Europe Seaweed Market (2023-2030)
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.
- Published
- Apr 2023
- Pages
- 116
- Format
- PDF + Excel
- Report ID
- MRFB - 104811
- Base year
- 2022
- 2030 · FORECAST
- $5.65B
- 2030
- $5.65B
- CAGR 2023–2030
- 16.6%
2022 baseline · 2023–2030 forecast at 16.6% CAGR · hover a bar for the value
Key highlights
In 2023, the Red Seaweed Segment to Dominate the Europe Seaweed Market
The Dry Form Segment is Slated to Register the Highest CAGR During the Forecast Period
In 2023, the Food and Beverage Segment to Account for the Largest Share
U.K.: The Dominating Market in the Region
Report summary
| Particulars | Details |
|---|---|
| Base Year | 2022 |
| Estimated Year | 2023 |
| Forecast Period | 2023–2030 |
| Market Size (2030) | USD 5.65 billion |
| CAGR (2023–2030) | 16.6% |
| Format | PDF, Excel & Cloud Portal · 116 pages |
| Segments Covered | By Type: Red Seaweed, Brown Seaweed, Green Seaweed · By Form: Dry Form Powder, Flakes, Other Forms · By Application: Food and Beverage, Hydrocolloids Extraction, Animal Feed, Agriculture, Other Applications |
| Countries Covered | Europe (RoE) |
| Key Companies | Seaweed & Co. (U.K.), Cargill, Incorporated (U.S.), Ocean Rainforest, Thorverk Hf, ALGAplus, MYCSA Ag, Inc. (U.S.), Seaweed Solutions AS, Seaweed Company, Baoji Earay Bio-Tech Co., Ltd, Shore Seaweed (U.K.), Algae (Part of Valagro Group) |
Report overview
Segments covered: type, form, application. Regions: Europe.
This report is executed in collaboration with the European Algae Biomass Association (EABA). Combining Meticulous Research®’ market intelligence services with EABA’s broad expertise in the development of research, technology and industrial capacities in the field of algae, the two organizations have leveraged their research capabilities to come up with the most reliable and accurate market assessments in this field.
The popularity of seaweed is on the rise due to its growing applications in various food products. Seaweed-based products are also gaining popularity in Western countries due to their health benefits. Consumers perceive seaweed as healthy, nutritious, and natural, specifically as a safe, fresh, and good source of protein and iodine with low calories. Seaweed also contains vitamins, minerals, and fiber, further increasing its demand.
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. Additionally, the growing demand for biofuels and the technological advancements in seaweed cultivation are expected to provide significant market growth opportunities. However, the increasing prevalence of natural calamities is expected to restrain the growth of this market.
Report infographic
Market dynamics
1 factors across 1 forceSource of High Nutrients and Minerals
The growing awareness of the health benefits of seaweed-based products is a key factor driving its popularity among consumers. Seaweed is rich in vitamins, minerals, and fibers and contains anti-inflammatory, anti-microbial, and anti-cancer properties. Seaweed contains high amounts of fiber, nutrients such as high iodine, sodium, zinc, folate, calcium, magnesium, iron, vitamins (A, C, E, and K), antioxidants, carotenoids, and flavonoids. Seaweed can also be a good source of omega-3 fats and vitamin B12. Fucoxanthin, alginate, and other compounds in seaweed help to reduce blood sugar levels in the body, consequently reducing the risk of diabetes. The daily iodine requirement of 150 μg/day in adults is easily met by small quantities of seaweed, particularly brown algae such as kelp, which has an iodine content range from 1,500 to 8,000 parts per million. According to the World Health Organization, iodine deficiency is the most prevalent and easily preventable cause of impaired cognitive development in children.
As seaweeds contain high nutrients and minerals, it has a wide range of applications in food and beverage, cosmetics, pharmaceuticals, agriculture, and other industries. In the food & beverage industry, seaweeds are used for their hydrocolloid properties. Seaweed offers numerous health benefits, including reducing the risk of heart disease, aiding in weight loss, and strengthening bones, which drive its demand in the food and beverage industry.
In the agriculture industry, seaweeds are used to boost the yield and productivity of crops. It further improves root structures, plant developments like flowering, leaf & fruit development and enhances plant resistance to diseases and climatic stresses, such as cold or drought. Furthermore, it also improves soil structure and water-holding capacity and soil microbiology.
In the cosmetic industry, seaweed extracts are widely used due to their numerous benefits for the skin. Seaweed extracts are known to improve skin tone, reduce wrinkles, and rejuvenate aging skin. Moreover, seaweed is commonly used in gelling and thickening agents, which helps to enhance the texture and viscosity of cosmetic products.
The increasing health trend and societal changes have led to a growing demand for natural ingredients in health products. Alternative medicine, particularly food supplements, is also gaining popularity in Europe. As consumers become more conscious about the environment, sustainability has become a significant trend that European companies and consumers demand. By 2050, around 30% of the European population is estimated to be 65 and older, as opposed to 17% in 2013 (Source: Eurostat). The elderly population is an important market segment for natural product manufacturers.
Older consumers tend to use more self-care products and are increasingly interested in natural products. The growing demand for natural ingredients in the food supplement segment drives the demand for seaweed. Furthermore, the high nutrient and mineral content of seaweed boosts its demand in Europe.
Table of contents
11 chapters · 87 sections · 116 pages · click to expandSegmental analysis
| Segment | Largest share (2023) | Fastest growth (2023–2030) |
|---|---|---|
| By Type | Red Seaweed | — |
| By Form | — | Dry form |
| By Application | Food and Beverage | — |
By Type
- The Red Seaweed Segment to Dominate the Europe Seaweed Market
- 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 rising health consciousness among consumers and the growing applications of red seaweed in the food industry due to its unique taste, nutritional benefits, and ease of use.
- In addition, the increasing demand for red seaweed to extract hydrocolloids such as agar and carrageenan contribute to the significant market share of this segment.
By 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.
- Additionally, the longer shelf-life and ease of transportation & storage of dry seaweed contribute to the growth of this segment.
By Application
- 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 drive the demand for seaweed for food & beverage applications, contributing to the significant market share of this segment.
Geographic analysis
Europe
Largest shareThe Europe seaweed market is segmented into the U.K., France, Germany, Italy, Norway, Spain, Ireland, the Netherlands, Denmark, Sweden, and the Rest of Europe (RoE). In 2023, the U.K. is expected to account for the largest share of the Europe seaweed market. The U.K.’s major market share can be attributed to several factors, including the government's initiatives to promote the cultivation and usage of seaweeds in various industries and the increasing demand for organic food products. Furthermore, the growing applications of commercial sea vegetables, particularly in the food industry, and the rising demand for plant supplements and alternative proteins are also key drivers of this market. In addition, the U.K. benefits from large-scale production and consumption of seaweed due to the availability of raw materials & cheap labor and favorable climatic conditions for seaweed production. However, France is slated to register the highest CAGR during the forecast period. The growth of this market can be attributed to the high import volume of seaweed, the growing demand for clean-label products, and the growing food supplements market, increasing the demand for seaweed in the country. U.K.: The Dominating Market in the Region
Competitive landscape
- 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
- Seaweed Company · South Holland
- Baoji Earay Bio-Tech Co., Ltd · China
- Shore Seaweed (U.K.)
- Algae (Part of Valagro Group) · Norway
Frequently asked questions
The Europe seaweed market is projected to reach $5.65 billion by 2030, at a CAGR of 16.6% from 2023 to 2030.
Cite this report
Meticulous Research. (2023). Europe Seaweed Market - Opportunity Analysis and Industry Forecast (2023-2030) (Report No. MRFB - 104811). Meticulous Market Research Pvt. Ltd. https://www.meticulousresearch.com/product/europe-seaweed-market-5495