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Aquaculture news

Commercial Seaweed Market to Reach $22.13 Billion by 2024

The global commercial seaweeds market was valued at USD 10.31 billion in 2015 and is expected to reach USD 22.13 billion by 2024, growing at a CAGR of 8.9% from 2016 to 2024

Red seaweed emerged as the leading product segment and accounted for 52.5% of total market revenue in 2015. Red seaweeds are also projected to grow at the highest CAGR on account of its functional qualities, easy accessibility, and its application in almost all industrial sectors.

Human consumption emerged as the leading application segment and accounted for 81% of total revenue in 2015. The segment is also expected to witness the highest growth of 9.0% over the forecast period.