New and emerging markets report
A 2023 report published by the World Bank summarises new and emerging global markets for seaweed. The report provides an analysis of the commercial opportunities for seaweed applications across 10 relatively new and emerging markets, including potential challenges. The report also assesses the potential of the seaweed industry to provide optimal socioeconomic and environmental benefits to ensure a sustainable future.
The utilisation of seaweeds, and seaweed extracts, for nutraceuticals is identified as one of the most promising market growth opportunities. The report notes that seaweeds and their bioactive compounds are predicted to fuel a seaweed nutraceutical market of USD $3.9 billion by 2030.
Fucoidan is described in the report as already being established in the nutraceutical market, and highlighted as a high value market segment. The global B2B fucoidan market size is predicted to grow by more than 26% in the seven year period from 2021 by 2028.
The full report, ‘Global seaweed: New and emerging markets report 2023’ can be downloaded from the World Bank website.