The Europe Alginate market witnessed significant growth in the past and is expected to grow at a CAGR of 3.9% during the forecast period (2023-2031).
Alginate is a polysaccharide that occurs naturally in certain species of brown algae. As a hydrocolloid, alginate is utilized in numerous industries, including the pharmaceutical and agricultural sectors. Alginates are composed of two types of uronic acid, also known as alginic acids. Due to its thickening, casting, and stabilizing properties, alginate is the most compatible and optimal component for numerous industries. Alginate is extensively available in powder and granule form, facilitating its casting and thickening. Other uses for alginates include wound healing and the treatment of various infections. Alginate is employed in various pharmaceutical products, such as capsules, pills, and suppositories. Alginate is used in various medical items, such as contact lenses, surgical implants, and bandages for open wounds.
Alginate is primarily employed as an emulsifier, a thickening agent, and a gelling agent in the food sector. Alginate has a high demand in the food business because of its rising acceptance and the utilization of naturally occurring raw ingredients in its manufacturing. The product is used to make confectionery, bread goods, and sauces.
The bakery market is the fifth-largest food industry subsector in Europe. Due to the abundance of small and medium-sized bakery businesses in the area, the food industry is fragmented. Over 160,000 bakeries with an average annual sale of USD 0.72 million (EUR 635,000) operated in the area as of 2019. This region's bakeries are dispersed unevenly, with about 50% concentrated primarily in France and Italy.
The demand for emulsifiers like alginate, considered suitable for human consumption, is anticipated to increase as the number of bakeries in Europe rises due to changing consumer eating patterns. It is also anticipated that an increase in product-specific bakeries would lead to emulsifying businesses providing materials that deliver the best results to the final product.
The weather in the major seaweed-harvesting economies has a big impact on market products as well. Weather disruptions like El Nino have an impact on the production volume as well. The alginate market is highly dependent on seaweed production, which is projected to limit market growth throughout the forecast period.
Environmental concerns have been raised as a result of an increase in seaweed production from aquaculture and increased seaweed harvesting results from high demand for seaweed among producers of carrageenan, agar-agar, and alginate, which upsets the ecological balance. Seaweed growth is predicted to be limited due to worries about the detrimental effects of unsustainable farming, which is anticipated to increase pressure on the alginate market in the upcoming years.
Alginate provides many health advantages, including GERD symptom relief, weight loss, and defense against cardiovascular and neurological conditions. It has immunomodulatory, anti-tumor, antioxidant, anti-microbial, and anti-inflammatory effects. It also provides a considerable amount of dietary fiber. Alginate forms a physical gel barrier that shields the upper part of the stomach, making it more effective than antacids. It also lowers cholesterol levels, which lowers the risk of developing cardiovascular disease.
The Europe Alginate market is segmented based on Product, Type, Application, and country.
Based on Product, the European market is further segmented by Sodium Alginate, Calcium Alginate, Potassium Alginate, Propylene Glycol Alginate, and others.
Propylene Glycol Alginate dominated the market and is expected to register a CAGR of 4.6% over the forecasted period.
Based on Type, the European market is segmented by High M and High G.
High G dominated the market and is expected to register a CAGR of 3.1% over the forecasted period.
Based on Application, the European market is segmented by Food and Beverages, Pharmaceuticals, Industrial, and Others.
Industrial dominated the market and is expected to register a CAGR of 3.1% over the forecasted period.
The European market is segmented by country into Germany, France, the UK, Italy, Spain, and Rest of Europe. The rest of Europe dominates the country market and is expected to grow at a CAGR of 3.4% during the forecast period.
Due to its extensive use in the sector and the rising R&D costs in the European pharmaceutical industry, alginate demand is anticipated to increase throughout the forecast period. Over the forecast period, it is anticipated that the region's growing consumer demand for culinary items such as chicken and meat nuggets, ice cream, and yogurt will increase the need for alginate.
The strong customer preference for goods made with ingredients derived from natural sources in the area is the main factor driving the market for alginates. Additionally, the market is projected to be driven by the region's huge population and high disposable income during the projection period.
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