“Global Kelp Product Market to reach a market value of USD 1 Billion by 2031 growing at a CAGR of 5.6%”
The Global Kelp Product Market size is expected to reach $1 billion by 2031, rising at a market growth of 5.6% CAGR during the forecast period. In the year 2023, the market attained a volume of 10,244.50 Tonnes, experiencing a growth of 11.7% (2020-2023).
Livestock farming is a significant source of income and livelihood for millions across Asia-Pacific. The region's extensive coastline and rich marine biodiversity contribute to a significant presence in kelp cultivation, processing, and consumption. Therefore, the region would generate almost 2/5th of revenue of the market by 2031. Also, the China market would consume 455.88 tonnes of salted kelp by 2031. Asia Pacific countries such as China, Japan, South Korea, and Indonesia are among the world's largest producers and consumers of these products, with a long history of traditional uses and cultural significance.
There's been a global shift towards plant-based diets driven by health, sustainability, and animal welfare concerns. Consumers are increasingly turning to plant-based options, including seaweed-derived products like kelp, as consumers seek alternatives to meat and dairy products. The increasing demand for plant-based and sustainable alternatives stimulates product development and formulation innovation. Thus, the rising demand for plant-based alternatives creates new opportunities for the market. Additionally, Kelp farming, also known as seaweed aquaculture, provides a sustainable source of kelp biomass for various applications, including food, feed, fertilizer, and bioenergy. The increased cultivation of kelp leads to a higher availability of kelp-derived products in the market, meeting growing demand from consumers and industries. In Asia, particularly in countries like China, Japan, and South Korea, kelp is a staple food and an essential ingredient in traditional cuisine. Hence, as the aquaculture sector continues to expand globally, the demand for these products is expected to increase.
However, many consumers may need to know kelp's nutritional benefits and potential health properties. They may not know that kelp is rich in vitamins, minerals, antioxidants, and dietary fibers and can support various health aspects, such as thyroid function, weight management, and immune system health. Without this knowledge, consumers may not actively seek out these products or understand their potential value. Hence, the limited awareness of these products may hamper the market's growth.
By form, the market is fragmented into liquid, powder, and flakes. The powder segment procured 39.5% revenue share in the market in 2023. In terms of Volume, the powder segment utilized 3,695.42 Tonnes of these products by form in the market in 2023. Kelp powder is utilized in cosmetics and skincare formulations for its antioxidant, anti-inflammatory, and moisturizing properties. It can be found in facial masks, scrubs, cleansers, and moisturizers, helping to nourish and rejuvenate the skin while protecting it from environmental damage. Kelp powder is sometimes used as a nutritional supplement in animal feed for livestock and pets.
On the basis of application, the market is classified into food, agriculture, pharmaceuticals, and others. The food segment recorded a 27.6% revenue share in the market in 2023. In terms of Volume, the food segment utilized 2,943.24 Tonnes of this product in the market in 2023. Kelp is versatile in various culinary applications, offering nutritional benefits and unique flavor profiles. Additionally, kelp-derived products are incorporated into various food items, catering to consumers' preferences for natural, healthy, and sustainable ingredients. Kelp-based condiments and seasonings, such as kelp flakes, powders, or granules, add depth of flavor and nutritional value to dishes.
Based on type, the market is characterized as dried, fresh, and salted. The fresh segment garnered 51.8% revenue share in the market in 2023. In terms of Volume, the fresh segment utilized 5,098.69 Tonnes of this product in the market in 2023. Fresh kelp can be processed into noodles or pasta, offering a nutritious and gluten-free alternative to traditional wheat-based noodles. Noodles made from fresh kelp are prized for their firm texture, mild flavor, and ability to absorb sauces and seasonings. It can also be thinly sliced or shredded and used to make salads or slaws.
Free Valuable Insights: Global Kelp Product Market size to reach USD 1 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North American segment held a 28.9% revenue share in the market in 2023. In terms of Volume, the North America region utilized 2,806.99 Tonnes of this product in the market in 2023. These products are increasingly finding their way into the North American food and beverage industry, driven by plant-based diets, sustainable sourcing, and culinary innovation trends.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 659.3 Million |
| Market size forecast in 2031 | USD 1 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 5.6% from 2024 to 2031 |
| Quantitative Data | Volume in Tonnes, Revenue in USD Billion, and CAGR from 2020 to 2031 |
| Number of Pages | 313 |
| Number of Tables | 710 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Form, Type, Application, Region |
| Country scope |
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| Companies Included | Seasol International Pty Ltd., Cargill, Incorporated, CP Kelco, Groupe Roullier, Acadian Seaplants Limited, Gelymar SA (Algina Inversiones SA), DuPont de Nemours, Inc., Brandt, Inc., COMPO Group, Wild Irish Seaweeds Ltd. |
By Form (Volume, Tonnes, USD Billion, 2020-31)
By Application (Volume, Tonnes, USD Billion, 2020-31)
By Type (Volume, Tonnes, USD Billion, 2020-31)
By Geography (Volume, Tonnes, USD Billion, 2020-31)
This Market size is expected to reach $1 billion by 2031.
Rising Demand for Plant-Based and Sustainable Alternatives are driving the Market in coming years, however, Limited Awareness Among Consumers restraints the growth of the Market.
Seasol International Pty Ltd., Cargill, Incorporated, CP Kelco, Groupe Roullier, Acadian Seaplants Limited, Gelymar SA (Algina Inversiones SA), DuPont de Nemours, Inc., Brandt, Inc., COMPO Group, Wild Irish Seaweeds Ltd.
In the year 2023, the market attained a volume of 10,244.50 Tonnes, experiencing a growth of 11.7% (2020-2023).
The Asia Pacific region dominated the Market by Region in 2023 and would continue to be a dominant market till 2031; thereby, achieving a market value of $425.7 million by 2031.
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