Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
The Carrageenan market has undergone significant shifts in recent years, influenced by a range of factors that impact its supply, demand, and applications. One notable trend in the market is the increasing demand for natural and plant-based ingredients in the food and beverage industry. Carrageenan, derived from red seaweed, is valued for its gelling, thickening, and stabilizing properties, making it a sought-after ingredient in various processed foods, dairy products, and plant-based alternatives. As consumers gravitate towards cleaner labels and healthier choices, the natural origin of carrageenan aligns with the growing preference for plant-based and sustainable ingredients in the food supply chain.
The rise of alternative and plant-based products represents another significant trend in the carrageenan market. As the popularity of plant-based diets continues to soar, manufacturers are seeking functional ingredients like carrageenan to enhance the texture and stability of plant-based foods and beverages. Carrageenan's versatility in providing a creamy texture in dairy alternatives and improving the mouthfeel of plant-based proteins has positioned it as a valuable ingredient in the formulation of meat substitutes, dairy-free desserts, and other plant-based offerings.
Health-conscious consumers are increasingly scrutinizing not only the source of ingredients but also the nutritional profile of the products they consume. In response, the carrageenan market has witnessed a trend towards low-sugar and reduced-fat formulations. Carrageenan's ability to replace fat in certain applications without compromising texture or mouthfeel has led to its incorporation in products catering to health-conscious consumers who seek reduced-calorie options without sacrificing taste and texture.
Despite its widespread use, carrageenan has faced scrutiny regarding its safety and potential health effects. This has led to shifts in consumer perception and regulatory scrutiny in some regions. However, the carrageenan market has responded by emphasizing the importance of quality and adherence to industry standards. Ongoing research and the development of new extraction methods contribute to addressing concerns, ensuring that carrageenan continues to meet safety standards and regulatory requirements.
The global demand for convenience foods and ready-to-eat products has propelled the carrageenan market, particularly in the processed food sector. Carrageenan's ability to enhance the texture and stability of products such as sauces, dressings, and ready meals has made it a preferred choice for manufacturers looking to meet consumer demands for convenience without compromising on quality. The convenience trend is further amplified by the hectic lifestyles of modern consumers who seek time-saving and hassle-free food options.
Geographically, the carrageenan market dynamics are influenced by factors such as seaweed cultivation practices, weather conditions, and regulatory frameworks. Countries with a significant seaweed cultivation industry, such as Indonesia and the Philippines, play a crucial role in the global carrageenan supply chain. Changes in cultivation practices, weather-related challenges, and regulatory developments in these regions can impact the availability and pricing of carrageenan on the global market.
The pharmaceutical and cosmetic industries contribute to the diversification of carrageenan applications. The unique properties of carrageenan, such as its ability to form gels and stabilize emulsions, make it valuable in pharmaceutical formulations and cosmetic products. From wound care products to skincare formulations, carrageenan finds applications beyond the food and beverage sector, contributing to its overall market resilience and versatility.
Collaborations and strategic partnerships within the carrageenan industry influence market trends. Companies are exploring alliances to enhance their research and development capabilities, improve production processes, and expand market reach. These collaborations contribute to the overall competitiveness of the carrageenan market, fostering innovation and addressing evolving consumer needs.
Carrageenan Market Highlights:
Global Carrageenan Market Overview
Carrageenan Market Size was valued at 0.9 billion in 2023. The Carrageenan industry is projected to grow from USD 0.952 Billion in 2024 to USD 1.494 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.80% during the forecast period (2024 - 2032). Increased use of Carrageenan in supplements and various industries and application of Carrageenan in pharmaceuticals are the key market drivers boosting the growth of the market.
Source: Primary Research, Secondary Research, MRFR Database, and Analyst Review
Carrageenan Market Trends
-
Use of Carrageenan in various industries is driving the market growth.
Market CAGR for carrageenan market is being driven by the use of Carrageenan in a wide range of industries. Carageenan, widely used as an additive, is a natural component of red algae used to emulsify, concentrate and preserve food and beverages. It can be used in various industries like food & beverages, pharmaceutical, cosmetics, and home care industries. It has a rising penetration into dairy and processed meat products as it gives mouth-feel characteristics to emulate fatty feelings.
Carageenan is a plant-based gelatin-like component that is widely used in skincare products as it has a natural ability for water binding that makes it effective in giving a smooth and creamy texture. Carageenan gum has become known among food & drinks due to its emulsifying properties, therefore used in skincare, mainly in moisturizers and lotions. It makes skin care products creamy, luxurious, and smooth, which makes them easy to apply on the face. Carageenan has additional use as toothpaste, shampoos, conditioners, hair masks, and gels, as it does not allow the oil-based and water-based active ingredients to separate. The increase in demand for plant-based ingredients as an additive for skin care and hair products has fueled the carrageenan market.
Carrageenan has a wide range of pharmaceutical properties that same is stimulating the attention of the pharmaceutical market. The tissue engineering procedures require advanced developmental testing methods; therefore, the pharmaceutical industry is shifting towards carrageenan-derived biomaterials. Carrageenan becomes a strong mass when combined with the salts making them soluble in water and maintaining the elasticity of the product; this property is used by pharmaceutical companies to alter the parasympathetic nerve inhibitors in nasal spray. The carrageenan-based nanomaterials are used to deliver therapeutic agents like small molecule drugs, genetic materials, and peptides.
The kappa carrageenan has a wide range of applications in the food sector; it includes 25-30% of ester sulfate that reacts with locust bean clusters to develop bitter jelly, used as a stabilizer in dairy products. Carrageenan is a popular alternative to gelatin in vegan food products; these are used in chewing gums and other dental confectioneries. Globalization is rising the demand for packaged goods is driving the carrageenan revenue.
Segment Insights
Carrageenan Type Insights
The Carrageenan Industry segmentation, based on type, includes Kappa, Iota, and Lambda. The kappa segment accounted for the largest market revenue of 68.3% in 2022. Kappa is mostly utilized in ice creams, cheese, puddings, and chocolate. Iota is being studied for its anti-viral properties, and lambda held a relatively market revenue share in 2022.
Figure 1: Carrageenan Market, by Types, 2022 & 2032 (USD billion)
Source: Primary Research, Secondary Research, MRFR Database, and Analyst Review
Carrageenan Application Insights
The Carrageenan Market segmentation, based on application, includes Food & beverages, Personal care, Pharmaceuticals, and Others. The food & beverages hold the largest market value of 72.8% in 2022. Carrageenan is used in bakery, dairy, and meat products and beverages as it provides altering viscosity and texture that improves their sensory properties. It also has applications in pharmaceuticals as it acts as excipients, foaming agents, wetting, solubilizing, and stabilizing agents.
Regional Insights
By region, the study gives market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American carrageenan market area dominates the market owing to the increase in the demand for carrageenan application in the food & beverage industry with the increasing leaning towards ingredient-based food formulation products. The US accounts for the largest market for carrageenan due to the increase in awareness of health benefits and also the research and development in industry fueling the market.
Further, major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: CARRAGEENAN MARKET SHARE BY REGION 2022 (%)
Source: Primary Research, Secondary Research, MRFR Database, and Analyst Review
Europe's Carrageenan market accounts for the second-largest market share owing to the increasing demand for processed food. Further, the German market for carrageenan held the largest market share, and the UK carrageenan industry was the fastest growing market in the European region
The Asia-Pacific Carrageenan Market is expected to grow during the forecast period 2023 to 2032. This is due to the presence of highly populous countries like India and China and expanding awareness of a healthy lifestyle and nutrition and rising per capita disposable income. Moreover, China’s market of carrageenan held the largest market share due to the presence of major food industries, and the Indian carrageenan industry was the rapidly growing market in the Asia-Pacific region.
Carrageenan Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Carrageenan Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, carrageenan industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Carrageenan industry to benefit clients and increase the market sector. In recent years, the market for Carrageenan has offered some of the most significant advantages to food & beverage and pharmaceutical industries. Major players in the Carrageenan market, including Ingredion Incorporated, TBK Manufacturing Corporation, PT Fortuna Cahaya Cemerlang, Cargill Incorporated, LTD, Danlink Ingredients, Caldic B.V., ACCEL Carrageenan Corporation, MCPI Corporation, Scalzo Food Industries, Marcel Trading Corporation, Soriano SA, Gelymar SA, Birmingham Biotech Ltd, Kerry Group, and others, are attempting to increase market demand by investing in research and development operations.
CP Kelco is a nature-based ingredient solutions company of 90 years working with food, beverage, consumer, and industrial product manufacturers globally. They focus on ingredient innovation and problem-solving to develop customized solutions that help their regional insights, meet manufacturers' goals and address consumer needs and preferences. Their key product line consists of gellan gum, pectin, xantham gum, carrageenan, diutan gum, fermentation-derived cellulose, refined locust bean gum, and microparticulate whey protein concentrate. In November 202, CP Kelco US launched a NUTRAVA citrus fiber, that will help in emulsion stabilization, suspension, viscosity, and in providing water holding capacity. In May 2020, CP Kelco's Cebu was acquired by Marcel, which will help the company in dealing with four carrageenan plants.
The Cargill has helped farmers for more than 150 years to grow more and connect them to the border market. They are developing new products that provide consumers with their requirements, advancing nutrition, food safety, and sustainability. They collaborate with various key markets to innovate and manage risk to provide for the future globally. They have experience with new technologies and insights to be a trusted partner for food, agriculture, financial and industrial customers. In July 2018, Cargill announced the extension of its seabird portfolio with the invention of the new Satiagel Carrageenan Extract, which is specially designed for texturing solutions for creamy dairy desserts.
Key Companies in the Carrageenan market include
- Ingredion Incorporated
- TBK Manufacturing Corporation
- PT Fortuna Cahaya Cemerlang
- Cargill Incorporated, LTD
- Danlink Ingredients
- Caldic B.V.
- ACCEL Carrageenan Corporation
- MCPI Corporation
- Scalzo Food Industries
- Marcel Trading Corporation
- Soriano SA
- Gelymar SA
- Birmingham Biotech Ltd
- Kerry Group.
Carrageenan Market Industry Developments
November 2022: Biolchim Group was acquired by J.M Huber Corporation, which is one of the major manufacturers and distributors of a diverse selection of specialized plant nutrition and biostimulants. The West Coast Marine-Bio Processing Corp, one of the organizations of Biolchim, supplied with seaweeds like carrageenan, is also part of J.M. Huber Corporation.
October 2022: NoriZite Nasal Spray with carrageenan was developed by Birmingham Biotech Ltd. Norizite with carrageenan acts as an anti-viral agent known to prevent infection from a number of respiratory viruses.
July 2021: A biotechnology firm Biosearch Life was acquired by the Kerry Group to expand its operations in the food ingredient sector. Biosearch is going to be incorporated into Lerry Group’s ProActive health platform for ‘Science-Backed’ branded ingredients.
Carrageenan Market Segmentation
Carrageenan Type Outlook
- Kappa
- Iota
- Lambda
Carrageenan Application Outlook
- Food & beverages
- Personal care
- Pharmaceuticals
- Others
Carrageenan Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
