The global Carrageenan market size is expected to be worth around US$ 1.20 billion by 2028, according to a new report by Vision Research Reports.
The global Carrageenan market size was valued at US$ 741.10 million in 2020 and is anticipated to grow at a CAGR of 5.11% during forecast period 2021 to 2028.
Carrageenan creates a fatty mouthfeel in food products, thus finds application in the production of vegetable-based dairy alternatives, low-fat cottage cheese, and low-fat cream, among others. The growth of the food and beverage sector, in line with the increasing population and changing consumer eating habits, is expected to fuel industry growth.
Rising product penetration in pharmaceuticals, oil drilling, nutraceuticals, textile printing, cosmetics, and paper treatment industry is expected to boost the market growth. In the pharmaceutical industry, the product acts as a vegan thickening agent and an inactive excipient for tablet manufacturing. In industrial application, this gelling agent finds application in paper and fabric marbling.
Europe and North America emerged as the major markets for Carrageenan, together accounting for over 50.0% share of the global revenue in 2019. The embracing of healthier lifestyles by a large portion of the population and growing preference for healthy foods are likely to contribute to market growth. Growing demand for plant-based food ingredients in these markets is expected to support market growth.
Thickener led the market and accounted for a 39.9% share of the global revenue in 2020. Thickeners are substances that are used to increase the viscosity of fluid without changing any other properties. Generally, thickening agents are categorized as food-grade and non-food grade thickeners. These agents are used as additives in the food and beverages industry and are required to be approved by the concerned food administrative bodies.
Gelling agent is expected to expand at a revenue-based CAGR of 6.02% from 2020 to 2027. The three variants of commercial carrageenan, including iota, lambda, and kappa, exhibit distinctive gelling properties. For instance, lambda carrageenan makes a less rigid, more elastic gel, and kappa carrageenan is used for making the stiff gel.
The growing applications of gelling agents in the bakery and confectionery industry on account of their ability to produce natural texture are expected to boost the industry growth. Such agents act as barriers for fats and oils in processed foods. The shifting consumer demographics and growing consumption of processed food products in the developing economies are anticipated to drive demand for the product as a gelling agent.
The food and beverage application segment held the largest revenue share of 72.7% in 2020. The growth of this segment can be attributed to the increasing demand for processed food products, along with increasing product consumption in the dairy industry. Food and beverage manufacturers primarily use carrageenan owing to its ability to shift the rheology of food systems, including texture and viscosity.
The alteration of viscosity or texture of food helps modify the sensory properties, which enables carrageenan’s demand as a food ingredient to perform specific purposes. Carrageenan finds application in various food formulations, such as toppings, sauces, salad dressings, soups, and gravies. They are also used in desserts, candies, jellies, jams, and ice creams to obtain the desired texture. Future acceptance, functional attributes, and positive endorsement of the product are expected to positively contribute to the product demand in the food and beverage sector.
Bakery products are expected to witness significant growth over the forecast period. Rising demand for organic and natural baked goods and the trend of healthy snacks are expected to drive the demand for the product over the forecast period. The growing use of carrageenan as a thickening and gelling agent for bakery products is surging the product demand.
The pharmaceutical application segment generated a revenue of USD 81.3 million in 2020. It is extensively utilized as excipients in drug delivery systems; as foaming, wetting, solubilizing, stabilizing, emulsifying, suspending, and bioadhesive agents; and as permeation enhancers. Such distinctive properties offer multiple attractive features to liquid oral pharmaceutical formulations. For instance, the product forms an elastic and transparent gel with thixotropic properties, which are very useful in pharmaceutical syrups and emulsions.
Kappa carrageenan held the largest revenue share of 67.9% in 2020 and is expected to witness the fastest growth over the forecast period. It is a natural extract derived from a particular red seaweed species, which are farmed and processed at facilities. It is used as a thickener, emulsifier, stabilizer, gelling, and binding agent. These properties make it a useful ingredient in meat processing. Typical applications of kappa-carrageenan include poultry rolls, turkey breast, and cooked cured ham.
Over 70% of the global carrageenan production is based on kappa carrageenan. It is the most used type of carrageenan in the food and beverage industry, wherein it acts as a bodying agent and emulsifier in ice creams, cheese, puddings, and chocolates. It forms gels with calcium and potassium salts. While calcium creates a brittle, stiff gel, potassium produces an elastic, rigid gel. Kappa also provides the strongest gels of all types of carrageenan; however, they are most prone to bleeding.
Lambda type is cold, soluble in water, and acts as a thickener that develops better mouthfeel in dairy products. It is considered to be a highly sulfated kind of carrageenan majorly used for its ability to impart a creamy sensation and mouthfeel to dairy beverages. It is the only type of carrageenan that needs high temperature for hydration since it has a content of over 35% ester sulfate and a small percentage of 3.6% anhydro galactose imparting high viscosity of these systems.
Europe held the largest revenue share of 31.03% in 2020. Increasing R&D expenditure, along with the rising production of pharmaceuticals in Europe, is projected to bolster the demand for carrageenan in pharmaceutical applications. Furthermore, well-established end-use industries, such as food and beverage, personal care and cosmetics, and pharmaceutical, have contributed positively to the regional market growth.
In 2020, North America emerged as one of the most prominent regional markets for carrageenan. The U.S., followed by Canada, is dominating the industry owing to the growing agricultural activities to achieve high productivity, which has led to high demand for biostimulant products in the region. Biostimulant producers mainly prefer products, such as carrageenan and agar, as their demand is higher from the agriculture segment, where they offer numerous benefits, such as high productivity and superior plant growth. These factors are likely to fuel industry growth.
The demand for the product is mainly driven by the developing processed food industry and growing inclination toward natural ingredients-based convenience food products. However, rising consumer awareness regarding the adverse impacts of chemical additives has led food manufacturers to diversify the natural additives category. Rapid research and development of natural food additives will additionally benefit industry growth.
The Asia Pacific market is likely to expand at the fastest rate over the forecast period owing to the rapid growth of the food and beverage industry in the region. Rising consumer demand for “cleaner label” food products has compelled manufacturers in the region to focus on product innovation over the past few years.
CP Kelco U.S. Inc.
W Hydrocolloids Inc.
Erik Ocaya and Josh Cabrera
Marcel Trading Corporation
TBK Manufacturing Corporation
ACCEL Carrageenan Corporation
TIC Gums, Inc.
Food & Beverage
Sauces & Dressings
Personal Care & Cosmetics
Central & South America
Middle East & Africa
The Carrageenan market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Carrageenan market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Carrageenan market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Carrageenan market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Carrageenan market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Carrageenan capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Carrageenan by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Carrageenan market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Carrageenan market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Carrageenan market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Carrageenan industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Carrageenan market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Carrageenan market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Carrageenan market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Carrageenan market. These factors have benefited the growth of the global market for Carrageenan. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Carrageenan. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Carrageenan are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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