The European commercial seaweed market size is expected to reach USD 3.30 billion in 2024 and USD 3.72 billion by 2029, growing at a CAGR of 2.41% from 2024 to 2029.
Seaweed is the collective name given to the plethora of species of macroscopic, multicellular marine algae present in the world’s oceans. The broad categorization is on the basis of color and they are segmented as red, brown and green algae.
Commercial seaweed has many applications in human food, pharmaceutical production, cosmetics, animal feed, agricultural production, alternative fuel sources, and management of waste, among others. The figures in recent years show that Indonesia is the world’s largest seaweed producer, with the Philippines coming in second. In more specific applications, alginates are commonly used in wound dressings and the action of dental molds in the medical field. Also, applications in microbiology research are found for agar — a plant-based goo similar to gelatin and made from seaweed — which is extensively used as a culture medium.
The growth of the commercial seaweed market is mainly driven by a rise in investments from several multinational manufacturers, and extensive R&D initiatives have been taken to explore the applications of seaweeds in several fields. Seaweeds are also used on a large scale for human consumption due to their high nutritive value, and applications of seaweed in Chinese, Japanese, and Korean cuisines are quite popular, providing additional impetus for market growth. As for the restraints of the market, the high costs, as well as the fact that the market remains a specialty sector, are the main problems faced by the industry.
Based on geography, the European market is divided into Italy, France, UK, Germany,and Spain. The European region has the second-highest market share globally only behind the likes of North America, albeit with a low CAGR rate. The low growth rate of the region can be attributed to the fact that most countries in the region are in their pinnacle of development and the room to grow is fast decreasing.
The Commercial Seaweed market is highly competitive with a large number of players. Key market players dominating the market with their products are Cargill, Incorporated. (U.S.), Roullier Group (France), E. I. du Pont de Nemours and Company (U.S.), Gelymar SA (Chile), Biostadt India Limited (India), Acadian Seaplants Limited (Canada), Compo GmbH (Germany), CP Kelco (U.S.), and Seasol International Pty. Ltd. (Australia).
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