The latest report by IMARC Group, titled “Carrageenan Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global carrageenan market size is expected to grow at a CAGR of 6.66% during 2022-2027. Carrageenan is an anionic polysaccharide extracted from different species of red and purple seaweeds. It is widely used as an additive to thicken, emulsify, and preserve foods and drinks and stabilize and gelatinize proteins in yogurt, ice cream, cottage cheese, milk pudding, and whipped toppings. It is also utilized in meat products to bind water and control the texture and structural integrity. Moreover, as carrageenan is non-toxic, biodegradable, and biocompatible, it is employed in the cosmetics industry to attain the required texture and consistency of products.
Global Carrageenan Market Trends:
The market is primarily driven by the growing preferences for processed food products, as carrageenan is widely used for emulsifying non-dairy desserts and preventing spoilage of other bakery and confectionery items. In addition, the rising product adoption in the cosmetic industry to produce skin lotions, toothpaste binders, and shaving foams represents another major growth-inducing factor. Besides this, carrageenan is employed in the pharmaceutical industry to develop medicines and microbiocidal compounds for wound dressings. This, coupled with the increasing utilization of carrageenan as a gelling agent in air fresheners, is also contributing to market growth. Besides this, several multinational companies (MNCs) are entering into strategic partnerships with small-sized enterprises to introduce innovative products, which is expected to propel market growth in the coming years.
- Based on the product, the market has been categorized into kappa, iota, and lambda.
- On the basis of the function, the market has been segregated into thickeners, gelling agents, stabilizers, and others.
- Based on the application, the market has been segmented into food and beverage, pharmaceutical, personal care and cosmetics, and others.
- Region-wise, the market has been divided into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined in the report, with some 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.
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