Carrageenan Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

The carrageenan market is expected to grow from US$ 880 million in 2022 to US$ 1,420 million by 2031; it is expected to grow at a CAGR of 6.0% from 2022 to 2031.

Carrageenan is a family of natural linear sulfated polysaccharides extracted from red edible seaweeds. Carrageenan is widely used in the food & beverages industry for its gelling, thickening, and stabilizing characteristics. The major application of carrageenan includes dairy and meat products as they have the ability to bind to food proteins. In recent years, they have been widely used in tissue engineering, regenerative medicine applications, wound coverage, and drug delivery, owing to their resemblance to native glycosaminoglycans (GAGs).

MARKET DYNAMICS

Carrageenan is majorly used in the food & beverages industry due to its capability to bind with water and improve the properties of food ingredients. The rise in preference for food and pharmaceutical products with ingredients derived from plant sources instead of animal-based ingredients, such as gelatin, is boosting the demand for carrageenan. Further, the increasing use of carrageenan in the production of bakery products, water-rich foods, meat products, and pet food is also fueling the need for carrageenan. It can act as a fat replacer. In addition, consumers increasingly prefer low-calorie, convenient food products. Hence, carrageenan is used in these products as it acts as a fat replacer. Furthermore, carrageenan serves as an alternative to gelatin for vegan and vegetarian food products. These factors are anticipated to boost the carrageenan market growth over the forecast period.

MARKET SCOPE

The "Global Carrageenan Market Forecast to 2031" is a specialized and in-depth study of the carrageenan market with a special focus on the global market trend analysis. The report aims to provide an overview of the carrageenan market with detailed market segmentation. It provides key statistics on the performance of leading market players and offers major trends and opportunities in the market.

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MARKET SEGMENTATION

The global carrageenan market is bifurcated into type and application. Based on type, the market is segmented into kappa, iota, and lambda. Based on application, the market is segmented into food & beverages, pharmaceutical, personal care, and others. The food & beverages segment is further subsegmented into dairy and frozen desserts, beverages, meat, poultry, and seafood, and others.

REGIONAL FRAMEWORK

The global carrageenan market is segmented into five major regions North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The report covers an analysis and forecast of 18 countries globally, along with current trends and opportunities prevailing in these regions.

Europe dominated the carrageenan market in 2021. The Europe carrageenan market growth is attributed to favorable government policies. The gel-press technique is gaining popularity across the region since the demand for alcohol-precipitated carrageenan incurs high manufacturing costs. Both types of refined and semi-refined carrageenan are approved by the European Union (EU) for use in various food products under food additive codes—E 407 and E 407a, respectively. All these factors are boosting the demand for carrageenan.

Source: The Insight Partners Analysis

The report analyzes the factors, such as drivers, restraints, opportunities, and future trends, that impact the carrageenan market. It also provides an exhaustive Porter's five forces analysis, highlighting the factors influencing the market in these regions.

IMPACT OF COVID-19 PANDEMIC

The COVID-19 pandemic has had a mixed impact on the overall carrageenan market. The imposition of the lockdown temporarily discontinued various manufacturing activities, resulting in a decrease in supply, which substantially impacted the carrageenan market. In addition, the transportation of raw materials experienced many difficulties due to travel restrictions, which adversely impacted the global economy.

Consumers are becoming highly concerned about their health and fitness as a response to the impacts of the COVID-19 pandemic, which has dramatically increased the demand for plant-sourced food ingredients and decreased the need for animal-sourced ingredients such as gelatine. Consumers are also focusing on all-natural and vegan products as they perceive them to be more effective and healthier than conventional food products.

In 2021, the marketplace witnessed growth as governments of various countries announced the relaxation of several restrictions, including lockdowns. The manufacturers resumed their operations at full capacity, which helped them overcome the demand and supply gap. Many manufacturers increased their production capacities to meet the rising consumer demand for carrageenan.

MARKET PLAYERS

The reports cover key developments in organic and inorganic growth strategies in the carrageenan market. Various companies are focusing on organic growth strategies such as product launches, product approvals, patents, and events. Inorganic growth strategy activities witnessed in the market were acquisitions, partnerships, and collaborations. These activities have encouraged the business expansion and the customer base of market players. Market players are anticipated to experience lucrative growth opportunities in the coming years due to the rising demand for carrageenan.

The report includes key company profiles operating in the carrageenan market, along with their SWOT analysis and market strategies. It also focuses on leading industry players with information, such as company profiles, components and services offered, financial information of the last three years, and key development in the past five years.

The list of key companies operating in the carrageenan market is mentioned below:

• Cargill, Incorporated
• Marcel Carrageenan
• CP Kelco Inc
• Ingredion.
• Gelymar
• TBK Manufacturing Corporation
• SARDA Bio Polymers PVT. LTD
• CEAMSA
• PT Cahaya Cemerlang
• Altrafine Gums

The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.

Carrageenan Report Scope