Redding, California, April 24, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Europe Seaweed Market by Type (Red Seaweed, Brown Seaweed, Green Seaweed), Form (Dry form [Powder, Flakes], and Liquid Form), Application (Food and Beverage, Hydrocolloids Extraction, Animal Feed, Agriculture), and Geography - Forecast to 2030,’ in terms of value, the Europe Seaweed Market is projected to reach $5.65 billion by 2030, at CAGR of 16.6% from 2023 to 2030. Moreover, in terms of volume, the Europe seaweed market is projected to reach 1,815.25 KT by 2030, at a CAGR of 17.7% during the forecast period 2023 to 2030.
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The major factors driving the growth of the Europe seaweed market are the increasing adoption of plant-based products among consumers, the growing consumption of seaweed-based products due to their high nutrient and mineral content, and rising government initiatives to boost seaweed cultivation. Additionally, the growing demand for biofuels and technological advancements are expected to provide significant growth opportunities for seaweed manufacturers in the coming years.
The Europe seaweed market is segmented by type (red seaweed, brown seaweed and green seaweed), form (dry form (powder, flakes and other forms), and liquid form), application (food and beverage, hydrocolloids extraction, animal feed, agriculture, other application), and geography (the U.K., France, Germany, Italy, Norway, Spain, Ireland, the Netherlands, Denmark, Sweden, and the Rest of Europe).
Based on type, the red seaweed segment is slated to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to the growing applications of red seaweed in the food industry due to its unique taste, nutritional benefits, and ease of use and the rising health consciousness among consumers. In addition, the increasing demand for red seaweed to extract hydrocolloids such as agar and carrageenan contributes to the growth of this segment.
Based on form, in 2023, the dry form segment is expected to account for the largest share of the Europe seaweed market. The large market share of this segment is attributed to its benefits, such as increasing demand for seaweed powder from the food and cosmetics industries. Additionally, the longer shelf-life and ease of transportation & storage of dry seaweed contribute to its increased demand.
Based on application, the food and beverage segment is slated to register the highest CAGR during the forecast period. The rapid growth of this segment is driven by the growing use of seaweed for human consumption, prompted by the rising demand for organic food products and an increase in the consumption of plant-based proteins and vegan products. Moreover, rapid growth in population, increasing awareness of the health benefits of seaweeds, changes in lifestyle and taste preferences among consumers, a shift toward healthy eating habits, and rising disposable incomes drive the demand for seaweed for food & beverage applications.
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Based on geography, in 2023, the U.K. is expected to account for the largest share of the Europe seaweed market. The large market share is attributed to government initiatives to promote the cultivation and usage of seaweeds in several industries, growing demand for organic food products, and increasing applications of commercial sea vegetables, especially in food, increasing demand for plant supplements, rising health consciousness, and growing demand for alternative proteins. Moreover, large-scale production and huge consumption of seaweeds in the region, owing to the availability of raw materials, favorable climatic conditions for the production of seaweeds, and cheap labor availability.
However, France is slated to register the highest CAGR during the forecast period. The growth of this market is attributed to the high import volume of seaweed, the growing demand for clean-label products, and the growing food supplements market.
The Europe seaweed market has witnessed several product launches, partnerships, agreements, and collaborations in recent years. The key players operating in the Europe seaweed market are Seaweed & Co. (U.K.), Cargill, Incorporated (U.S.), Ocean Rainforest (Denmark), Thorverk Hf (Iceland), ALGAplus (Portugal), MYCSA Ag, Inc. (U.S.), Seaweed Solutions AS (Norway), The Seaweed Company (South Holland), Baoji Earay Bio-Tech Co., Ltd (China), Shore Seaweed (U.K.), and lgae (Part of Valagro Group) (Norway).
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Scope of the Report:
Europe Seaweed Market—by Type
- Red Seaweed
- Brown Seaweed
- Green Seaweed
Europe Seaweed Market—by Form
- Dry Form
-
- Powder
- Flakes
- Other Forms
-
- Liquid Form
Europe Seaweed Market—by Application
- Food and Beverage
- Hydrocolloids Extraction
- Animal Feed
- Agriculture
- Other Applications
Europe Seaweed Market—by Region/Country
- U.K.
- France
- Germany
- Italy
- Norway
- Spain
- Ireland
- Netherlands
- Denmark
- Sweden
- Rest of Europe (RoE)
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