Global Carrageenan Market Highlights 2020-2029
The global carrageenan market is estimated to record a notable CAGR during the forecast period, 2021-2029. The market is primarily driven by the functional benefits of the specialty food additive, along with its growing utilization for the manufacturing of different types of food and non-food products.
Introduction to Carrageenan
Carrageenan is a naturally occurring hydrocolloid that is obtained from some members of the families Gigartinaceae and Solieriaceae of the class Rhodophyceae (red seaweed). The specialty food ingredient has long been known for its gelling and thickening properties and hence are used widely as bio-based food ingredients for thickening, preserving, and stabilizing agents, and for providing texture to foods and beverages. The additive is a family of linear sulfated galactans, and chemically, it is a high molecular eight linear polysaccharide. The molecule consists of repeating galactose units and 3,6-anhydrogalactose (3,6AG), both sulfated and non-sulfated joined by alternating β-(1-3) and β-(1-4) glycosidic links. The seaweed species are usually harvested using algaculture methodologies. The whole concept of algaculture is to harness the benefits of the sustainable ocean economy and for the expansion of ocean-based industries. The word carrageenan is derived from carraigeen, which is an Irish word, meaning rock moss, and are available mainly in two different grades, namely, refined carrageenan (RC) and semi-refined carrageenan (SRC).
Market size and Forecast
The market for carrageenan is thriving on account of the growing demand for bio-based food ingredients coupled with the increasing focus of nations for deriving specialty food ingredients from organic sources. Additionally, the rising concerns related to health, which is also surging the demand for healthy food products, is further anticipated to boost the market growth. Moreover, the increasing prominence of private label products and rising demand for natural food additives are also anticipated to propel market growth in the coming years. CLICK TO DOWNLOAD SAMPLE REPORT
Carrageenan is used widely across different end-user industries. In the food and beverages industry, it is used extensively as a food additive thickener. Moreover, these additives are also used in the manufacturing of medicines in the pharmaceutical industry, and also as rheology modifiers and stabilizers in emulsions, pigment dispersion, lotions, and as binders in toothpaste. Furthermore, it is also used broadly in milk products, such as whipping cream, yogurt products, cottage cheese, chocolate milk, and others.
The market is segmented by product type into iota, lambda, and kappa. Amongst these segments, the kappa segment is projected to hold the largest market share by the end of 2021. The growth of the segment can be attributed to the wide utilization of kappa carrageenan in the food and beverage industry. This type of additive is primarily derived from the red algae species Kappaphycus alvarezii, and is known to form firm, brittle gels. Owing to such properties, the additive is used massively in dairy-based products. Moreover, this type of carrageenan is known to be synergistically compatible with other gum products, and hence when combined with other gum products, it displays improved gelling properties. Additionally, it is also used as an egg alternative for manufacturing egg-less food products. On the other hand, the iota carrageenan segment is projected to grow with the highest CAGR during the forecast period. This type of specialty food chemicals is primarily extracted from the red algae species Eucheuma denticulatum, and forms an elastic gel, which is used commonly to suspend particulates within salad dressings and beverages, such as soy milk.
Growth Drivers
Surge in the Demand for Bio-Based Food Ingredients to Drive Market Growth
Manufacturers in the food and beverages industry are increasingly opting for bio-based food ingredients for manufacturing different food products as these ingredients are known to be less toxic as compared to synthetic food ingredients. As such, carrageenan, which is a bio-based food ingredient, is used as a food additive for manufacturing different types of food products. These specialty chemicals enable nutrient and particle suspension and replace fat, and promotes a creamy mouthfeel in several food products. Moreover, these additives also improve sliceability, and further imparts a gelled spoonable texture and retain water and reduce cooking loss. Owing to such numerous benefits, it is used widely to manufacture nutritional supplements, dairy products, pesticides, and skin preparations. On the other hand, the rising awareness and knowledge of bio-based food ingredients in food products amongst the environmentally conscious consumers, along with the increasing usage of carrageenan in the production of bakery products & water-based foods is fueling the demand for the product, which in turn is anticipated to drive the market growth. Moreover, carrageenan is added to the brine solution during the production of hams in order to retain the soluble proteins and to bind free water. Such factors are therefore anticipated to drive the growth of the market during the forecast period.
Restraints
Availability of Substitutes and Health Effects Related to Carrageenan to Limit Market Growth
The availability of numerous substitute thickening agents, such as xanthan gum, guar gum, or gellan gum for use in organic products, along with the growing use of modified waxy starch, are some of the major factors anticipated to hinder the market growth in the coming years. Moreover, stringent regulations for the use of carrageenan by regulatory bodies owing to the high inflammatory and toxic properties of carrageenan that impacts the digestive tract, and for causing diseases including rheumatoid arthritis, colon cancer, colitis, and others, are further expected to hinder the market growth.
Market Segmentation
Our in-depth analysis of the global carrageenan market includes the following segments:
By Product Type
- Iota
- Lambda
- Kappa
By Application
- Bakery
- Confectionary
- Beverages
- Meat
- Dairy
- Others
By Function
- Gelling
- Coating
- Thickening
- Stabilization
By End-User Industries
- Food & Beverages
- Personal Care
- Pharmaceutical
- Others
By Region
On the basis of regional analysis, the global carrageenan market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa regions. The market for carrageenan in the Asia Pacific is estimated to dominate the region on account of the abundant production of seaweeds in countries such as the Philippines, and Indonesia among others. Moreover, the presence of nations such as China and India, who are leading exporters of industrial carrageenan products globally, including carrageenan powder and others, are some of the major factors anticipated to drive the growth of the market in the region. Further, the market for carrageenan in Europe is anticipated to witness a vigorous growth rate owing to the strong demand for carrageenan from the end-user industries. The regulatory bodies in the European Union have developed stringent regulations for the use of synthetic food ingredients which enforces food manufacturers to prefer bio-based food ingredients. Additionally, rising awareness amongst consumers for healthy food products, along with the notable consumption of dairy products are some of the additional factors anticipated to drive the market growth in Europe.
The global carrageenan market is further classified on the basis of region as follows:
- North America (US, Mexico and Canada) Market size, Y-O-Y growth and Opportunity analysis.
- Europe (Germany, France, Italy, Belgium, Spain, UK, Russia, Netherlands and Other parts of Europe) Market size, Y-O-Y growth and Opportunity analysis.
- Asia Pacific (Japan, India, China, Malaysia, Australia, Indonesia, Thailand and rest of Asia Pacific) Market size, Y-O-Y growth and Opportunity analysis.
- Latin America (Argentina, Brazil and rest of Latin America) Market size, Y-O-Y growth and Opportunity analysis.
- Middle East & Africa (Saudi Arabia, Egypt, United Arab Emirates and South Africa) Market size, Y-O-Y growth and Opportunity analysis.
Top Key Players Dominating the Market
- Marcel Trading Corporation
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- MCPI CORPORATION
- Aquarev Industries
- Ashland
- DuPont de Nemours, Inc.
- Ingredion Incorporated
- TIC Gums, Inc.
- Ceamsa
- CP Kelco U.S., Inc.
- Altrafine Gums
