Carrageenan Market Research Report - Forecast till 2027

Carrageenan Market Research Report by Product Type (Kappa, Iota, and Lambda), Application [Food & Beverages (Dairy Products, Meat, Poultry & Seafood's, Beverages, Others), Pharmaceuticals, Personal Care, and Others], and Region (North America, Europe, Asia-Pacific, and the Rest of the World) - Forecast till 2027

ID: MRFR/F-B & N/0233-HCR | December 2022 | Region: Global | 110 Pages         

Carrageenan Market

Carrageenan Market Size is anticipated to reach USD 1,250 Million by 2030, registering a CAGR of 5.8% during 2022-2030.

Segmentation

By Type Lambda Iota Kappa
By Application Personal Care Pharmaceuticals Food & Beverages Others
By Region North America Europe Asia-Pacific Rest of the World

Key Players

  • Ingredion Incorporated (US)
  • TBK Manufacturing Corporation (Philippines)
  • PT Fortuna Cahaya Cemerlang (Indonesia)
  • Cargill Incorporated (US)
  • Danlink Ingredients (Pty)
  • Caldic B.V. (Netherlands)
  • ACCEL Carrageenan Corporation (Philippines)
  • MCPI Corporation (Philippines)
  • Scalzo Food Industries (Australia)

Drivers

  • The Various Kinds of Food Thickeners Are Gaining Momentum
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Carrageenan Market Overview


The Carrageenan Market growth is expected to undergo a huge expansion and thus, reach a final market valuation worth USD 1,250.2 Million by the end of the forecast period 2020 to 2024. The expected rate of growth for the market during the forecast period stands at 5.65% CAGR growth. The main reason for such market growth is due to the growing recognition and demand for thickeners and gelling agents especially from the pharmaceutical sector, personal care, and cosmetics industry, food industry, and beverages across various geographies.


The Carrageenan products are available to be used in the bakery and confectionery products, meat, dairy products, dressings, and sauces, and also, texturizing, and stabilizing agents. Gelling agents are being preferred because of their ease and convenience while using by the target audience. Also, the rising awareness is helping the customers opt for major and global demand for carrageenan products. Consumers in the present scenario are opting for healthy food supplements and nutritious foods. The rising preference for the various food products alongside the natural ingredients and applications of hydrocolloids is what will help the carrageenan market gain momentum during the forecast period.


Covid 19 Analysis


The COVID 19 pandemic has pushed for new changes across various industries, companies and their units are taking time to adjust to the new change and implement strategies for growth and development accordingly. The pandemic has brought new struggles like the lockdown of the temporary and permanent kind. This was an attempt by governments across the globe to curb the community’s spread of the pandemic and contain the virus. Also, there are many restrictions imposed owing to the inter and intra-state transactions which are further hampering the online business delivery and logistic module also. Unavailability of raw materials and changing preferences of people towards a healthier tomorrow are also playing their role in impacting the carrageenan market growth.


The government is investing in the research and development sector to produce a huge variety of food and beverages and make them available for a larger audience through various distribution channels. The key market players are also expanding their services for carrageenan market growth.


Market Dynamics


Drivers


Hydrocolloid is recognizing as a food thickener that accounted for more than 41% of the carrageenan market share during the historic forecast period that ended in 2019. The various kinds of food thickeners are gaining momentum as they have a lower pH level which helps them gain recognition as fiber-rich products. These products are experiencing an application enhancement, especially in the food and beverage industry during the current forecast period.


Opportunities


Natural food thickeners are being adopted while producing food items and beverages of different kinds across various global regions which are pushing for excellent growth opportunities for the market players during the forecast period. Also, owing to the challenges imposed by the pandemic, people are shifting their tastes and preferences towards natural and healthy products that have excellent prospects for the global market during the forecast period.


Technology Analysis


The growing demand for natural thickeners backed with the surging demand for nutritional and convenient food products requires large-scale development and product launches by the market players on a global scale. Carrageenan Market is being employed as a thickening agent that is likely to support the industry’s growth. Also, the agents are used in the form of additives that seek approval from the concerned food administrative bodies. Hence, the use is as per the industry standards so that people and their health is not exposed to any kinds of risks. The advent of technology is pushing for the use of clean-label products that have new formulations for the key market players to flourish.


Market Segmentation


The carrageenan market has been divided all across the globe based on type, application, and region.


Based on the Type


The market has been divided all across the globe based on the type into a lambda, iota, and kappa.


Based on the Application


The carrageenan market has been divided all across the globe based on the application into personal care, pharmaceuticals, food and beverages, and many others. The food and beverages market is further sub-divided into beverages, meat, poultry, seafood, dairy products, and many others.


Based on the Region


The carrageenan market has been divided all across the globe based on the region into the North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region.


Regional Analysis


The carrageenan market has been divided all across the globe based on the region into North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region. The largest market share in the global market is held by the European region in terms of volume and value and hence it dominates in the global market. Also, increasing demand for processed food boosts the market demand in this region. Germany and UK account for 45% market share in this region.


The second-largest market share in the carrageenan market is held by the Asia-Pacific region owing to the presence of highly populous countries like China and India. Also, this region is the fastest-growing region during the forecasted period. Moreover, an increase in production in various Southeastern countries creates more growth opportunities in this region.


The third-largest market share in the carrageenan market is held by the North American region owing to the presence of various countries like the US, Canada, and Mexico. Increasing growth of ready-to-go food and processed food drive the market demand in this region. Growing awareness regarding health and fitness also creates growth opportunities.


The least growth was observed in the Latin American region and the Middle East and African region due to the lack of health facilities in various emerging countries. Also, the personal disposable income is not very high in these regions which restricts the growth of the carrageenan market in these regions.


Competitive Landscape


The most prominent major key players in the carrageenan market all across the globe are mentioned below:



  • Ingredion Incorporated (US)

  • TBK Manufacturing Corporation (Philippines)

  • PT Fortuna Cahaya Cemerlang (Indonesia)

  • Cargill Incorporated (US)

  • LTD (South Africa)

  • Danlink Ingredients (Pty)

  • Caldic B.V. (Netherlands)

  • ACCEL Carrageenan Corporation (Philippines)

  • MCPI Corporation (Philippines)

  • Scalzo Food Industries (Australia)

  • Marcel Trading Corporation (Philippines)

  • Soriano SA (Argentina)

  • Gelymar SA (Chile)

  • Ingredients Solutions Inc. (US)

  • Shemberg Marketing Corp (Philippines)

  • AEP Colloids Inc. (US)


These major key players use various strategies to sustain their market position in the carrageenan market in the global market by going for mergers, and acquisitions, by collaborating, setting up a new joint venture, establishing a partnership, developing a new production process, developing a new product line, innovation in the existing product, and many others to expand their customer base in the untapped market of the carrageenan all across the globe.


Recent Developments



  • In May 2018, a carrageenan plant namely CP Kelco’s Cebu has been acquired by Marcel. It will help the company in dealing with four carrageenan plants.

  • In November 2019, a NUTRAVA citrus fiber has been introduced by CP Kelco US, Inc. it will help in emulsion stabilization, suspension, viscosity, and in providing water holding capacity.

  • The largest market share in the global market is held by the European region owing to the increasing demand for processed food. Also, Germany and UK account for 45% of drive market share value in this region.

  • Marcel Trading Corporation (Philippines) is spending a huge sum of money on research and development to get an upper edge over its competitors. This will help the company by increasing the sales revenue.


Report Overview


This global carrageenan market research report consists of the following elements mentioned below:



  • Market Overview

  • COVID 19 Analysis

  • Market Dynamics

  • Technology Analysis

  • Market Segmentation

  • Regional Analysis

  • Competitive Landscape

  • Recent Developments


This market research report contains factors that drive the growth of the carrageenan market in the global market along with the factors that restrict its growth in the global market. The technical analysis for the growth estimation during the forecasted period is mentioned. The impact of COVID 19 on the sales revenue of the carrageenan market all across the globe is mentioned.


Intended Audience



  • Traders, Exporters, and Importers

  • Retailers and Wholesalers

  • Meat Products Manufacturers

  • Food and Beverages Manufacturers

  • Carrageenan Manufacturers



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Frequently Asked Questions (FAQ) :

Carrageenan market valuation would be USD 1250.2 million by 2024.

Carrageenan market CAGR would be 5.65% during the forecast period.

Players included in the carrageenan market report are Ingredients Solutions Inc. (US), AEP Colloids Inc. (US), Shemberg Marketing Corp (Philippines), Scalzo Food Industries (Australia), MCPI Corporation (Philippines), Gelymar SA (Chile), Soriano SA (Argentina), Marcel Trading Corporation (Philippines), Danlink Ingredients (Pty) LTD (South Africa), Cargill, Incorporated (US), ACCEL Carrageenan Corporation (Philippines), Caldic B.V. (Netherlands), TBK Manufacturing Corporation (Philippines), PT Fortuna Cahaya Cemerlang (Indonesia), and Ingredion Incorporated (US).

Products types included in the carrageenan market report are kappa, iota, and lambda.

The end users reported in the carrageenan market report are food & beverage, pharmaceuticals, personal care, and others.