The global carrageenan market, valued at US$ 935.9 million in 2022, is set for a remarkable surge with a projected CAGR of 4.8% from 2023 to 2033. According to Future Market Insights, this growth trajectory anticipates a net valuation of US$ 1,567.4 million by 2033. Carrageenan, a versatile ingredient derived from seaweed, has witnessed substantial demand, primarily fueled by the food and beverage industry. Its applications in gelatinization, emulsification, and as a fat alternative in convenience foods have propelled its market expansion.
The pharmaceutical and personal care sectors are emerging as lucrative segments, showcasing over 70% revenue share in 2022. Notably, carrageenan’s role in tablet preparation and cosmetic products positions it favorably for further growth. Technological advancements, such as the adoption of gel press technology, contribute to market trends, enhancing production efficiency and reducing costs.
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Carrageenan’s demand is robust in the food and beverage industry, particularly in the United States, which held a 27% revenue share in 2022. The increasing use of carrageenan as an additive in processed foods, convenience meals, and packaged items contributes to its sustained demand. Additionally, the pharmaceutical and cosmetic industries are driving future opportunities for carrageenan, with applications in medication formulations and cosmetic goods.
The growing popularity of processed and packaged foods, coupled with the rising trend of using plant-based additives, is a significant growth factor for the carrageenan market. Collaboration and partnerships between key players and smaller producers enhance regional presence, fostering market trends. The pharmaceutical and cosmetic industries’ adoption of carrageenan further strengthens its market position.
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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