The US processed food industry uses carrageenan extensively to produce convenience meals and packaged food items. The US dominated the North American carrageenan market in 2022, driven by high demand for processed food. The high demand for carrageenan as an additive in the USA and Canada is due to the increasing consumption of processed food.
NEWARK, Del, Feb. 06, 2023 (GLOBE NEWSWIRE) — The worldwide sales of carrageenan were estimated to be around US$ 935.9 million in 2022, in terms of value. As per the global carrageenan market survey report, it is expected to rise at a rate of 4.8% during the forecast period. By registering such a fair CAGR, the overall valuation of the market is projected to reach US$ 1,567.4 million by 2033, growing from US$ 980.8 million in 2023.
The growing popularity of processed and packaged foods is considered to be the main factor driving the carrageenan market worldwide. Carrageenan is a crucial component of many foods and drinks that people consume every day, rendering the carrageenan business a lucrative opportunity for many coastal countries.
Carrageenan, on the other hand, is gaining more recognition in the healthcare, beauty, and personal care sectors these days. There is a growing emphasis by governments around the world to develop their pharmaceutical sector, where carrageenan may be utilized in bulk. Given such potential, the overall supply of carrageenan, as a thickening or film-forming agent, is projected to witness rapid growth in the coming days.
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Key Takeaways
- The United States is figured out to have control over nearly 27% of the carrageenan produced worldwide.
- China is the leading market in the Asia Pacific, as well as the significantly growing market for carrageenan production. Over the forecast years, its regional carrageenan market is poised to register a CAGR of 7.4%.
- Due to the rising trend of plant-derived additives for vegan foodstuffs, the gelling agent category holds a sizeable sales share in 2022.
- Upon a rising demand from fermentation industries, the stabilizer market segment based on application is predicted to expand quickly over the coming years.
- The emulsifiers and binding agents’ segment is projected to expand as a result of ongoing attempts to phase out partly artificial emulsifiers.
- Based on application, the thickening agent segment’s revenue share was nearly 40%, which was leading in 2022 and the preceding years. This is a result of the F&B as well as pharmaceutical industries’ growing desire for clean-label thickeners.
- Lambda is mostly utilized as a thickener, since it cannot make a gel, unlike kappa and iota forms. While the kappa product type segment’s revenue share was significantly approaching 70% in 2022 and earlier years.
Competitive Landscape
Accel Carrageenan Corporation, Cargill, Inc., CP Kelco U.S., Inc., DuPont Nutrition & Heath, Gelymar, Green Fresh Foods (India) Pvt. Ltd., Karagen Indonesia, CV, Kerry Group PLC, Shemberg Ingredients and Gums Corporation, SiChuan Xieli Pharmaceutical Co., Ltd., TIC Gums, Inc., Ingredion Incorporated, Ashland, Ceamsa, W Hydrocolloids, Inc., Caldic B.V., Ina Food Industry Co. Ltd., PT. Gumindo Perkasa Industry, BLG, MCPI Corporation, AEP Colloid, Marcel Carrageenan, TBK Manufacturing Corporation, Prinova Group LLC, LAUTA Ltd., Aquarev Industries, Bang &Bonsomer, Agargel Industria e Comercio Ltd, Zhenpai Hydrocolloids Co., Ltd., and Tate & Lyle among others are prominent players in the global carrageenan market.
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Recent Developments
- Cargil and Caldic signed a contract in April 2019 to develop Cargil Corporation’s supply of Carrageenan, Xanthum, and Pectin in the Nordic region. This collaboration is anticipated to expand its market penetration, while also assisting Caldic in growing its brand recognition in the region.
- Known for its ability to bind water, the substance is mostly used as a viscous base ingredient in skincare products, particularly water-based cosmetics. For example, carrageenan is present in items like DreamBrands Inc.’s Natural Moisturizing Lubricant lotion and L’Oréal’s Pure-clay Glow-mask. Leading cosmetics industry players have entered the global carrageenan market, further intensifying the competition in recent years.
Key segments
By Type:
- Kappa
- Iota
- Lambda
By Function:
- Thickening Agent
- Gelling Agent
- Stabilizer
- Other Functions
By Processing Technology:
- Semi-refined
- Gel Pressed
- Alcohol Precipitation
- Others
By End Uses:
- Food & Beverages
- Bakery
- Confectionery
- Meat Products
- Dairy Products
- Sauces & Dressings
- Beverages
- Others
- Personal Care & Cosmetics
- Pharmaceuticals
- Other End Uses
By Region
- North America
- Latin America
- Europe
- East Asia
- South Asia and the Pacific
- The Middle East and Africa (MEA)
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Table of Content
1. Executive Summary | Carrageenan Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
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Explore FMI’s related ongoing Coverage in Food and Beverage Domain
Carrageenan Gum Market Share: Carrageenan Gum market is expected to grow at a CAGR of 4.0 %. The market value is projected to increase from US$ 915.9 Mn in 2022 to US$ 1,355.7 Mn Mn by 2032.
Food Grade Carrageenan Market Size: Sales of food grade carrageenan are expected to increase at a 7.1% CAGR, with the market valuation reaching US$ 2.3 Bn by 2032.
Pharmaceutical Lactose Market Analysis: The global pharmaceutical lactose market size is set to be valued at US$ 392.3 million by 2033, recording a CAGR of 5.8% throughout the forecast period (2023 to 2033). Overall pharmaceutical lactose sales are likely to total a valuation of US$ 222.6 million in 2023.
Gold Infused Skin Care Market Forecast: The global gold infused skin care market garnered a market value of US$ 3,412.3 Million in 2022 and is expected to accumulate a market value of US$ 14,238.9 Million by registering a CAGR of 15.4% in the forecast period 2022-2032.
Organic Spices Market Value: The organic spices market is set to thrive at an average CAGR of 4.5% during the forecast period. The market is expected to hold a share of US$ 10.9 billion in 2023 while it is anticipated to cross a value of US$ 17.0 billion by 2033.
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