future fuel. The slurry of crushed seaweed extracts micro-organisms that produce methane gas, replacing petroleum-based fuel. Apart from these, growing demand for plant-based meat and government initiatives like “creating a Special Economic Zone, Pradhan Mantri Matsya Sampada Yojana (PMMSY), and Blue Revolution scheme, others are expected to propel the Indian Seaweed market.
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Recent Developments
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Market Segmentation
India Seaweed market is segmented
Based on type, the market is divided into brown, red, and green.
Market Players
Aquagri Processing Pvt Ltd., Sea6 Energy, Tata Chemicals, Coromandel International Ltd., Mars Petcare Company, HiMedia Laboratories Pvt. Ltd, Snap Natural and Alginate Products Pvt. Ltd.
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Attribute |
Details |
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Base Year |
2022 |
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Historic Data |
2018 – 2021 |
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Estimated Year |
2023 |
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Forecast Period |
2024 – 2028 |
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Quantitative Units |
Revenue in USD Million, Volume in metric ton, and CAGR for 2018-2022 and 2023-2028 |
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Report coverage |
Revenue forecast, Volume forecast, company share, competitive landscape, growth factors, and trends |
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Segments covered |
Type Method of Cultivation Form Application |
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Regional scope |
East; West; North; South. |
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Key companies profiled |
Aquagri Processing Pvt Ltd., Sea6 Energy, Tata Chemicals, Coromandel International Ltd., Mars Petcare Company, HiMedia Laboratories Pvt. Ltd, Snap Natural and Alginate Products Pvt. Ltd |
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Customization scope |
10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
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Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
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Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
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