Seaweed Fertilizer Market - 2023-2030

Overview

Global Seaweed Fertilizer Market reached US$ 32.43 million in 2022 and is expected to reach US$ 48.64 million by 2030, growing with a CAGR of 5.2% during the forecast period 2023-2030.

The global seaweed fertilizer market has witnessed significant growth and transformations over the years. Farmers are highly adopting these fertilizers as they contain natural plant hormones, and essential nutrients nitrogen, phosphorus, potassium, and trace elements like iron, zinc, and magnesium. These nutrients are crucial for plant growth and development. Hence such factors can help in driving the market.

Furthermore, as the demand for these products is increasing, manufacturing companies are launching innovative products. For instance, in December 2022, Kribhco launched a Sivarika, which is a Seaweed Bio-stimulant. These granules are fortified with seaweed extract derived from red and brown algae. This functions as a metabolic bio enhancer as it contains proteins, carbohydrates, inorganic salts and other inherent nutrients, vitamins, plant growth hormones like auxin, cytokinin and gibberllins, betaines and mannitol, and others.

The liquid seaweed fertilizer holds the largest share in global market. Similarly Asia- Pacific region shows a dominance in world share, as the demand for organic farming is high in this region, which can help in increasing the seaweed fertilizers adoption in this region, hence, it can help in driving the global seaweed fertilizers market.

Dynamics

Raising Demand for Organic Fertilizers

The demand for organic fertilizers is increasing among the farmers which indeed helps in driving the seaweed fertilizer market. As they are derived from a type of algae that grows in the sea. They provide all the essential nutrients and also help improve soil structure by promoting the formation of beneficial microbial communities. Hence, such factors can help in increasing the market growth.

Furthermore, manufacturing companies are producing innovative products, for instance, Sealac company produces Seabiostim it is a natural and organic biostimulant for soil amendment and plant feed, 100% Soluble liquid extract from Ascophyllum nodosum seaweed for foliar and root applications. Hence, such products can help in increasing adoption rates.

Raising Demand For Effective Plant Nutrition Sources

Farmers are highly adopting these seaweed fertilizers, as they are natural and rich sources of essential nutrients, also, seaweed fertilizers have high bioavailability of nutrient sources for plants and provide a well-balanced, which can help in promoting healthy growth and development. Hence, it can help in boosting the market growth.

Furthermore, many key players are focusing on developing this product to expand their product portfolios. For instance, Nutri-Tech Solutions Pty Ltd produces Nutri-Kelp, it is derived from Ascophyllum nodosum, which is a 100% soluble powder that contains a natural source of auxins, cytokinins, and gibberellins, trace elements, complex carbohydrates, and a fungal component of the soil can be boosted with Nutri-Kelp powder.

High Production Cost

The high production cost can significantly affect the growth of the global seaweed fertilizers market, as the process of harvesting seaweed can be labor-intensive, and also require specialized types of equipment, which could add additional cost for the manufacturing of products, which might limit the market for smaller consumer bases, which can hamper the global seaweed fertilizer market.

Segment Analysis

The global seaweed fertilizer market is segmented based on type, Seaweed fertilizer grinding technologies, application, and region.

Rising Demand for Organic Plant Nutrition

The liquid seaweed fertilizer segment holds the maximum share in global seaweed fertilizer market, as they are a nutrient-dense solution, that contains all the essential nutrients in a form that is readily available for plants to absorb. Which helps in increasing the nutrition uptake by plants and increases crop productivity.

Furthermore, manufacturing companies are launching innovative products, in order to attract larger consumer bases. For instance, in June 2023, Cascadia Seaweed launched a seaweed-based biostimulant, ReFeed Seaweed Extract is a natural liquid plant food made from the extract of cultivated, cold-water kelp, contains essential nutrients for growth and is ideal for a wide range of growing purposes. Hence, such products can help in gaining the popularity of seaweed fertilizers.

Geographical Penetration

Organic Farming in Asia-Pacific

Asia-Pacific has been a dominant force in the global seaweed fertilizer market, as the demand for organic farming is high in this region, farmers are highly adopting these seaweed fertilizers are derived naturally from sea algae, also provides all the essential nutrients to crop, which helps in increasing the crop productivity. Hence, such factors can help drive the market.

Furthermore, organic farming is booming in this region, for instance, National Programme for Organic Production report, in India total area under the organic certification process is 10.17 mha (2022-23). This includes 5391792.97 ha cultivable area and another 4780130.56 ha for wild harvest collection. Hence, such high organic farming can help in increasing the market for seaweed in this region.

Competitive Landscape

The major global players in the market include FoxFarm Soil & Fertilizer Co, Grow More Inc., TAGROW CO., LTD., Kelpak, Nutri-Tech Solutions Pty Ltd, COMPO EXPERT GmbH, Technaflora, OMEX, ORGANICOCEAN INC., and SeaNutri LLC.

COVID-19 Impact Analysis

The pandemic had brought a distruption in supply chain, many country governments are shut down due to government lockdown restrictions, also the avaialbility of labour is reduced which had impact the production of the product, hence it leads to decrease in availability of products in the market.

By Form

• Liquid Seaweed Fertilizer
• Powder Seaweed Fertilizer

By Distribution Channel

• Hypermarkets/Supermarkets
• Specialty Stores
• Others

By Application

• Farm
• Green House
• Garden
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In December 2023, Yara acquired the organic-based fertilizer business of Agribios Italiana, the company's second bolt-on acquisition supporting its organic strategy in Europe. This signifies Yara's commitment to further expand its offering in this sector as a complement to its mineral fertilizers to help promote regenerative agriculture and improve soil health.
• In February 2022, The Mosaic Company, a global manufacturer of agricultural fertilizers and chemicals. acquired Plant Response, an industry consolidator of leading biological-based solutions.
• In September 2021, Yara Suomi Oy ("Yara") acquired Ecolan Oy, a Finnish producer of recycled fertilizers. This acquisition in the organic fertilizer segment reflects Yara's commitment to play a bigger role in organic farming and in contributing to the circular economy.

Why Purchase the Report?

• To visualize the global seaweed fertilizer market segmentation based on form, distribution channel, application and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of seaweed fertilizer market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global seaweed fertilizer market report would provide approximately 62 tables, 52 figures and 210 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies