The global carrageenan market was sized over USD 865.4 million in 2018. The global propane market is projected to grow with a CAGR of 7.49% over the forecast period of 2018-2024 and reach USD 1.48 billion by 2024. Carrageenan is a natural carbohydrate or polysaccharide, which is extracted from the parts of certain kinds of red algae and seaweeds. Iota, Kappa and Lambda are the three major types of carrageenan. Chondrus crispus, Eucheuma cotton, Furcellaria fastigiata, G pistillata, G radula, G skottsbergii, H spicifera, and some other seaweeds are used for producing carrageenan.
Carrageenan is obtained by alcohol precipitation and semi-refining methods. Carrageenan has anionic and hydrophilic properties. Carrageenan has medicinal properties and it is useful for the treatment of bronchitis, cough, intestinal ailments, tuberculosis, and some others. Carrageenan finds application as a binder, emulsifier, and thickening agent in some food manufacturing processes and it is useful for stabilizing foods and toothpaste. Carrageenan has non-food applications in cosmetics and pharmaceutical sectors. Carrageenan is useful in baked foods, batters, confections, preserved meat, products, processed cheeses, dairy and non-dairy products and as an alternative to gelatin.
Karagen Indonesia, Cargill Inc, Danisco, Seatech Carrageenan Company and other major players in the market focus heavily on research and development to bring innovative products for both food and non-food based applications. They also focus on meeting stringent regulations and marketing the benefits of the carrageenan to remove the misconceptions, about the products related to some health ailments. carrageenan has a significant share in the hydrocolloids segment of the food and beverage market. The increasing consumption of processed foods is a major factor that drives the growth of the global carrageenan market. Due to its gelling, stabilizing and thickening properties, the demand from bakery & confectionary, beverages, dairy and beverages industries are increasing significantly and it is expected to drive the growth of the global carrageenan market. The need for a non-animal sourced alternative for gelatin is expected to generate demand for carrageenan for vegetarian and vegan food products industry during the forecast period. As a natural ingredient, the demand for carrageenan is increasing from the personal care industry and it is expected to drive the growth of the market.
Alternatives such as gelatin, guar, pectin, and xanthan gum provide huge competition to the carrageenan and it is a restraint for the global carrageenan market. Health concerns over gastrointestinal and inflammatory diseases related to the use of carrageenan in certain food and beverages products are a major restraint for the carrageenan market. Fluctuating prices of raw materials affect the pricing of carrageenan products and it hinders the growth of the global carrageenan market. Meeting the stringent regulations regarding the use of carrageenan in some countries is a major challenge for the major players in the global carrageenan market. The major players in the carrageenan market can find opportunities in non-food based applications such as pharmaceuticals and personal care to expand, as natural ingredients are favored by many people.
The report covers the analysis of global as well as regional markets of carrageenan market. Moreover, the global carrageenan market is segmented by application, by source, by type, and by food grade. The global carrageenan market by application covers alternative to dairy products, bakery & confectionary, beverages, dairy products, meat and poultry products, personal care products, pharmaceuticals, and some others. On the basis of source, the market is segmented as chondrus, eucheuma, gigartina, iridaea, and some others. Based on the type, the market is segmented as iota, kappa, and lambda. Based on food grade, the market is segmented as E407, E407a and some others.
The global carrageenan market covers the analysis of regions such as North America, Europe, Asia-Pacific and RoW (including Latin America, the Middle East, and Africa). Among geographies, Asia-Pacific is the largest carrageenan market, due to the presence of the largest carrageenan producing nation Phillippines and the major exporter China in the region. Moreover, the presence of a large population in the region, along with the rapid rise in the consumption of processed food drives the growth of Asia-Pacific carrageenan market. North America and Europe are the next largest carrageenan markets. The increasing demand for carrageenan from the confectionary industry for chocolate manufacturing drives the growth of the North American Carrageenan market. In Europe, the increasing demand for processed food and dairy products drives the growth of the carrageenan market, though Europe relies heavily on imports from the Asia-Pacific region for their carrageenan requirements. Stringent European Union laws regarding carrageenan use hinder the growth slightly. Presence of large manufacturers and increasing demand for healthier processed foods in Latin American countries such as Argentina and Brazil drive the growth of the Latin American carrageenan market.
The companies covered in the report include manufacturers of global carrageenan market include ACCEL, Cargill Inc, Danisco, Gelymar SA, Greenfresh, Karagen Indonesia, Kelco, Kerry Group Plc, Seatech Carrageenan Company, Shemberg, TIC Gums Corporation, and Xieli.
The report provides deep insights on demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the demand for carrageenan globally as well as regionally. Moreover, IGR-Growth Matrix analysis given in the report brings insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter’s five forces analysis and value chain analysis of carrageenan. Moreover, the study highlights current market trends and provides forecast from 2018 to 2024. We also have highlighted future trends in the carrageenan market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings insight into the market share of the leading players. Additionally, the analysis highlights the rise and fall in the market shares of the key players in the market. This report will help manufacturers, suppliers, and distributors of the carrageenan market to understand the present and future trends in this market and formulate their strategies accordingly.