Global Carrageenan Market, By Grade (Refined Carrageenan, Semi-Refined Carrageenan), Type (Kappa, Lota, Lambda), Seaweed Source (Gigartina, Chondrus, Iridaea, Eucheuma), Function (Thickener, Stabilizer, Gelling Agent, Others), Application (Food, Pharmaceutical, Personal, Others), Industry Trends and Forecast to 2029.
Market Analysis and Size
The increased demand for various food products and natural components and hydrocolloid applications will propel the carrageenan market forward throughout the forecast period. Therefore, the customers are also opting for carrageenan items as a result of increased awareness. In today's market, consumers want healthy food supplements and nutritional foods. Therefore, the carrageenan market is anticipated to flourish immensely over forecasted period.
Global Carrageenan Market was valued at USD 832.01 million in 2021 and is expected to reach USD 1387.36 million by 2029, registering a CAGR of 6.6% during the forecast period of 2022-2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.
Market Definition
Carrageenan is a thickening, emulsification, and preservation agent for food and beverages. They are all-natural compounds that come from red seaweed. Carrageenan can be found in various foods, including cream, ice cream, coconut milk, hemp milk, deli meats, cottage cheese, almond milk, and others. They are tasteless and nutritionally useless. They're also utilized as a fat substitute in low-fat dairy and as a meal replacement. Carrageenan comes in three types: kappa, lambda, and lota, and it's widely utilized in food, personal care, pharmaceuticals, and other applications.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Grade (Refined Carrageenan, Semi-Refined Carrageenan), Type (Kappa, Lota, Lambda), Seaweed Source (Gigartina, Chondrus, Iridaea, Eucheuma), Function (Thickener, Stabilizer, Gelling Agent, Others), Application (Food, Pharmaceutical, Personal, Others)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa
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Market Players Covered
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Ingredion Incorporated (U.S.), TBK Manufacturing Corporation (Philippines), PT Fortuna Cahaya Cemerlang (Indonesia), Cargill Incorporated (U.S.), Danlink Ingredients (Pty) LTD (South Africa), Caldic B.V. (Netherlands), ACCEL Carrageenan Corporation (Philippines), MCPI Corporation (Philippines), Scalzo Trading Co Pty Ltd (Australia), Marcel Carrageenan (Philippines), CyberColloids Ltd., (Argentina), Gelymar SA (Chile) Ingredients Solutions Inc. (U.S.), Shemberg (Philippines) and AEP Colloids (U.S.)
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Market Opportunities
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Carrageenan Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- High Demand Across Food Industry
The market will rise due to rising demand for carrageenan from the food industry, which helps to stabilize food and drinks by preventing them from separating. The use of carrageenan rather as gelatin in creating vegan products will also help drive the market's growth. Carrageenan is used as an ingredient in yoghurt, meat products, and nut milks, among other things. Furthermore, carrageenan can be found in soy milk, hemp milk, deli meats, chocolate milk, cottage cheese, non-dairy desserts, vegan cheeses, and coconut milk, among other things is estimated to carve a way for the growth of the market.
The rising health consciousness among population and the growing requirement of natural food thickeners will further propel the growth rate of carrageenan market. Additionally, shifting consumers' tastes and preferences towards natural and healthy products will also drive market value growth.
Opportunities
- Product Developments and Awareness
Furthermore, various developments by the market players and growing awareness regarding health and fitness further enhance product applications, extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the rising awareness about the ingredients in the packaged foods will further expand the future growth of the carrageenan market.
Restraints/Challenges
- Availability Of Alternatives
The availability of alternatives will create hindrances for the growth of the carrageenan market.
- Adverse Effect
However, several health concerns associated with carrageenan, such as the potential to cause bloating, glucose intolerance, and inflammation are estimated to limit the worldwide carrageenan market's growth over the forecast period. Therefore, this will challenge the carrageenan market growth rate.
This carrageenan market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the carrageenan market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Carrageenan Market
The recent outbreak of coronavirus had an immense impact on the carrageenan market. Companies and their units are taking time to react to the new change and build growth and development strategies in response to the COVID 19 pandemic, which has pushed for new developments across numerous industries. The epidemic has created additional challenges, like as temporary and permanent lockdowns. This was an attempt by governments worldwide to halt the pandemic's spread and contain the virus. Other constraints imposed as a result of inter-state and intra-state transactions further impede the online business delivery and logistic module. Unavailability of raw materials and changing consumer preferences toward a healthier future are also limiting the growth of the carrageenan market. The government is investing in research and development to manufacture a wide range of foods and drinks and make them available to a wider audience through various distribution channels. For the carrageenan market to flourish, the major companies are increasing their services.
Global Carrageenan Market Scope
The carrageenan market is segmented on the basis of grade, type, seaweed source, function and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Grade
- Refined Carrageenan
- Semi-Refined Carrageenan
Type
- Kappa
- Lota
- Lambda
Seaweed Source
- Gigartina
- Chondrus
- Iridaea
- Eucheuma
Function
- Thickener
- Stabilizer
- Gelling Agent
- Others
Application
- Food
- Pharmaceutical
- Personal
- Others
Carrageenan Market Regional Analysis/Insights
The carrageenan market is analysed and market size insights and trends are provided by country, grade, type, seaweed source, function and application as referenced above.
The countries covered in the carrageenan market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the carrageenan market because of the increasing growth of ready-to-go food and processed food within the region.
On the other hand, Asia-Pacific is estimated to show lucrative growth during the forecast period of 2022 to 2029 due to the increasing demand for dairy foods, confectionaries, meat and related products and increasing per capita income of consumers in the region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Carrageenan Market Share Analysis
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.
Some of the major players operating in the carrageenan market are
- Ingredion Incorporated (U.S.)
- TBK Manufacturing Corporation (Philippines)
- PT Fortuna Cahaya Cemerlang (Indonesia)
- Cargill Incorporated (U.S.)
- Danlink Ingredients (Pty) LTD (South Africa)
- Caldic B.V. (Netherlands)
- ACCEL Carrageenan Corporation (Philippines)
- MCPI Corporation (Philippines)
- Scalzo Trading Co Pty Ltd (Australia)
- Marcel Carrageenan (Philippines)
- CyberColloids Ltd., (Argentina)
- Gelymar SA (Chile)
- Ingredients Solutions Inc. (U.S.)
- Shemberg (Philippines)
- AEP Colloids (U.S.)
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