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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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