Global Carrageenan Market is set to proliferate at a significant CAGR in the upcoming forecast period (2018-2023). This complete report offers a holistic approach to the market growth with a detailed analysis of the overall competitive scenario along with the key trends and latest technologies, that are playing a prominent role in the carrageenan market growth over the forecast period.
Carrageenan is considered as a vital ingredient in the food industry and is used for its gelling, thickening and stabilizing properties. It is widely used in both dairy and meat products and is extracted from red algae, which is used in foods for centuries. The report also considers the market trends, aspects of drivers, restraints, challenges, and opportunities that impact the market in the future timeline.
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The key players in the Global Carrageenan Market are
- MCPI Corp (Philippines)
- Caldic B.V. (Netherlands)
- Marcel Carrageenan (Philippines)
- Ina Food Industry Co Ltd. (Japan)
- Danlink Ingredients (Pty) Ltd. (South Africa)
- ACCEL Carrageenan Corporation (Philippines)
- PT Fortuna Cahaya Cemerlang (Indonesia)
Geographically, the Global Carrageenan Markethas covered significant regions of North America, Europe, Asia-Pacific, and the Rest of the World (ROW).
Among these, Asia-Pacific market accounts for the significant share after North America and Europe owing to increasing demand for immediate and processed food. In Asia-Pacific, China has the critical market share in higher consumption of carrageenan owing to the swelling application of carrageenan in confectioneries and frozen dairy products. All over, China is the leading exporter of carrageenan across the globe.
Global Carrageenan Market Segmentation
According to the reports published by MRFR, the global carrageenan market has been segmented by product type and application.
By the mode of Product Type
- kappa carrageenan
- lambda carrageenan
- iota carrageenan
Among these, the kappa carrageenan type is leading the market owing to the mounting popularity of processed food products such as cheese, chocolate, ice cream, and puddings. Lota carrageenan is thus, used for ready-to-eat meals, and lambda carrageenan is used for whipped cream.
By the mode of Application
Among these, the food application will witness a higher growth rate from the pharmaceutical application as it is expansively used in dairy desserts, caramel sauces, dairy & non-dairy beverages, sauces, instant dry mixes, and other applications.
Global Carrageenan Market: Drivers & Trends
Carrageenan is a hydrocolloid which is derived from red seaweed and is used as an element in several food products such as bakery, dairy, sauces and meat products. It has a lot of functions, such as in ice creams, carrageenan prevents a melting, in chocolates, it provides body & the texture, and acts as a thickening agent in custard as well as the stabilizer in whipped cream.
In recent time, many people are becoming highly concerned about the safety of the food and beverages they consume. This eventually is increasing the demand for plant-based. Also, there has been an extreme rise in the number of health problems such as digestive disorders, diabetes, and obesity globally. Hence, people have increasingly become health conscious and are following a healthy diet, which is fuelling the demand for carrageenan to prevent the occurrence of health problems.
Therefore, one of the primary drivers of the Global Carrageenan Market is the intensifying demand for processed foods. As the increasing awareness about the ingredients of processed foods is high o levels, the demand for organic elements is also on the rise. On this contrary, another essential factor for the growth in carrageenan market is the multi-functionality of the product that acts as a thicker, stabilizer, texturing and gelling agent. These factors are taking the global carrageenan market to expand exponentially during the forecast period and will continue to expand by the year 2023.
Furthermore, the use of carrageenan has also been seen in the cosmetic industry owing to its uplifted demand due to its physical & functional ability, and antioxidant activity.
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