The global Carrageenan market worth USD 1,248.6 million by 2028, growing at a CAGR of 6%
The global carrageenan market is estimated to reach USD 1,109.5 million by 2026. Carrageenan is a major food ingredient with gelling, thickening, and stabilizing properties. It's used in a variety of dairy and meat products. Carrageenan made from red algae and from many years it is used in the food production processes. Carrageenans are mainly of three types on the basis of number of Sulphates per disaccharide. These types includes kappa carrageenan that is one sulphate, Iota Carrageenan two sulphates and the last one lambda carrageenan with three sulphates. Carrageenan has important applications in the pharmaceutical, food, and personal care industries, among others.
Carrageenan is used in a variety of industries, including food, pharmaceuticals, cosmetics, and others. Food industry adopts largest share of carrageenan, mainly in the dairy products. When kappa carrageenan is added to cottage cheese, it prevents whey separation, and when a similar amount is added to ice cream, it prevents whey separation caused by other gums used to regulate texture and ice crystal formation. Carrageenan is also found in poultry, water-based foods, and pet foods.
The addition of carrageenan to the ham brine solution enhances the substance by binding free water and interacting with the protein, allowing the soluble protein to be retained. Carrageenan helps in the texture maintenance of watery foods due to its gelling, thickening, and stabilising properties.Companies are trying to meeting the expectation of customers and are increasing the research and development investment to increase the use of carrageenan. Key players in the market, such as Erik Ocaya and Josh Cabrera, Incorporated, DuPont, W Hydrocolloids Inc. TBK Manufacturing Corporation, Ceamsa, CP Kelco U.S. Inc. has raised their focus on innovative product launches.
Growing applications in the food, pharmaceutical, and cosmetics industries, among others, are driving the carrageenan market. Carrageenan is used in the food processing industry as a thickener, stabilizer, gelling agent, among other stuff. The global appetite for processed foods is driving up demand for carrageenan. Carrageenan's market growth is also influenced by consumer demand for natural and organic ingredients. However, numerous health effects associated with carrageenan, such as the potential to cause bloating, inflammation, and skin allergy, may restrict carrageenan's use by food manufacturers, hampering the market's development. Nonetheless, the industry players have opportunities to invest in this market due to the steady growth of the food processing industries.
The major players operating in the global carrageenan market include but are not limited to Erik Ocaya and Josh Cabrera, Incorporated, DuPont, W Hydrocolloids Inc. TBK Manufacturing Corporation, Ceamsa, CP Kelco U.S. Inc. LAUTA Ltd. TIC Gums, Inc. Cargill, ACCEL Carrageenan Corporation, Marcel Trading Corporation, Aquarev Industries, Ingredion Incorporated, MCPI Corporation, and Ashland. They are also investing and acquiring small scale business to increase their revenue. Since the market is competitive, market concentration will be high as these major players with large market shares concentrate on expanding their consumer base across foreign countries. To gain a stronger position in the global market, major players in the target market are employing a variety of business strategies such as creative solutions, alliances, mergers and acquisitions, strategic collaborations, and large investments.
Carrageenan Market Scope
Metrics | Details |
Base Year | 2020 |
Historic Data | 2018-2019 |
Forecast Period | 2021-2028 |
Study Period | 2018-2028 |
Forecast Unit | Value (USD) |
Revenue forecast in 2028 | USD 1,109.5 million |
Growth Rate | CAGR of 6.0% during 2021-2028 |
Segment Covered | Product, Function, Application, Regions |
Regions Covered | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
Key Players Profiled | Erik Ocaya and Josh Cabrera, Incorporated, DuPont, W Hydrocolloids Inc. TBK Manufacturing Corporation, Ceamsa, CP Kelco U.S. Inc. LAUTA Ltd. TIC Gums, Inc. Cargill, ACCEL Carrageenan Corporation, Marcel Trading Corporation, Aquarev Industries, Ingredion Incorporated, MCPI Corporation, and Ashland. |
Key Segments of the Global Carrageenan Market
Product Type Overview, (USD Million)
- Kappa
- Iota
- Lambda
Function Overview, (USD Million)
- Thickener
- Gelling Agent
- Stabilizer
- Others
Application Overview, (USD Million)
- Food & Beverage
- Bakery
- Beverages
- Meat Products
- Sauces & Dressings
- Confectionery
- Dairy Products
- Others
- Personal Care & Cosmetics
- Pharmaceutical
- Others
- North America
- U.S.
- Canada
- Europe
- Germany
- United Kingdom
- France
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
Reasons for the study
- Increasing preference for products with natural ingredients and various applications of hydrocolloids in the food and beverages industry
- Proliferation of online sales channels
- Growing demand for thickeners and gelling agents from the pharmaceutical, personal care and cosmetics industries
What does the report include?
- The study on the global carrageenan market includes qualitative insights such as drivers, restraints, challenges and opportunities
- Additionally, the market has been evaluated using the Porter’s five forces analysis
- The study covers qualitative and quantitative analysis of the market segmented on the basis of type, function, and usage area. Moreover, the study on carrageenan market provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments
- The study includes the profiles of key players operating in the market with a significant global and/or regional presence
Who should buy this report?
- The report on the global carrageenan market is suitable for all the players across the value chain including component and raw material providers, disinfectant manufacturers, distributors, and other intermediaries
- Venture capitalists and investors looking for more information on the future outlook of the global carrageenan market
- Consultants, analysts, researchers, and academicians looking for insights shaping the global carrageenan market
Frequently Asked Questions (FAQ) :
Growth in the demand for natural ingredient products among individuals across the globe has augmented the global market growth. Also, increasing use of carrageenan in food and beverages industry for changing rheology of the food products such as viscosity as well as texture will propel market growth during the forecast period. In addition, rise in the use of carrageenan in cosmetic industry due to its special properties is boosting the market growth globally. The product advancements and introduction of new products in the market shall also keep the pace going. Many new products are being introduced in the market that are positively driving the market competition and are trying to meet the diverse demand from consumers across the globe.
Moreover, growing consumer base for these products especially in emerging economies is fueling growth of the global market. Conversely, the accessibility to some substitute products for carrageenan is affecting market growth to a certain extent. However, rising deployment of new sales strategies, rising product availability on online sales channel, and increasing E-commerce penetration are some other factors expected to propel global market growth over the forecast period.
The global carrageenan market can be segmented based on functions, product types, and applications. Kappa, Iota, and Lambda are major segments of the target products among them Kappa product type segment leads the worldwide market accounting for more than 50% revenue share. Based on function segment the global carrageenan market is divided as thickener, stabilizer, gelling agent, and others. On the basis of application the target industry is segregated into food & beverage, personal care & cosmetics, pharmaceutical, and others. Further, the food and beverage segment is segregated into sauces & dressings, bakery, confectionery, beverages, dairy products, meat products, and others.
Europe dominated the global carrageenan market. The growth is accredited to the increasing demand for the processed foods among the European population especially in the U.K, Germany, and France of the region. Moreover, North America is predicted to register noteworthy growth in the near future as the R&D spending is continuously increasing in the countries especially in the U.S. of the region. Further, growing preference for natural ingredient based products and various applications of end product in the Africa region is anticipated to create lucrative growth opportunities in the carrageenan industry in the near future.