The worldwide sales of carrageenan were estimated to be around US$ 935.9 million in 2022, in terms of value. As per the global carrageenan market survey report, it is expected to rise at a rate of 4.8% during the forecast period. By registering such a fair CAGR, the overall valuation of the market is projected to reach US$ 1,567.4 million by 2033, growing from US$ 980.8 million in 2023.
The primary driver of the global carrageenan market is thought to be the rising demand for packaged and processed foods. Since carrageenan is an essential ingredient in many foods and beverages that people eat and drink on a daily basis, many coastal countries can benefit greatly from the carrageenan industry.
In contrast, carrageenan is becoming more well-known in the fields of personal care, cosmetics, and healthcare. Governments everywhere are putting more and more focus on increasing their pharmaceutical industries, which have the potential to use carrageenan in large quantities. Owing to these potentials, it is anticipated that the total supply of carrageenan—a thickening or film-forming agent—will increase quickly in the days ahead.
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Key Takeaways
- The United States is figured out to have control over nearly 27% of the carrageenan produced worldwide.
- China is the leading market in the Asia Pacific, as well as the significantly growing market for carrageenan production. Over the forecast years, its regional carrageenan market is poised to register a CAGR of 7.4%.
- Due to the rising trend of plant-derived additives for vegan foodstuffs, the gelling agent category holds a sizeable sales share in 2022.
- Upon a rising demand from fermentation industries, the stabilizer market segment based on application is predicted to expand quickly over the coming years.
- The emulsifiers and binding agents’ segment is projected to expand as a result of ongoing attempts to phase out partly artificial emulsifiers.
- Based on application, the thickening agent segment’s revenue share was nearly 40%, which was leading in 2022 and the preceding years. This is a result of the F&B as well as pharmaceutical industries’ growing desire for clean-label thickeners.
- Lambda is mostly utilized as a thickener, since it cannot make a gel, unlike kappa and iota forms. While the kappa product type segment’s revenue share was significantly approaching 70% in 2022 and earlier years.
Competitive Landscape
Accel Carrageenan Corporation, Cargill, Inc., CP Kelco U.S., Inc., DuPont Nutrition & Heath, Gelymar, Green Fresh Foods (India) Pvt. Ltd., Karagen Indonesia, CV, Kerry Group PLC, Shemberg Ingredients and Gums Corporation, SiChuan Xieli Pharmaceutical Co., Ltd., TIC Gums, Inc., Ingredion Incorporated, Ashland, Ceamsa, W Hydrocolloids, Inc., Caldic B.V., Ina Food Industry Co. Ltd., PT. Gumindo Perkasa Industry, BLG, MCPI Corporation, AEP Colloid, Marcel Carrageenan, TBK Manufacturing Corporation, Prinova Group LLC, LAUTA Ltd., Aquarev Industries, Bang &Bonsomer, Agargel Industria e Comercio Ltd, Zhenpai Hydrocolloids Co., Ltd., and Tate & Lyle among others are prominent players in the global carrageenan market.
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Recent Developments
- Cargil and Caldic signed a contract in April 2019 to develop Cargil Corporation’s supply of Carrageenan, Xanthum, and Pectin in the Nordic region. This collaboration is anticipated to expand its market penetration, while also assisting Caldic in growing its brand recognition in the region.
- Known for its ability to bind water, the substance is mostly used as a viscous base ingredient in skincare products, particularly water-based cosmetics. For example, carrageenan is present in items like DreamBrands Inc.’s Natural Moisturizing Lubricant lotion and L’Oréal’s Pure-clay Glow-mask. Leading cosmetics industry players have entered the global carrageenan market, further intensifying the competition in recent years.
Key Segments
By Type:
- Kappa
- Iota
- Lambda
By Function:
- Thickening Agent
- Gelling Agent
- Stabilizer
- Other Functions
By Processing Technology:
- Semi-refined
- Gel Pressed
- Alcohol Precipitation
- Others
By End Uses:
- Food & Beverages
- Bakery
- Confectionery
- Meat Products
- Dairy Products
- Sauces & Dressings
- Beverages
- Others
- Personal Care & Cosmetics
- Pharmaceuticals
- Other End Uses
By Region
- North America
- Latin America
- Europe
- East Asia
- South Asia and the Pacific
- The Middle East and Africa (MEA)
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