Aquatic Plant Based Foods Market: By End-Use (Household, Commercial), By Channel (Online Retail, Offline Retail) and Geography, and by Region (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa)—Forecast till 2028

Description

Market Overview: The global aquatic plant-based foods platform market size was valued at USD 12.38 million in 2023 and is projected to expand at a CAGR of 10.4% from 2024 to 2028. The aquatic plant-based market has witnessed significant growth in the last few decades majorly due to the constant development in technology, rising sustainability, escorting prevalence of versatility, and integration in healthcare expenditures.

Market Size for Global Aquatic Plant Based Foods Market on the Basis of Revenues in USD Bn, 2018-2023

Source: Maven Market Research

What Factors are Leading to the Growth of Global Aquatic Plant Based Foods Market:

• The increasing demand for sustainability is majorly increased as aquatic plants absorb carbon dioxide and produce oxygen, contributing to the reduction of greenhouse gases. The cultivation of these plants requires less land and freshwater compared to traditional agriculture, making them an eco-friendly alternative, which has augmented the growth of the market in the review period.
• Regular advancements in technology have also improved the aquatic plant-based market positively. The development of techniques such as vertical farming, hydroponics, and bioreactors are enabling large-scale production with controlled environmental conditions. These advancements are reducing production costs and increasing the scalability of aquatic plant-based products. Hence, the market is predicted to observe an expansion in the market share in the upcoming years.
• Furthermore, the prevalence of chronic diseases like diabetes, cancer, and cardiovascular conditions has expanded the growth of the market, by including nutrients like minerals, and vitamins in their diet, to improve their poor health conditions.

Which Industry Trends have been Fueling the Growth?

Performance By Key Players: Several key players are leading the charge, by continuously investing in research and development to enhance the quality and functionality of their products. Cargill being the global leader in the agricultural sector, is actively involved in the production and distribution of seaweed and algae-based products. Their extensive research and development efforts are focused on creating innovative solutions for food, feed, and industrial applications. The company’s extensive research and development capabilities have expanded the market share in the forecast period.

Numerous Nutritional Benefits: The nutrients are beneficial for human health, promoting cardiovascular health, enhancing immune function, and improving cognitive performance. The rising consumer awareness about the health benefits of plant-based diets in the demand for aquatic plant-based foods and supplements in various regions is expected to provide significant growth opportunities for the aquatic plant-based market.

 Integration of Chronic Diseases among the Elderly: Aquatic plants can grow faster and require fewer inputs, such as pesticides and fertilizers. This economic advantage is appealing to farmers and investors, leading to an expansion of aquatic plant cultivation and a broader range of products, driving aquatic plant-based market growth.

What is the Current Structure of the Global Aquatic Plant Based Food Market?

By Channel Type, Direct Food Service Dominated the Largest Market Share in the Global Market

The rising prevalence of food service industry, including restaurants, cafes, and catering services, is increasingly incorporating aquatic plant-based ingredients into their menus. This trend is driven by the growing demand for plant-based meals and the desire to offer innovative and nutritious options to customers. This is predicted to expand the growth of the market in the forthcoming years.

By End-Use, Food and Beverage Industry Registered the Largest Market Revenue Share in the Global Market

The food and beverage industry is one of the largest end users of aquatic plant-based products. Seaweed and algae are used in various food products, including snacks, beverages, and dietary supplements. Their nutritional profile and functional properties make them popular ingredients. Moreover, seaweed extracts are proficient in antioxidant and anti-inflammatory properties. These are common in skin care products, hair care items, and bath products, offering natural and effective solutions, Hence, the overall development has led to the expansion of market share.

By Region, North America Held the Largest CAGR in the Global Market

North America is leading the global market with the highest CAGR. The rise of aquatic plant-based diets is driven by an increasing awareness of health and sustainability. Seaweeds such as kelp, nori, and dulse are becoming popular ingredients in various dishes, from salads and soups to snacks and supplements. Moreover, Europe being a good competitor in the race, is experiencing a renaissance in aquatic plant-based diets. Countries like Ireland, France, and Norway are leveraging their rich marine resources. Hence, major popularity in these regions is driving the growth of the market.

Competitive Analysis

Companies in the Global Aquatic Plant Based Foods market is significantly investing their efforts in introducing new services and products to expand their customer base and leading the largest market share. Key participants in the global market are funding different research and development activities to expand their footprint across the globe coupled with adopting different growth strategies including joint ventures, new product launches, mergers and acquisitions, collaboration, and others to offer people different benefits such as streamlining fund transfer services. Major players operating in the global plant-based food market include Beyond Meat Inc., Impossible Foods Inc., The Vegetarian Butcher, Oatly AB, Quorn Foods, Daiya Foods Inc., Tofurky Company, Amy’s Kitchen Inc., Gardein, Field Roast, Lightlife Foods, MorningStar Farms, Sweet Earth Foods, Alpha Foods, No Evil Foods, JUST Inc., Hain Celestial Group, Califia Farms, Good Catch Foods, and Miyoko’s Creamery

Market Segmentation

Global Aquatic Plant Based Foods Market, By End-Use

• Household
• Commercial
  • Food & Beverage Industry
  • Pharmaceuticals
  • Cosmetics & Personal Care
  • Agriculture

Global Aquatic Plant Based Foods Market, By Channel Outlook

• Online Retail
• Offline Retail
  • Supermarkets
  • Specialty Stores
  • Convenience Stores

Global Aquatic Plant Based Foods Market, by Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • Russia
  • France
  • Italy
  • Spain
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Malaysia
• Latin America
  • Mexico
  • Brazil
  • Argentina
• Middle East & Africa
  • GCC Countries
  • Turkey
  • South Africa

Market Players Included

• Cargill, Inc.
• CP Kelco
• DuPont
• Archer Daniels Midland Company
• Dow Inc.
• BASF SE
• Corbion N.V.
• Kerry Group
• Koninklijke DSM N.V.
• FMC Corporation
• Cyanotech Corporation
• Parry Nutraceuticals
• Algatechnologies Ltd.
• Acadian Seaplants Limited