The global carrageenan market is expected to exhibit a CAGR of 6.66% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Carrageenan is an anionic polysaccharide extracted from different species of red and purple seaweeds, such as Chondrus, Gigartina, Eucheuma, Fur cellaria, and Phyllophora. It is widely used to stabilize and gelatinize proteins in yogurt, ice cream, cottage cheese, milk pudding, and whipped toppings. It is also utilized in meat products like cooked hams and sausages due to its ability to bind water and control the texture and structural integrity. Moreover, as it is non-toxic, biodegradable, and biocompatible, carrageenan is employed in the cosmetics industry to attain the required texture and consistency of products.
The growing preferences for processed food products represent one of the largest factors escalating the demand for carrageenan across the globe. It is widely employed for emulsifying non-dairy desserts and preventing spoilage of other bakery and confectionery items. It is also used as a stabilizing agent in the manufacturing of beverages targeted at consumers with dietary restrictions. Moreover, due to its functional ability and antiaging, antioxidant, and anticarcinogenic properties, carrageenan finds application in the production of skin lotions, toothpaste binders, and shaving foams. Apart from this, it is employed in the pharmaceutical industry for developing medicines and microbiocidal compounds for wound dressings. Other innovative applications, such as a gelling agent in air fresheners, are creating lucrative opportunities for the market growth. Besides this, several multinational companies (MNCs) are entering into strategic partnerships with small-sized enterprises to introduce innovative products and expand their market reach. This, in turn, is anticipated to propel the market growth further.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global carrageenan market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on product, function and application.
Breakup by Product:
Breakup by Function:
Breakup by Application:
Food and Beverage
Personal Care and Cosmetics
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being ACCEL Carrageenan Corporation, Aquarev Industries, Ashland, Cargill Incorporated, Ceamsa, CP Kelco U.S. Inc. (J.M. Huber Corporation), DuPont de Nemours Inc., Ingredion Incorporated, LAUTA Ltd., Marcel Carrageenan, MCPI Corporation and TBK Manufacturing Corporation.
Base Year of the Analysis
Product, Function, Application, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
ACCEL Carrageenan Corporation, Aquarev Industries, Ashland, Cargill Incorporated, Ceamsa, CP Kelco U.S. Inc. (J.M. Huber Corporation), DuPont de Nemours Inc., Ingredion Incorporated, LAUTA Ltd., Marcel Carrageenan, MCPI Corporation and TBK Manufacturing Corporation
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Key Questions Answered in This Report
We expect the global carrageenan market to exhibit a CAGR of 6.66% during 2022-2027.
The rising demand for carrageenan to stabilize and gelatinize proteins in yogurt, ice cream, cottage cheese, etc., and to emulsify non-dairy desserts as well as prevent spoilage of other bakery and confectionery items is primarily driving the global carrageenan market.
The sudden outbreak of the COVID-19 pandemic has led to the changing consumer inclination from conventional brick-and-mortar distribution channels towards online retail platforms for the purchase of carrageenan.
Based on the product, the global carrageenan market can be categorized into kappa, iota, and lambda. Currently, kappa accounts for the majority of the global market share.
Based on the function, the global carrageenan market has been segregated into thickener, gelling agent, stabilizer, and others. Among these, thickener currently holds the largest market share.
Based on the application, the global carrageenan market can be bifurcated into food and beverage, pharmaceutical, personal care and cosmetics, and others. Currently, the food and beverage sector exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Europe currently dominates the global market.
Some of the major players in the global carrageenan market include ACCEL Carrageenan Corporation, Aquarev Industries, Ashland, Cargill Incorporated, Ceamsa, CP Kelco U.S. Inc. (J.M. Huber Corporation), DuPont de Nemours Inc., Ingredion Incorporated, LAUTA Ltd., Marcel Carrageenan, MCPI Corporation, and TBK Manufacturing Corporation.
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