Global carrageenan will have a gradual growth over the next five years. According to the WK-chem Research, "Global Carrageenan Professional Survey Report 2022, Forecast to 2027", Wide applicability for the product market in the food & beverage, oil, and gas, pharmaceutical industry owing to its multi-functionality, especially its ability to modify the viscosity of substances are key factors driving the carrageenan market in the forecast period.. The compound annual growth rate (CAGR) for the 2022-2027 period is projected to be 6.01% base on WK-chem Research regression analysis model.
Analysts' Viewpoint
"Rising demand for processed foods along with the increasing demand for organic ingredients to meet rising awareness for processed food ingredients is expected to drive the global carrageenan market over the forecast period. Furthermore, properties of carrageenan such as texturing, thicker, stabilizer, and gelling agent are projected to augment the growth of carrageenan market in the near future. Significant use of carrageenan in nutritional formulations, processed meats, toothpaste, milk products, skin preparations, laxatives, pesticides, among others to further drive the global carrageenan market during the forecast period", said Barbara Patel, Senior analyst, in WK-chem Research.
Market insight
The major driver of the carrageenan market is the rising demand for processed foods. Carrageenan is an essential ingredient in many foods and beverages consumed every day, including nut and soy milk, deli meats, protein shakes and powders, chocolate milk, yogurt, popsicles, prepared meals such as frozen burritos and pizza, ice cream, and infant formula. On the other hand, carrageenan is a well-known additive in the pharmaceutical, cosmetics, and home care industries, where it can be used as a thickener or film-forming agent. The rising trend among the consumers for convenience foods like ready-to-drink and ready-to-eat products has led to the extensive incorporation of carrageenan as a gelling and stabilizing agent in these food products. Carrageenan is added in jelly, pie filling, chocolate, and also as a fat substitute in the meat. These properties of carrageenan have supported its market performance positively. However, the availability of other substitutes in the market like xantham gum and guar gum is a major restraint for the carrageenan market.
Competition Landscape
: In April 2019, Cargil signed an agreement with Caldic to expand its distribution range of carrageenan, xanthum and pectin in Nordics, while helping Caldic to expand its product portfoilio in Nordics. This WK-chem Research market report is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading carrageenan companies that include: MCPI corporation, Marcel Carrageenan, Accel Carrageenan corporation, TBK Manufacturing corporation, Cargill, Incorporated, Ingredients Solutions, Inc., Shemberg Marketing Corporation, AEP Colloids Inc., Scalzo Trading Co Pty Ltd., P.T. Cahaya Cemerlang, Danlink Ingredients (Pty) Ltd.
Market Segmentation
: According to the type, the market for carrageenan is divided into: Semi-refined, Gel Press, Alcohol Precipitation. Semi-refined has the largest market share. A semi-refined process is a cost-effective method, thereby gaining traction in the market. Semi-refined carrageenan (SRC) contains insoluble matter, such as cellulose. The advent in technology has led to the emergence of food-grade semi-refined carrageenan, increasing its application in food products, thereby boosting its demand. According to the application, the market for carrageenan is divided into: Food Industry, Pharmaceutical Industry, Cosmetics Industry, and Other Applications. Food Industry has the largest market share. Hydrocolloids have a wide range of functional properties in foods, including thickening, gelling, emulsifying, stabilization, coating, etc. The range of food items that use hydrocolloids varies from heat-treated dairy products to jelly and confectionery products. It is a multifunctional ingredient and behaves differently in water and milk. In the beverage industry, it is utilized mainly as a gelling and thickening agent as it has thickening properties with hydrocolloids. Carrageenan
Regional Market Analysis
In terms of geography, the global carrageenan market has been segmented into: North America, Asia Pacific, Europe, South America, and the Middle East and Africa. The global carrageenan market is majorly driven by North America and European market where the consumption of processed and bakery food is primary. However, with the rising awareness for health and to avoid triggering of various related diseases, the market for carrageenan in U.S. and EU-5 countries is expected to be affected and might get hamper.
On the other hand, the rising population and increasing per capita income of consumers in Asia Pacific along with increasing demand for dairy foods, confectionaries, meat and related products to augment the growth of carrageenan market during the forecast period.
Middle East and Africa and Latin American market of carrageenan is expected to register considerable growth in the carrageenan consumption with demand for food and beverages and rising low-fat food intake to avoid sugar related problems.
Cagr: 6.01%
Region with the largest share: North America
Largest country in largest share region: the United States
Product Type: Semi-refined, Gel Press, Alcohol Precipitation
Application: Food Industry, Pharmaceutical Industry, Cosmetics Industry, and Other Applications.
Leading Company: MCPI corporation, Marcel Carrageenan, Accel Carrageenan corporation, TBK Manufacturing corporation, Cargill
