The global carrageenan market is estimated to reach the USD 1,109.5 million by 2026, at a CAGR of 6.0% during the forecast period from 2020 to 2026. Growing demand for thickeners and gelling agents in the pharmaceutical, personal care and cosmetics, and food and beverage industries, especially in Asia Pacific's emerging economies, is expected to drive the market. Thickening agents, gelling agents, film-formers, texturizing agents, and stabilizing agents are used in a variety of food applications, including bakery and confectionery, meat and dairy products, sauces and dressings, and beverages. These days, the majority of customers favor organic and nutritious foods.
The ability of the substance to bond with water and improve the properties of food ingredients is the primary factor leading to its widespread use in the food industry. Additionally, growing demand for convenience foods amongst the buyers, is one of the important factors fuelling growth of the target industry. Since customers prefer low-fat and low-calorie bearing products, the product's ability to serve as a fat replacer in processed foods drives demand. The processed food industry has experienced steady growth in recent years and is expected to continue to do so in the coming years, positively impacting demand growth.
The rise in demand for carrageenan is due to a growing preference for products made with natural ingredients, as well as various applications of hydrocolloids in the food and beverage industry. Consumers' rising hygiene awareness and beauty consciousness are key factors driving industry development. Increased spending on high-quality, natural personal care and beauty products by urban consumers is expected to boost the industry's growth. Carrageenan is increasingly moving out of conventional channels and their purchases are increasingly shifting away from traditional outlets and into online platforms. Within the forecast era, the online distribution channel will continue to expand at the fastest rate, eroding the market share of retail channels. More discounts and outreach to retailers and distributors are possible through direct to consumer sales. The emergence of online platforms has also aided major layers in gaining a foothold.
Countries such as the United Kingdom, the United States, India, Japan, Germany, China, and others are among the largest consumers of carrageenan products. Growing adoption of carrageenan in the personal care and cosmetics, pharmaceutical, and food and beverages industries, coupled with presence of major players in these countries are among major factors to boost growth of the target industry in countries. Additionally, key players are focusing on launch of innovative products to get competitive edge in those countries is another factor fuelling demand of carrageenan’s in those countries and in turn augmenting growth of the market across the world.
Adroit Market Research report on global carrageenan market gives a holistic view of the market from 2016 to 2026, which includes factors such as market drivers, restraints, opportunities and challenges. The market has been studied for historic years from 2016 to 2018, with the base year of estimation as 2019 and forecast from 2020 to 2026. The report covers the current status and future traits of the market at global as well as country level. In addition, the study also assesses the market based on Porter's five forces analysis and positions the key players based on their product portfolio, geographic footprint, strategic initiatives and overall revenue. Prominent players operating in the global carrageenan market have been studied in detail.
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.
Geographically, 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.
Major players in the global carrageenan market are 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 Overview, 2016-2026 (USD Million)
Function Overview, 2016-2026 (USD Million)
- Gelling Agent
Application Overview, 2016-2026 (USD Million)
- Food & Beverage
- Meat Products
- Sauces & Dressings
- Dairy Products
- Personal Care & Cosmetics
Regional Overview, 2016-2026 (USD Million)
- North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa