Meticulous Research®—a leading global market research company, published a 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.’
According to this latest publication from Meticulous Research®, in terms of value, the Europe Seaweed Market is projected to reach $5.65 billion by 2030, at a CAGR of 16.6% from 2023–2030. 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. The growth of the Europe seaweed market is primarily driven by the increasing adoption of plant-based products by consumers, the growing consumption of seaweed-based products due to their high nutrient and mineral content, and rising government initiatives to boost seaweed cultivation. However, the growing prevalence of natural calamities is expected to restrain the growth of the Europe seaweed market.
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 (U.K., France, Germany, Italy, Norway, Spain, Ireland, the Netherlands, Denmark, Sweden, and the Rest of Europe). The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on type, in 2023, the red seaweed segment is expected to account for the largest share of the Europe seaweed market. The large market share of this segment is attributed to the growing red seaweed’s application in the food industry, considering its unique taste, nutritional benefits, ease of use, and rising health consciousness among consumers. In addition, the increasing demand for red seaweed to extract hydrocolloids such as agar and carrageenan is expected to boost the demand for this segment.
Based on form, the dry form segment is slated to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to the increasing demand for seaweed powder from the food and cosmetics industries. Also, longer shelf-life, ease of transportation and storage of seaweed is expected to support the growth of this market.
Based on application, in 2023, the food and beverage segment is expected to account for the largest share of the Europe seaweed market. The large market share of this segment is attributed to 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 income.
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.
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 Algae (Part of Valagro Group) (Norway).
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