Europe Fucoidan Market Size, Share & COVID-19 Impact Analysis, By Form (Powder, Capsule, and Others), By Application (Pharmaceutical, Dietary Supplements, and Cosmetics), and Country Forecast, 2023-2030

The Europe fucoidan market size was USD 120.10 million in 2022 and is projected to grow from USD 127.08 million in 2023 to USD 214.67 million by 2030, exhibiting a CAGR of 7.78% during the forecast period.

Fucoidan is a high molecular polysaccharide that is derived from brown seaweed. Some of the major species of brown seaweed from which it is derived are Badderlocks, Fucus ssp, Laminaria digitate, Laminaria hyperborean, and Undaria pinnatifida. The extraction of fucoidan has advanced in recent years. Several research organizations are working on developing advanced production methods to extract a higher purity product, which can be used in numerous industries such as cosmetics, pharmaceuticals, dietary supplements, and others.

COVID-19 IMPACT  

Disruption in Global Trade Activities Affected Raw Material Availability and Negatively Impacted the Market Growth 

The availability of raw material (brown seaweed), which is processed to further develop fucoidan, was impacted during the COVID-19 pandemic. A significant proportion of farmers in Asia, one of the largest exporters of seaweed and also in Europe, could not harvest seaweed on time, causing seaweed decay and economic loss to the concerned farmers.

Its usage in the pharmaceutical industry was also impacted during the COVID-19 pandemic. Research and clinical trials were some of the areas which were significantly impacted during the period. As diabetic, cancer patients, and other patients’ visits to hospitals declined due to the fear of contracting COVID-19, the clinical trials of new products on patients were heavily impacted.

• For instance, as per data provided by the Joint Research Centre (JRC) of the European Commission, a survey was conducted to understand the impact of the pandemic on cancer trials. Significant disruption happened in the treatment, with 51% disruption in surgeries, 43% in chemotherapy, 44% in immunotherapy, and 40% in radiotherapy across Europe. As the product is significantly researched for treating such illnesses, the decline in trials during the period impacted the market growth in the pharmaceutical sector.

LATEST TRENDS

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Investment in the Identification of New Natural Ingredients for Formulating Cosmetics and Pharmaceutical Products

The demand for clean cosmetic products is rising in the Europe market. As per data provided by the Centre for the Promotion of Imports from developing countries, consumers are switching to products free from chemicals such as parabens, phthalates, and sodium lauryl sulfate, which have been associated with several health-related risks. Several companies are researching natural ingredients, which can be used to replace the synthetic compound that is currently being used for making skin care products. It is a natural alternative currently being researched for developing new cosmetic product formulations, such as anti-aging skin care products, suited for European consumers.

For instance, in May 2023, OCEANIUM, a U.K.-based company, developed a high-purity bioactive ingredient named 'OCEAN ACTIVES Fucoidan,' which cosmetic companies can use to prepare different skincare formulations.

Similarly, in February 2018, Marinova, a supplier of fucoidan ingredients, partnered with Innospec, a Germany-based manufacturer of specialty chemicals, developed cosmetic ingredients named Luminact Brite and Luminact Reverse.

DRIVING FACTORS

Rising Consumer Inclination Toward Natural and Organic Products to Support Market Growth

As per the European parliament, organic production means a sustainable agricultural system respecting the environment and animal welfare and includes all other stages of the food supply chain. E.U. consumers are extensively buying products produced with natural substances and processes. According to the European Parliament, the European organic market has constantly expanded and accounted for around USD 50.39 billion in 2019.

The Europe natural and organic cosmetics market has witnessed rising awareness among health conscious consumers. For instance, as per the Centre for the Promotion of Imports from developing countries (CBI), the Europe natural organic cosmetics market has witnessed a growth of 19.44% since 2014 and was valued at USD 4.36 billion in 2019 with a CAGR faster than the overall cosmetics market. Thus, owing to this rapid growth and Europe being one of the largest cosmetic markets is driving the demand for such products. It is a natural ingredient and has recently proved to be a valued ingredient in the cosmetic industry.

RESTRAINING FACTORS

Limited Seaweed Cultivation in the Region to Restrain Market Growth 

The global seaweed production has witnessed massive growth in the last decade. However, European seaweed production has been lagging behind Asian countries despite Europe being a large economic zone, owing to its higher biodiversity of seaweed. Besides, the region is a leader in seaweed research. For instance, as per the Food and Agriculture Association (FAO), the global seaweed production was 35.81 million tonnes in 2019, with Europe's share being 0.80% and accounting for 0.28 million tonnes.

The majority of European seaweed production is based on wild stock harvesting. However, the disturbance caused by human activity and climate change has been negatively impacting these populations. For instance, as per the European Commission, in 2019, seaweed such as several species of Kelp which have been used in food, animal feed, and other industries started to disappear.

Thus, to protect and sustain such an industry, the demand for aquaculture production of seaweed and seaweed biomass has been rising. However, the mass production of seaweed in Europe has its potential environmental and ecological impacts. These include the changing dynamics of the ecosystem by including non-native species or modifying the interaction between species.

SEGMENTATION

By Type Analysis

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Capsule Segment to Lead Owing to Wide Adoption in Pharmaceutical and Dietary Supplement Production

Based on form, the market is segmented into powder, capsule, and others, which include liquid and semi-liquid formulations.

The capsule segment leads the market. The capsule form can be used for producing pharmaceuticals and dietary supplements and accounts for higher market share. Compared to other forms, such as liquid, semi-liquid, or powder form, the capsule has higher bioavailability. This makes it a suitable delivery mechanism that enables the effective delivery of the compound to the bloodstream. Owing to these factors, the product is considered ideal for creating high-quality drugs for patients suffering from severe ailments such as cancer, diabetes, Alzheimer's Disease (AD), and others.

Furthermore, several companies are launching dietary supplements in capsule form as they are easier to consume and mask the bitter taste and odor of their constituents.

Apart from capsule, the powder form is used for preparing various dietary supplements. The powder form can be easily integrated into dietary supplements and facilitates easier product transport.

Other forms, which include liquid and semi-liquid formulations, are suited for pharmaceutical and cosmetic applications. Such forms help improve the efficacy of products, especially in cosmetic applications, where it ensures that the product is applied evenly on the skin.

By Application Analysis

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Pharmaceutical Segment to Emerge as Leading Application Owing to Rising Usage of High Purity Fucoidan

The market is segmented into pharmaceutical, dietary supplements, and cosmetics by application. Lack of advanced technology in earlier times affected the purity levels significantly due to the type of extraction method used for production. However, with advancement in technologies, better yield and higher purity are being developed in the market.

Pharmaceutical companies are investing in researching and producing highly purified and superior quality products with comparatively higher efficacy than earlier product versions. Thus, the premium grade of the product is finding extensive application in pharmaceutical applications. Hence, the pharmaceutical segment is the leading application area for fucoidan.

The product is also used for creating dietary supplements for improving immunity. The products are well-known for their antioxidant and immune-modulatory properties and are extensively used for developing different dietary supplement products which can be used as preventative maintenance products for chronically ill patients and also support and boost immunity.  

Different purity grades of such products are also used in manufacturing cosmetics. Fucoidan extracts are used in different proportions in cosmetics, such as creams, lotions, ointments, or masks, and are used as skin brightening applications, reduce spots, and soothe the skin. The growing demand for natural and eco-friendly ingredients in cosmetics production is expected to fuel the Europe fucoidan market growth.

COUNTRY INSIGHTS

Germany dominated the Europe fucoidan market with the highest revenue share in 2022 and is expected to grow steadily in the coming years. The rising prevalence of health ailments and life-threatening diseases in the country has created an opportunity for manufacturers to work toward producing new formulations with higher efficacy and better purity. A strong focus on identifying innovative ingredients for formulating new drugs and dietary supplements through clinical trials propelled the demand for such compound-based pharmaceuticals in the country. 

The U.K. market is also experiencing stable growth compared to other countries. Several startups are ramping up their seaweed processing capabilities which are expected to further fuel the market growth. Although a significant proportion of seaweed is used for human consumption, the industrial application of brown seaweed and processing of seaweed is increasing in the country. Manufacturers are focusing on developing high-quality, premium-grade products, which can be used in pharmaceuticals, cosmetics, and dietary supplement products. As the demand for organic clean-label products is rising rapidly among consumers, the demand for sustainable procurement of brown seaweed and adoption of such raw material is expected to fuel the market growth in the U.K. as well as other European countries.

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The demand for high-quality naturally derived ingredients for manufacturing pharmaceuticals, dietary supplements, and cosmetics in France, Italy, Russia, and other European countries is expected to propel the market growth in the region in the future. The region has one of the highest concentrations of geriatric population that require healthy food and supplements that help to support and boost their immunity. As per data provided by the Eurostat in 2022, 1/5th of the population (21%) was aged above 65 years. Several research studies have shown that fucoidan exhibits antioxidant, anti-allergic, antitumor, antiviral, anti-inflammatory, and hepatoprotective effects, making it suitable for creating dietary supplements. As more companies participate in research activities associated with high-quality marine ingredients, the product demand for developing dietary supplements is expected to surge.

KEY INDUSTRY PLAYERS:

Rising Investments in New Product Development and Production Capabilities to Help Industry Players Secure a Competitive Edge

Major companies operating in the market are Merck Group, Biosynth, Hi-Q Marine Biotech International Ltd., Kraeber & Co GmbH, and Dextra Laboratories, among others. The Europe market is highly competitive owing to the limited number of companies ranging from top multinationals to startups competing against each other for higher revenue and market share. However, key players such as Merck Group, Biosynth, and others have been holding major shares and top ranks in the market.

At the same time, companies, such as Hi-Q, Dextra, and others, have been using their funds to improve products and their presence in the market. Startup companies such as Nutrality, Hepatica, and others have a lot of white space to explore. These companies can adopt several market growth strategies such as fundraising, investment in new product development, collaboration with research organizations and other relevant companies, base expansion, and others to establish themselves in the regional market in the forthcoming years.

LIST OF KEY COMPANIES PROFILED:

• Merck KGaA (Germany)


• Biosynth (Switzerland)


• Hi-Q Marine Biotech International Ltd (Taiwan)


• Kraeber & Co GmbH (Germany)


• Dextra Laboratories Ltd (U.K.)


• Molekula Group (Germany)


• Hepatica (Poland)


• Absonutrix LLC (U.S.)


• Nutrality (U.K.)

KEY INDUSTRY DEVELOPMENTS:

• May 2023: OCEANIUM, a U.K.-based company, developed a high-purity bioactive ingredient named 'OCEAN ACTIVES Fucoidan,' which cosmetic companies can use to prepare different skincare formulations.


• April 2023: Dextra Laboratories Ltd. officially sponsored the Royal Society of Chemistry spring meeting. The conference would fund the ECR bursaries, assisting in improving young researchers' participation.


• February 2023: Hepatica extensively invested in building its production process as per the European Commission's standards. The company got certified by the HACCP certificate for its production, supply, and storage systems.


• April 2022: Hi-Q Marine Biotech International Ltd. announced the launch of its new packaging design for the HI-Q pet products. These pet products include ImmuArmor/FUCO I, RenoShield/FUCO K, HeartFight/FUCO H, JointFree, and Skincare Gel.


• May 2019: Biosynth and Carbosyth merged to form Biosynth Carbosynth. The merger was intended to strengthen the company's carbohydrates, nucleosides, and enzyme substrates business segments to become a global leader.

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