Carrageenan Market: Forecasting [5.3% CAGR] and [USD 875.5 Million] Opportunity

According to TechSci Research report, “Global Carrageenan Market – Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Carrageenan Market stood at USD 875.5 million in 2022 and is anticipated to grow with a CAGR of 5.3% in the forecast period, 2024-2028.

This growth is being driven by a number of factors, including increasing demand for processed foods, rising awareness of the health benefits of carrageenan, growing popularity of natural and organic products. Consumers are increasingly demanding clean label products, which are products that contain simple and recognizable ingredients.

This is driving the demand for natural food additives, such as carrageenan. The popularity of plant-based products is growing as consumers become more concerned about their health and the environment. Carrageenan can be used as a thickener and stabilizer in plant-based products, such as plant-based milk and cheese. Functional foods are foods that provide health benefits beyond basic nutrition. Carrageenan can be used to develop functional foods with properties such as reducing inflammation, improving blood cholesterol levels, and boosting the immune system.

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The global carrageenan market is expected to grow at a steady pace over the coming years. This growth is being driven by a number of factors, including the increasing demand for processed foods, rising awareness of the health benefits of carrageenan, and growing popularity of natural and organic products. The Asia-Pacific region is expected to be the fastest-growing market for carrageenan over the forecast period. The rising popularity of processed foods is the key factor fuelling the need for carrageenan globally.

The growing demand for processed foods is the main factor driving the carrageenan market. Carrageenan is a crucial component of many foods and drinks that people consume every day, including ice cream, newborn formula, nut and soy milks, deli meats, protein powders and shakes, chocolate milk, yoghurt, and popsicles. Carrageenan, on the other hand, is a well-known additive in the healthcare, beauty, and personal care sectors, where it can be utilised as a thickening or film-forming agent.

Hydrocolloids have many uses in food, such as thickening, gelling, emulsifying, stabilizing, coating, and so on. The range of food items that use hydrocolloids varies from heat-treated dairy products to jelly and confectionery products. It is a multifunctional ingredient and behaves differently in water and milk. In the beverage industry, it is utilized mainly as a gelling and thickening agent as it has thickening properties with hydrocolloids. In dairy products, it also has the property of reacting with proteins, providing stabilizing functions. Increasing applications of hydrocolloids in various industries, like personal care, pharmaceuticals, and food and beverage, are driving the carrageenan market’s growth, which is a natural form of food additive.

The growth in the processed food industry is driving the market, as consumers do not accept an inferior taste from processed foods. Food manufacturers look for ingredients that can improve the properties of their foods, such as texture. The demand for hydrocolloids is increasing in several non-food industries, like personal care and pharmaceuticals, which are projected to experience high growth in the carrageenan market within the forecast period.

The Global Carrageenan Market is segmented into processing technology, function, end use, regional distribution, and company.

With the leading market share in terms of sales, semi-refined technology prevailed in 2022. Since a semi-refined procedure is economical, it finds favour with consumers. SRC, or semi-refined carrageenan, contains cellulose and other insoluble materials.

The thickening agent segment held the largest revenue share in 2022. This can be attributed to the rising demand for clean-label thickeners in the food and pharmaceutical industry. The gelling agent segment held a significant revenue share in 2022 owing to the increasing demand for plant-derived gelling additives that can be readily used in vegan products.

Regional Insights of Carrageenan Market

The Asia-Pacific region substantially dominates the world market for carrageenan due to the plentiful supply in countries like the Philippines, China, and India. Several businesses, including food, medicine, and cosmetics, have included carrageenan in their products. One of the main factors contributing to China’s leading market share is the country’s higher use of carrageenan in meat, jellies, and other items. India uses a lot of carrageenan as a result of its expanding food manufacturing sector. The product is produced in coastal countries, where it has resulted in positive socioeconomic development. Carrageenan cultivation and processing are expanding across the Asia-Pacific area, notably in Southeast Asian countries, as a result of favorable climatic circumstances.

Owing to comparably simpler procedures and cheaper processing costs, small and medium-sized companies frequently adopt semi-refined processing in these nations. The carrageenan market in Asia-Pacific is expected to expand at a faster pace with a high growth rate in terms of revenue within the forecast period. With existing major players, especially in the food industry in developing countries, like Marcel Carrageenan and J.M. Huber Corporation Ltd., there is substantial growth in the entire food and beverage industry, which is fueling demand for the product and boosting the market.

Recent Developments in Carrageenan Market

• In 2022 – J.M. Huber Corporation acquired Biolchim Group, one of the major manufacturers and distributors of a wide selection of specialized plant nutrition and bio stimulants. All the organizations in the Biolchim Group including West Coast Marine-Bio Processing Corp. are now part of J.M. Huber Corporation. Seaweeds like carrageenan are produced and supplied by West Coast Marine-Bio Processing Corp.
• In 2022 – Birmingham Biotech Ltd introduced the innovative NoriZite Nasal Spray with carrageenan. Carrageenan, an antiviral agent included in NoriZite, is known to prevent infection from a number of respiratory viruses.

Major companies operating in the Global Carrageenan Market are:

• TBK Manufacturing Corporation
• Ingredion Incorporated
• Marcel Carrageenan
• CP Kelco U.S., Inc.
• Cargill, Inc.
• W Hydrocolloids, Inc.
• J.M. Huber Corporation
• Caldic B.V.
• Ina Food Industry Co. Ltd.
• ACCEL Carrageenan Corporation

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“The carrageenan market has experienced steady growth driven by its versatile applications in various industries. As a key ingredient in the food sector, carrageenan caters to the rising demand for clean label and plant-based products, aligning with health and sustainability trends. Additionally, its role in pharmaceuticals and biomedical applications has expanded, contributing to market diversification. With consumers increasingly seeking natural, sustainable, and healthy alternatives, carrageenan continues to find new opportunities for growth in an evolving global market.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Carrageenan Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Processing Technology (Semi-refined, Gel Press, Alcohol Precipitation), By Function (Thickening Agent, Gelling Agent, Stabilizer, Others), By End Use (Food & Beverage, Pharmaceutical, Personal Care & Cosmetics, Others), By Region, By Competition, 2018-2028”, has evaluated the future growth potential of Global Carrageenan Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Carrageenan Market.

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