A recent report by Transparency Market Research reviewed the current economic status of commercial seaweed. The report highlighted the market value, projected growth, and cited the causes and obstacles to growth.
Value and Demands: The current value of the seaweed market is valued at US$10,573 Mn (2016). the projected market value is estimated at US$26,107 Mn by year 2025. The cited reason for such growth is due to rise in awareness about the medical advantages of seaweed on a daily basis. Seaweed being rich in nutrients and minerals has become an attractive food source. Inferred from it’s chemical composition, the interest for seaweed has been surprisingly high in parts, for example, pharmaceutical, individual consideration, nourishment, and beautifying agents. The demand for seaweed has also been high in the designing of animal feeds.
Obstacles: The report highlights some of the obstacles that hamper market growth. The main obstacle is the high price of seaweed. When seaweeds are compared to other commercially gown agriculture, the price for seaweed is substantially higher. Another issue is rising levels of water contamination. As the consumer becomes more aware of health benefits, they also become more aware of traceability and source pollution.
Research and development of scalable infrastructure will likely overcome these challenges in the near future.
The report can be previewed here