February, 2023/MRFR Press Release/- Market Research Future has published a half-cooked research report on the Global Carrageenan Market
Carrageenan is a common food additive that is extracted from red seaweeds and has a certain set of rheological properties that differentiate it from other hydrocolloids. Carrageenan is extensively used as a natural ingredient for thickening, emulsifying, and preserving foods and drinks. Moreover, carrageenan also has broad applications in both dairy and meat products due to its textural functionality.
Extensive adoption of carrageenan in an exhaustive range of applications increases its demand in the burgeoning food and beverage industry, worldwide, which is a key driving force behind the market growth. Moreover, the changing lifestyle and consumer preferences towards the packaged and ready to eat foods and frozen foods, define the market landscape, escalating it to the ascended heights on the global platform.
Acknowledging the exponential growth, the market is garnering currently, Market Research Future (MRFR) in its recently published study report asserts that the thriving global carrageenan market will further grow exponentially by 2032, registering a significant CAGR throughout the forecast period (2023 to 2032).
The burgeoning food & beverages sector heading with the ever-increasing population, rapid urbanization, and improving economic conditions that are increasing the food demand, globally drive the carrageenan market. Similarly, rising per capita disposable income and the increase in the urban middle-income group are some of the key contributors to the market growth.
On the other hand, factors such as the increasing concerns among the consumers over gastrointestinal and inflammatory disorders occurring due to the use of carrageenan in various food and beverage products inhibit market growth. Nevertheless, the rising health concerns alongside the increasing demand for healthy processed food products is expected to support market growth, increasing the use of carrageenan in the pharmaceuticals.
Furthermore, the use of carrageenan in the cosmetic industry because of its physical & functional ability, and antioxidant activity will uplift its demand at a global level, providing a huge impetus to the market growth.
Global Carrageenan Market – Segments
For enhanced understanding, the report has been segmented into three key dynamics.
By Type : Kappa Carrageenan, Lambda Carrageenan, and Iota Carrageenan among others.
By Application : Foods, Beverages, and Pharmaceuticals among others.
By Regions : Asia Pacific, North America, Europe, and the Rest-of-the-World.
Global Carrageenan Market – Geographical Analysis
Continuing with its dominance, the Asia Pacific carrageenan market is expected to surge, witnessing the high consumption of these products. Growing further, over its previous growth records by 2023 the region is expected to create a more significant revenue pocket in the global market. Some of the rapidly developing economies such as India & China are estimated to witness exponential growth, resulting in increasing the size of the regional market.
Moreover, factors such as the increasing importance of functional ingredients for imparting properties such as flavor, emulsification, and enhanced shelf life in the food products are expected to drive the market demand for carrageenan in the APAC region. Also, favorable regulations aimed at promoting foreign investments in domestic food & beverage industry is another key factor propelling the growth of the regional market.
China among other APAC countries holds a major market share due to the higher consumption of carrageenan led by the increasing application of carrageenan in confectioneries and frozen dairy products. Also, China accounts for the leading exporter of carrageenan across the globe.
The North American region accounts for the second-largest market for Carrageenan, following the APAC market closely. Factors such as the significant contributions from the US market that is backed by the continual R&D efforts transpired to bring novelties in the products and high per capita income foster the growth of the regional market. Moreover, the increasing demand for fast and processed food products is a key driving force behind the growth of the regional market.
The Carrageenan market in the European region is rapidly emerging as a profitable market, globally. Countries such as the UK, France, Italy, and Germany account for the major contributors to the growth owing to the presence of a large food connoisseur populace and the well-established market players.
Moreover, factors such as high disposable income and the presence of large food enthusiasts positively influence the demand for carrageenan in the region. Also, the burgeoning Pharmaceuticals industry and the resurging economy in the region is propelling the growth of the regional market.
Global Carrageenan Market – Competitive Analysis
Highly competitive, the Carrageenan market appears to be fragmented owing to the presence of several well-established players. Mergers & acquisitions, brand reinforcement, and innovations remain the key strategies adopted by the leading players of the market. These market players compete based on the quality, price, reputation, service, and distribution. The market is expected to witness fierce competition due to the predicted product & service extensions and product innovations.
Key players leading the global carrageenan market include Caldic B.V. (Netherlands), MCPI Corp (Philippines), Marcel Carrageenan (Philippines), Danlink Ingredients (Pty) Ltd. (South Africa), Ina Food Industry Co Ltd. (Japan), PT Fortuna Cahaya Cemerlang (Indonesia), and ACCEL Carrageenan Corporation (Philippines) among others.
Industry/ Innovations/ Related News
February 08, 2019 ---- Cargill Corporation (the US), a leading global food company launched its “Red Seaweed Promise,” to ensure a long-term sustainable supply chain. The company has designed the program to address key sustainability challenges for the harvesting and cultivation of red seaweed, which is the raw material needed to produce carrageenan, a texturizer used in various food applications across dairy, confectionery and personal care segments.
According to the company, the Red Seaweed Promise leverages its partnerships with producers and suppliers to increase traceability and transparency in the supply chain while also enhancing producer livelihoods, supporting local communities, and conserving marine environments. The program also addresses the food industry and consumer needs for sustainable food ingredients, with a commitment to sourcing 60 percent sustainable red seaweed by 2025.
January 22, 2019 ---- Algaia (France), a leading global provider of natural products and solutions related to seaweed and other natural botanical extracts for the agro-nutrition, personal care, and pharmaceutical industries and its strategic partner, Gelymar S.A. (Chile), a notable player in the produces and commercialized hydrocolloids and carrageenan market announced the signing of a new, long-term commercial and development agreement to strengthen their strategic alliance further.
A per the agreement, Algaia, will not only continue to represent Gelymar in Europe for carrageenan (red seaweed extracts), both companies have also decided to use a joint commercialization channel in the US.