Report : Europe Seaweed Derivatives Market Forecast to 2027 - Covid-19 Impact and Regional Analysis by Source (Red Seaweed, Brown Seaweed, and Green Seaweed); Form (Liquid, Powder, and Flakes); End Use (Food and Beverages, Agricultural Products, Animal Feed Additives, Pharmaceuticals, and Others); and Country
Rising Demand form Food & Beverages Industry to drive Europe Seaweed Derivatives market at CAGR of 6.4%
According to our latest study on “Europe Seaweed Derivatives Market Forecast to 2027– Covid-19 Impact and Analysis, – by Source (Red Seaweed, Brown Seaweed, and Green Seaweed); Form (Liquid, Powder, and Flakes); End Use (Food and Beverages, Agricultural Products, Animal Feed Additives, Pharmaceuticals, and Others); and Country,” the market was valued at US$ 362.05 million in 2018 and is projected to reach US$ 632.43 million by 2027; it is expected to grow at a CAGR of 6.4% during 2019–2027. The report highlights key factors driving the market growth and the prominent players with their developments in the market.
Seaweeds are red, brown, and green marine microalgae; their extracts are used in the horticultural crops for its plant growth promoting effects. The chemical derivatives of seaweed include fatty acids and vitamins, mineral nutrients, phytoharmones, and complex polysaccharides, among others. Moreover, major derivatives of seaweed include alginates, carrageenans, and agars. Alginates are largely extracted from brown seaweeds, while carrageenans and agars are largely extracted from red seaweeds. Alginates, carrageenans, and agars are increasingly used in food and beverages, animal feed, and agriculture industries, among others.
Seaweed derivatives such as agars, alginates, and carrageenans are extensively used in various food and beverage products. These derivatives are used in a wide range of food and beverages such as ice cream, syrup, lunch meats, baby formula, almond milk, whipped cream, candy bars, chocolate milk, coffee beverages (e.g., iced coffee and soy-based coffee drinks), coffee creamer, ricotta cheese, yogurt, cottage cheese, and sour cream. Carrageenans are used as a thickening ingredient in puddings, chocolate milk, chewing gum, jams, and jellies. They are also used as a stabilizing agent in mayonnaise and salad dressing; stabilizers prevent breaking apart of such foodstuff. Additionally, these polymers reduce waste by extending the shelf life of foods without any loss of quality.
In December 2019, an outbreak of COVID-19 began in Wuhan (China), and since then it has spread across the globe at a fast pace. US, India, Spain, Russia, China, Italy, France and Germany, are among the worst affected countries in terms of positive cases and reported deaths as of March 2020. According to the latest WHO figures updated on May 25, 2020, there are ~ 5 307 298 confirmed cases and 342 070 total deaths globally. The COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. China is known as a global hub of manufacturing and the largest raw material supplier for various industries. The overall market breakdown due to COVID-19 is also affecting the growth of the personal care wipes market due to shutting down of factories, obstacle in supply chain, and downturn in world economy.
The Europeseaweed derivatives marketis concentrated with a few well-established players, such asW Hydrocolloids, Inc.; KIMICA Corporation; DuPont de Nemours, Inc.; Gelymar S.A.; CP Kelco; Algaia, Compañía Española de Algas Marinas, S.A.; Cargill, Incorporated; and Arthur Branwell & Co.
The report segments the Europe seaweed derivatives market as follows:
By End Use
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